kevinf Posted March 11, 2004 Report Share Posted March 11, 2004 My fiancee currently owes $12,000 in credit card debt on 2 cards that I am going to be able to pay off for her. Her debt is many months past due and has been accruing tons of late fees and finance charges.My questions:1. Should I contact the credit card companies to see if they will reduce the total balance due (since it has grown significantly because of all the fees)?2. If yes, what is the best way to do this? Should we do it ourselves or hire a company to do it?3. Are there any negative credit report consequences to working out a settlement like this?3. Any thoughts on "Freedom Debt Relief" http://www.freedomdebtrelief.com/ They said they would be able to save us over $4700 by having the debt age a little and then working on a settlement.THANKS SO MUCH!Kevin Link to comment Share on other sites More sharing options...
creditmess Posted March 12, 2004 Report Share Posted March 12, 2004 The perfect scenario would be to call up the creditor and tell them that you would like to pay the debt off only if they agree to note on the reports that it was PAID IN FULL/NEVER LATE.If you do that, MAKE SURE YOU GET THAT IN WRITING!!!!! This is very important!!!! This way you will have your ducks in a row. It is not impossible. Just come up with some sad story. Tell them you would like to settle the debt but only if they agree to put it PAID IN FULL/NEVER LATE. If it takes to pay off the late fees in order to get it in PAID IN FULL/NEVER LATE status, then do that. You don't want to have "settled" on your account. That is not good. It should be your last resourt if they don't budge with you. Link to comment Share on other sites More sharing options...
Guest Posted March 12, 2004 Report Share Posted March 12, 2004 Start the negotiations out at less than the full ballance (~50%) and a delete. You can move up to a full payment and a positive tradeline later in the negotiation process.Of course, get it writing! Be sure your agreement stipulates your terms as well as the fact that your settlement represents full payment and that they cannot resell any remaining balance. Link to comment Share on other sites More sharing options...
kevinf Posted March 12, 2004 Author Report Share Posted March 12, 2004 My fiancee really does not want to do these negotiations. And, unfortunately, I do not think the credit card companies will talk with me.So, is there anyone we can hire to do these negotiations that the credit card companies will talk to?Can I represent myself as someone so that they will talk with me?Thanks,Kevin Link to comment Share on other sites More sharing options...
herauntsis Posted March 12, 2004 Report Share Posted March 12, 2004 Do it by mail, then they won't know it is really you writing the letters. Link to comment Share on other sites More sharing options...
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