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Settlement Percentages


jenyws
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I've contacted a couple of the creditors I owe money and they have offered settlement amounts. The percent is anywhere from 70% to 55%.

What I have been doing is telling them I just got divorced, we are selling our marital home and the proceeds from the home is to pay the debt, but the proceeds are limited, very liomited. I tell them how important I think it is to resolve this debt and then I suggest an amount - Ex. if the amount I owe is $1000... I would suggest $400. They tell me they can't accept something that low, the lowest the can do is $850. Whoa, I tell them, thats way outta my range, unfortunately I can't afford to pay something that high. Then they put me on hold and talk to their supervisor. After a few minutes they come back and say, ok... well my manager said the lowest we can do is $575.. Personally, that's not bad for a $1000 debt BUT I'm not satisified. I want it lower.

Does anyone have a suggestion on how to get them to a lower percentage???

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I've contacted a couple of the creditors I owe money and they have offered settlement amounts. The percent is anywhere from 70% to 55%.

What I have been doing is telling them I just got divorced, we are selling our marital home and the proceeds from the home is to pay the debt, but the proceeds are limited, very liomited. I tell them how important I think it is to resolve this debt and then I suggest an amount - Ex. if the amount I owe is $1000... I would suggest $400. They tell me they can't accept something that low, the lowest the can do is $850. Whoa, I tell them, thats way outta my range, unfortunately I can't afford to pay something that high. Then they put me on hold and talk to their supervisor. After a few minutes they come back and say, ok... well my manager said the lowest we can do is $575.. Personally, that's not bad for a $1000 debt BUT I'm not satisified. I want it lower.

Does anyone have a suggestion on how to get them to a lower percentage???

Ever been to a yard sale? You know, when you ask a price and then offer less and they say no...then as you walk away they say "okay"....Just because they refused your offer and came back and said not enuff, I bet if you said forget it and started to walk away and said see you in court, they would accept your offer because it would still be a hefty profit fro them and less hassle. So, its your choice but IMO, if all you can offer is 400 I would stand put with that....

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Guest E. Normis Debtor

Your very best chance for the lowest settlement comes on the day before the last day of the month. That's the day everyone is trying to make their quota for a bonus.

You could maybe get lower on the last day of the month, unless you've got a collector that's already made quota. In that case they won't want to settle at all so they can use it in next months fees.

Timing is everything.

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