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happyjelly

settle for monthly payments instead of lump sum

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Can I settle for a workout plan with, say, payments over 36 months that maybe pay off 50% of my debt? Must I settle with a lump sum or are payments possible?

Thanks

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Based upon my personal experience, attempting to offer a payment plan for less than the full amount will get you nowhere. If they're going to accept partial payment, they're most likely not going to accept it spread out over time.

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Some creditors will accept payments. However, they will want the money in 2-6 payments. For a 50% settlement, they will not take 36 payments. After disputing and Dving, if you want a settlement, you can draft a settlement letter and send it in. Also, do a search for PFD letters.

They may or may not respond. But it's worth a try.

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Some creditors will accept payments for up to four installments but what I found was that they will want more money than they would have accepted on a one time lump settlement.

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