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Posted: Thu Jun 11, 2009 4:49 pm Post subject: pay or not to pay

Is it better to pay what you can, even if it is not the payment amount or not make a payment and negotiate a settlement?

smckaybiz · Posted: Thu Jun 11, 2009 6:46 pm Post subject:

If you don't pay the total amount due than you will still end up with a past due amount showing and if it goes longer than 30 days it can be reported to the credit bureaus.

I would have to say negotiating a settlement would have to be your best option but most creditors won't be willing to make a settlement on your account for lower than what is owed unless you are way behind on your payments. So be prepared to severely damage your credit if that is the route you choose to take.

Best of luck.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Guest

Welcoem to the forum.

It is better to go for negotiations. The lender will take all the money you can pay but will still can foreclose if you paid short.

So probably this is a good time for you to write a hardship letter explaining yoru financial hardship and you can find a sample of the same on this fourm

Here is the link

http://www.mortgagefit.com/problems/hardship-letter.html

Good luck and feel free to ask

http://www.mortgagefit.com/problems/hardship-letter.html

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

As Realgeni suggested it is better to go negotiations.
It will help you.
Provide you monitory benefit.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

You need to stop tagging on to some one else asnwer and misdirectign people

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pay or not to pay