hello
This my first post here. What an active community you guys have here!
I read the stickies for newbies. My question is in regards to the option described in the following NY Times article:
http://www.nytimes.c.../03collect.html
I have good credit (700+). I have all my CC debt under control right now: no payments missed, highest interest is 7%, except for one account. It is a 0% interest CC that is about to jump up to a high fee in the next couple months. When that happens, I wont be able to make my payments and things could spiral out of control . I am in need of negotiating a partial payment for a specific account at bank of america, for about $25k.
On the downside, would this be the same as the Debt Settlement option? I mean, it doesnt matter if I use a firm or I negotiate it myself, if I am doing it to all my lenders or just one, the negative impact is the same?
Thank you.
Negotiating a partial payment directly with CC
Started by
BabylonMakesTheRules
, Aug 18 2009 09:34 AM
3 replies to this topic
#1
Posted 18 August 2009 - 09:34 AM
#2
Posted 18 August 2009 - 11:41 AM
I am in a similar situation as you where I am on time with payments but would like to get rid of debt faster and negotiate some deals with the CC's
From my understanding the best deals are for those who are already late or defaulted on payments. Which really makes no sense as at that point it could be too late for both parties.
Debt Consolidation could work for you. Bank of America usually gives a 9.9% rate for that.
Hope someone can help with something a bit more useful as I would like to do something similar with a Capital One credit card.
From my understanding the best deals are for those who are already late or defaulted on payments. Which really makes no sense as at that point it could be too late for both parties.
Debt Consolidation could work for you. Bank of America usually gives a 9.9% rate for that.
Hope someone can help with something a bit more useful as I would like to do something similar with a Capital One credit card.
#3
Posted 29 August 2009 - 12:10 PM
Bump, would to hear more about this from other experienced board users
I am current on all CC's at the moment, but am stuck in the "make the minimum payment" ( approx.$1800 a month for 5 cards) mode right now and feel like I am never going to get out of this cycle.
I am current on all CC's at the moment, but am stuck in the "make the minimum payment" ( approx.$1800 a month for 5 cards) mode right now and feel like I am never going to get out of this cycle.
#4
breeze
- Admin
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Site Owners & FC XXXVIII
Posted 03 September 2009 - 07:38 PM
hello
This my first post here. What an active community you guys have here!
I read the stickies for newbies. My question is in regards to the option described in the following NY Times article:
http://www.nytimes.c.../03collect.html
I have good credit (700+). I have all my CC debt under control right now: no payments missed, highest interest is 7%, except for one account. It is a 0% interest CC that is about to jump up to a high fee in the next couple months. When that happens, I wont be able to make my payments and things could spiral out of control . I am in need of negotiating a partial payment for a specific account at bank of america, for about $25k.
On the downside, would this be the same as the Debt Settlement option? I mean, it doesnt matter if I use a firm or I negotiate it myself, if I am doing it to all my lenders or just one, the negative impact is the same?
Thank you.
Yes, this is the same as a debt settlement, doesn't matter whether you negotiate it, or you pay someone to negotiate it for you. The negative impact is the same either way. You can plan on working on that part of it later, once your immediate problem is resolved.
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