Negotiating charge off settlements - should I bother with these creditors?

[bigcreditmess]

I've read up on making settlement offers/PFD/payoffs for accounts and charge offs.

 

Before I take the time to put together any offers, in your experience will any of the following actually settle

for less than full charge off?

 

- Barclays

- First Premier

- Merrick

- Walmart

 

None are with a CA yet, so I'm trying to settle before that happens. C/O all earlier this year.

 

Thanks for any input.

[AnnMichele]

I don't have any knowledge on these types of things, but I'm hoping that this bump will make other members see it and hopefully assist.

[bigcreditmess]

Thank you AnnMichelle I really would love some input!

[mendelssohn]

You are wise to try and settle before they start reporting with a CA as well.

 

Keep in mind that PFD arrangements don't work that often, and it is more difficult when the debts are recent.

 

With debts inside of SOL, don't expect them to budge much on the balances, and only start negitiating if you have the money to PIF.

[bigcreditmess]

Thank you I appreciate that insight - makes sense!

[pressman0523]

If you are not able to pay them all off at once and need to prioritize your attack, you can safely move Merrick to the bottom of your list. They do not sell their debts to collection agencies/junk debt buyers.

 

Good luck! Keep asking questions and let us know how we can help.

[EarnIt]

Most creditors will settle. Typically, they'll send some sort of correspondence offering to "work with you." If possible, settle in lump sums and start low, post charge off, 20 to 30% of the balance, sometimes less, is very possible. Keep in mind, this is a negotiation, let them make the first move.

[bigcreditmess]

If you are not able to pay them all off at once and need to prioritize your attack, you can safely move Merrick to the bottom of your list. They do not sell their debts to collection agencies/junk debt buyers.

 

Good luck! Keep asking questions and let us know how we can help.

 

Thank you so much - good to know!

Most creditors will settle. Typically, they'll send some sort of correspondence offering to "work with you." If possible, settle in lump sums and start low, post charge off, 20 to 30% of the balance, sometimes less, is very possible. Keep in mind, this is a negotiation, let them make the first move.

 

 

 

Thank you! I was thinking of contacting by letter with a 25% settlement on each, so I should wait then?? I wanted to try to head off before sending to the CA.

[mendelssohn]

 

If you are not able to pay them all off at once and need to prioritize your attack, you can safely move Merrick to the bottom of your list. They do not sell their debts to collection agencies/junk debt buyers.

 

Good luck! Keep asking questions and let us know how we can help.

 

Thank you so much - good to know!

Most creditors will settle. Typically, they'll send some sort of correspondence offering to "work with you." If possible, settle in lump sums and start low, post charge off, 20 to 30% of the balance, sometimes less, is very possible. Keep in mind, this is a negotiation, let them make the first move.

 

 

 

Thank you! I was thinking of contacting by letter with a 25% settlement on each, so I should wait then?? I wanted to try to head off before sending to the CA.

 

 

IMO you should not wait if you want to get these settled before they go to a CA.

 

Most will be willing to work out a payment plan, but don't expect a discount with such a fresh debt. Ask for one though and see what happens.

[bigcreditmess]

Should I keep everything to in writing or should I call? I know it's always said not to get on the phone

[dvd]

I've read up on making settlement offers/PFD/payoffs for accounts and charge offs.

 

Before I take the time to put together any offers, in your experience will any of the following actually settle

for less than full charge off?

 

- Barclays

- First Premier

- Merrick

- Walmart

 

None are with a CA yet, so I'm trying to settle before that happens. C/O all earlier this year.

 

Thanks for any input.

 

How old are these debts and how much are the balances? Was there any circumstances that prevented you with keeing up with payments?

[mendelssohn]

Should I keep everything to in writing or should I call? I know it's always said not to get on the phone

If yoy work out a payment plan over the phone, ask them to send it to you in writing before making the first payment.

 

Calling to get the process started might be a good idea in your situation since time is important to keep them from going to CAs.

[bigcreditmess]

 

I've read up on making settlement offers/PFD/payoffs for accounts and charge offs.

 

Before I take the time to put together any offers, in your experience will any of the following actually settle

for less than full charge off?

 

- Barclays

- First Premier

- Merrick

- Walmart

 

None are with a CA yet, so I'm trying to settle before that happens. C/O all earlier this year.

 

Thanks for any input.

 

How old are these debts and how much are the balances? Was there any circumstances that prevented you with keeing up with payments?

 

 

 

From early 2015. I lost my job and didn't work in over 6 months.

 

Most are around the $600 range. (About 3 or 4) One is $1250.

[pressman0523]

 

Should I keep everything to in writing or should I call? I know it's always said not to get on the phone

If yoy work out a payment plan over the phone, ask them to send it to you in writing before making the first payment.

 

Calling to get the process started might be a good idea in your situation since time is important to keep them from going to CAs.

 

 

^Good advice, right here. Because you're dealing directly with the OCs and not with scumbag CAs, you have an opportunity to keep the situations from escalating (from a credit reporting perspective). Nothing wrong with hopping on the phone and trying to get the ball rolling one at a time. Work with the financial resources you have and see if you can tackle at least three out of the four. As I mentioned before, Merrick doesn't sell so, if your resources are limited for the time being, try and get to the other three.