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what percentage of a credit card debt can i payoff without paying off the entire debt.

Posted on: 13th Mar, 2009 10:01 am
what percentage of a credit card debt can i payoff without paying off the entire debt...I owe 10000 on a credit card. I paid 3000 and attempted to negotiate a payment of 100.00 per month until I reached 1500.00 (total payment 4500.00). The collection agency responded with a letter saying I owed 7000.00. They said they would settle for 45% of that debt. I know that is more than 45% of the debt because I paid them $3000.00. I also wanted my report to read debt settled.
it's all up to the collection agency. you can't call the shots here...they are in the strong position.
Posted on: 13th Mar, 2009 02:48 pm
Hi betinaford!

Welcome to forums!

I agree with George. You will have to negotiate with the collection agency and see if they are ready for any kind of settlement. It will be the discretion of the collection agency whether they would agree to it or reject your request.

Feel free to ask if you have further queries.

Sussane
Posted on: 13th Mar, 2009 07:31 pm
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