I am 6 months past due on my 4 credit cards, how do I negotiate a settlement?

I am thinking they%26#039;d rather get half than nothing. I%26#039;d still need a 36 month payment plan. I can only pay each card a good faith amount of say $20 in January. I have been out of work for 6 months. My debt exceeds 70K. How do I get them to stop from charging all the fees and interest? Did I mention I haven%26#039;t spoken with my credit card companies in 6 months. How will a partial settlement be listed on my credit report?

I am 6 months past due on my 4 credit cards, how do I negotiate a settlement?

I%26#039;m sorry about your job loss, I%26#039;ve been there and I know how that can knock you down.

It%26#039;s very important in these situations:

DO NOT give them access to your checking account. Yeah, they will agree to only take out $20 on the phone. Then they%26#039;ll completely empty the account. Oh they will sing a song about how they would NEVER do such a thing, because they are so reputable...don%26#039;t believe it. These collectors get a hefty commission on every dollar they get from you.

ALWAYS cover your necessary expenses first. Groceries, heat %26amp; lights, rent / mortgage, car. Don%26#039;t send your gas money to the credit card companies, you%26#039;ll be in a real pickle then.

Get anything you agree to in writing. Send them ONLY cashiers checks and use certified mail. Keep these documents in your permanent records. They know most people do not keep a proper paper-trail on these matters and they often try to collect again years later.

Having said that, first you%26#039;ll need to get some money together to make a settlement offer. It%26#039;s unlikely they will accept a settlement contingent upon a 36 month payment plan, they will want cash in full. If you can%26#039;t do that wait you have enough money to make an offer.

As far as your credit goes, it will most likely be listed as a charge-off that has been settled.

I am 6 months past due on my 4 credit cards, how do I negotiate a settlement?

just call each one and ask to speak with a supervisor and explain...閳?br>I am 6 months past due on my 4 credit cards, how do I negotiate a settlement?

run away

I am 6 months past due on my 4 credit cards, how do I negotiate a settlement?

I say you forget the stupid credit card companies and come run away with me! i have a bunch of cards we could totally blow off and then just leave and they will never find us. but they probably will

I am 6 months past due on my 4 credit cards, how do I negotiate a settlement?

70K is a lot of debt. You will need to weight the circumstances of what course of action to take. The first obvious step is to call the credit companies. Do note that some of this debt may have gone into collections. If it had then it is out of that credit companies hands since they sold your debt to a collection agency.

My recommendation would be to seek credit counseling. Credit counselors will negotiate better with credit card companies in repayment and lowering interest rates. However, some and perhaps all credit counselors may not provide help if you accounts are 6-months overdue.

I am 6 months past due on my 4 credit cards, how do I negotiate a settlement?

It%26#039;s already too late in your case but if anyone reading your question happens to be in the same situation- DO NOT WAIT TO TALK TO YOUR CC COMPANY!

The longer you wait to talk about a payment arraignment with them, the less they%26#039;re going to be able to do to help you. As for only paying them half, forget it. Credit card companies are only willing to take a partial settlement when you pay it in a lump sum. After all, if you owe more than 70K, it%26#039;s well worth their time and money to just take you to court for the whole amount.

Contact each company, let them know you lost your job and are willing to pay $20/month to start with, and more once you get back on your feet. If they agree to this, do not miss a payment and pay extra when you can.