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Re: Advice for Paying Off Debt


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Posted by LadynRed (199.91.33.254) on March 12, 2004 at 14:44:08:

In Reply to: Re: Advice for Paying Off Debt posted by Kevin on March 12, 2004 at 12:58:40:

Its not really all that complicated, but you have to rev up your negotiating skills and WRITE settlement offers - forget the phone.

If these debts are not charged-off yet, they will insist on more to settle, some won't go below 80%. Others will go below 50% if they think they'll get the money. Chase offered me a settlement of 35% just before charge-off - unfortunately there was no way I could come up with even that much.

Start your offer at 50% anyway, if they bite, great, get the agreement in writing and negotiate for how its reported to the credit bureaus. "paid charge-off", "paid collection' and 'settled for less than full amount' are all negative that will hurt her credit. You WANT 'paid in full', but at the very least you want just 'paid'.

Some creditors will play hardball and won't give you a positive tradeline. If that's the case, but you can get a decent settlement, take it and she can dispute the entry on her reports at a later date.




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