Category: Debt

When Are Creditors Willing To Settle?

Question I have several credit cards in varying stages of delinquency. How far behind does one typically have to ¬†fall, before a creditor is ready to accept a reduced settlement? And when do creditors typically give up and send the account to a collection agency? Response In my …

Ins and Outs of Debt Settlement Companies

Question Do you have any advice on debt settlement companies? I am involved with one now and I am not sure I made the right decision. Response I personally do not like debt settlement companies and wouldn’t advise anyone to use one. The true benefit from getting out …

How Long for a Goodwill Response?

Question I sent 3 of my creditors goodwill letters about 2 months ago. How long does it take for a response? And if nothing happens, what should be my next step? Response Are these accounts paid in full? If not, offer them a settlement in exchange for complete …

Negotiate Full Debt Amount or Settlement?

Question I have an unpaid account in collections. But the original creditor is also on my credit report. Which one should I negotiate with to pay and have it removed? Do I negotiate the full amount, or the settlement amount? Response Try to stay away from collection agencies …