LoveToKnow Creditcards:AllComments

Comments

Robin, if you do not have the settlement letter then you will have a difficult time proving that there was ever an agreement to begin with.

This serves as a very valuable reminder to readers that payment on a settlement should never be made until you have the proof of the settlement offer in your hands.

-- Contributed by: Tamsen Butler

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I NEGOTIATED TWO SETTLEMENTS ON THE PHONE WITH THE SAME BANK ON TWO DIFFERENT CARDS. THEY SENT ME A SETTLEMENT LETTER FOR ONE BUT NOT FOR THE HIGHEST ONE. NOW THEY GOT MY MONEY ON BOTH SETTLEMENTS BUT ONLY REPORTED THE LOWEST ONE AS SETTLED. DO I HAVE ANY RECOURSE, NOW THAT THEY GOT THE PAYMENT BUT DID NOT HONOR THE SETTLEMENT AS AGREE ON THE PHONE FOR BOTH CARDS, DIRTY SNEAKY TRICKS THEY PLAY. I IN GOOD FAITH SENT THEM A CHECK WITHOUT THE SETTLEMENT LETTER FROM THEM, NOW I DEALING WITH RUINED CREDIT REPORTS. HELP

-- Contributed by: CREDIT CARD SETTLEMENT PROBLEMS

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Joe,

First, in order to reduce your debt, you need to pay at least the minimum PLUS your typical monthly interest charge. If you only pay the monthly payment your balance will continue to increase.

Second, negotiate with your card issuers to reduce your APR. Use the money you save on interest to pay down more of your balance on your highest APR cards.

The card issuer will usually not negotiate down your balance owed unless your account is very delinquent and you have totally stopped making payments. By this time your account will usually be sent to a collection agency.

-- Contributed by: SusanWeber

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I have about 80 K on credit cards they are all current but I am going nowhere with repaying the debt how do I approch this type of problem. Will the credit card co reduice my balance or even negotiate with me

-- Contributed by: joe
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