Pay Oc With Debt Settlement Offer Letter?

[lovelydria]

This is my question? Ok I have about 4 credit cards with the original credit limit being as follows

1. AT&T Universal Card For 1,200
   
2. Citi Bank Card For 1,200
   
3. First Tennessee Bank 500
   
4. Macy Card 100
   

No I owe the amounts below as follows

1. AT&T Universal Card For 3,462
   
2. Citi Bank Card For 2,406
   
3. First Tennesse Bank 964
   
4. Macy Card 304
   

Is there a way that I can make a settlement for the orginal credit limits?

[lovelydria]

? Can someone please help!!!

[m44xie]

Who is asking for the money? The OC's or CA's?

No one can say 'yes, you can settle' or 'no, you can't' cause it's different for every company, and often even different within the same company for different customers.

If you have the money to offer a settlement, you can write a letter offering to pay X amount in return for them deleting any negative info off your report (like, if it's gone to collections, or late payments, whatever).

There's no guarantee they'll go for it, but it's your best shot, and I figure a pretty decent chance it'll happen.

[Donna47129]

Who is asking for the money? The OC's or CA's?

No one can say 'yes, you can settle' or 'no, you can't' cause it's different for every company, and often even different within the same company for different customers.

If you have the money to offer a settlement, you can write a letter offering to pay X amount in return for them deleting any negative info off your report (like, if it's gone to collections, or late payments, whatever).

There's no guarantee they'll go for it, but it's your best shot, and I figure a pretty decent chance it'll happen.

Exactly...they want your money, so make them an offer of whatever you can give them as soon as they accept. The smaller the debt the less likely they would pursue suing you, so they may take what they can get.

Most people on here say start at 30%, if you can afford it. Good luck!

[lovelydria]

Ok. So are you saying. seen them a debt settlement offer for 30% of the amount. How much should I offer for those two credit cards that I have which is now twice the credit limit? That I mention early.

[lolah]

Here's some good reading if you haven't already seen it:

http://www.creditinfocenter.com/debt/originalcreditor_debtsettlement.shtml

Here is another good link:

http://consumers.creditnet.com/Library/Understanding_Debt_Settlement/The_Catch-22_Advantage.uds_005.php