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Yes! You can Settle Your Credit Card Debt for FREE
Credit Card Settlement is the best solution for many people right now. If you are unable to pay your bills, you don't have to file bankruptcy.
You don't have to destroy your credit Score. Creditors now have the right to come into your house and TAKE your property to settle the debt. They can even take your car...even if you don't fully own it or have equity in it.
Some...how do you stop this? Call your credit card companies and tell them you would like to settle.
Never Accept their first offer.
This approach helps many of our customers so they DO NOT have to file for bankruptcy.
Here is one method we use to help our clients get their Credit Cards Settled.
1. Plan on paying about 25% or a little less of the balance to settle your debt. Example: you owe $1000, plan to pay $250-$300 to settle.
2. Call and ask for a settlement amount. They usually ask for 75% of the balance (about $750).
A. When they give you the settlement amount, tell them you only have $150 dollars.
B. They will likely say they can not accept that amount. Tell them you are trying to pay back your debts and if they can not accept your offer you will have not other choice but to file bankruptcy.
C. Your Creditor will likely say they can not accept. That's fine. Then you say I might be able to come up with $175 or $190 to settle.
D. They will likely have to call you back to get approval. They may even say they can't do it at all, but they will call you back if you continue to miss payments. Keep in mind to keep offering the settlement amount you determined.
E. When they call back with their final settlement offer, it is usually about 25% of the balance owed.
F. Get the final agreement amount in writing and make sure the letter states they will not purse you for the remaining balance (and they will NOT sell the outstanding balance). This should stop another collector from pursing you for the balance. Letter should also include your account number and state the balance is "Paid in Full"
G. ALWAYS PAY VIA MONEY ORDER and write "PAID IN FULL" on it. NEVER GIVE THEM YOUR CHECKING ACCOUNT NUMBER. NEVER!!! (Not even as a partial settlement payment)
3. If you are at the stage where the creditor has filed legal paperwork for a judgment, file an "Answer" to the court documents (Look up "legal answer creditor" on Google.com .
A. This will cause them to pay a lawyer to respond to your "Answer". Also state that you are filing a counter claim. This will help push them to settle quickly for a smaller amount.
B. If you do not respond to the court documents, they will automatically win the suit and can clean you out.
4. If you decide you can not do this on your own, there are some agencies that will settle for you (You will have to pay them & I don't thnk they will file court documents for you.)
5. After you Settle...KEEP COPIES of:
A. The Money Order
B. The Settlement letter
C. Last bill statement
D. All Court paperwork
E. Proof of mailed money order (Cert mail)
F. "Paid in Full" Letter
You should also check out Free Debt Consultations. They offer insightful information you can use when handling the settlements yourself.
Credit Facts
» A Deficiency Judgment can be reported on your credit report for up to 20 years
» A Bankruptcy or Foreclosure on your credit report could STOP you from:
°Getting a job or switching jobs
°Obtaining a rental apartment
Home Loan Modification Requirements
°Need a Real Estate Solution
°Ready to Solve Your Problem
°Ready to take Action
