Flippy Posted March 18, 2008 Report Share Posted March 18, 2008 Let's say I owe $10,000 on a CC that has been assigned to a CA. Let's also assume that I can somehow come up with or borrow from family $5,000. I know the following scenario will happen. I offer to settle the debt for $5,000 because that's all I can come up with. The collector will undoubtedly say, "we can set you up on a payment plan for the other $5,000". Is there a good retort to this? Link to comment Share on other sites More sharing options...
looksbothways Posted March 18, 2008 Report Share Posted March 18, 2008 Say you don't foresee any ability to make future payments. You have $5000 and that is all you are able to offer as payment. It's 50% or nothing. Link to comment Share on other sites More sharing options...
NASCAR_Devil Posted March 18, 2008 Report Share Posted March 18, 2008 Let's say I owe $10,000 on a CC that has been assigned to a CA. Let's also assume that I can somehow come up with or borrow from family $5,000. I know the following scenario will happen. I offer to settle the debt for $5,000 because that's all I can come up with. The collector will undoubtedly say, "we can set you up on a payment plan for the other $5,000". Is there a good retort to this?I would start the negotiations with 30%. Stipulate they not sell the balance and report it as "Settled in Full". Debt Guy has a post here somewhere for negotiating a settlement with a CA. Good info. Link to comment Share on other sites More sharing options...
Flippy Posted March 18, 2008 Author Report Share Posted March 18, 2008 I would start the negotiations with 30%. Stipulate they not sell the balance and report it as "Settled in Full". Debt Guy has a post here somewhere for negotiating a settlement with a CA. Good info.I usually would start at 30%, but I get the impression from Amex that 30% would be unlikely given their, "we don't go any lower than 75%" statement on the phone before there was a CA involved. Link to comment Share on other sites More sharing options...
NYMatt Posted March 18, 2008 Report Share Posted March 18, 2008 In my opinion you're making a HUGE mistake thinking about paying Any CA ANY money !!! Work with Amex or NOBODY !!! Link to comment Share on other sites More sharing options...
Flippy Posted March 18, 2008 Author Report Share Posted March 18, 2008 In my opinion you're making a HUGE mistake thinking about paying Any CA ANY money !!! Work with Amex or NOBODY !!!I am planning on negotiating with the CA, get it in writing, and send a certified check made out to American Express. Link to comment Share on other sites More sharing options...
Flippy Posted March 19, 2008 Author Report Share Posted March 19, 2008 Debt Guy has a post here somewhere for negotiating a settlement with a CA. Good info.Is that a sticky in this forum? Been looking but haven't located it yet. Link to comment Share on other sites More sharing options...
NASCAR_Devil Posted March 19, 2008 Report Share Posted March 19, 2008 Is that a sticky in this forum? Been looking but haven't located it yet.Its not a sticky. I'll see if I can dig it up or you can search for all posts by Debt GuyFound it:http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?p=891542#post891542 Link to comment Share on other sites More sharing options...
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