Question
Step by step, what do I need to do in order to SETTLE my debt with VISA in collections, & pay half or less?
I kind of know a couple things i would need to do like call and find out who they have sold my debt to, and find out how much I owe... But I just need instruction on what to say, what to agree or not agree to, and most importantly, how much can I settle a $1,500 debt for if i do this right.I'm having a kid soon and I need to have the option of moving the heck out of L.A., but with crappy credit (this not being my only debt) I seriously wont be able to even rent an apartment. Please Please help me figure this out!!! Well that's great advice, and I will use it. But what about the calls that my ex girlfriends are getting? They have different phones, and providers, yet the collectors keep asking for me or where to find me. Calling numbers that EVEN I DON'T have. Will the calls stop? And is it a good idea to return calls to these people and negotiate? Or better to find a main number and call them that way? Seriously clueless to these matters, and thats how i got into this mess. Thanks again for all your great input.
6 months ago - 4 answers
Best Answer
Chosen by Asker
How old is the debt? If less than 1 year you will not get it for 50% yet. If you go to the free annual credit report site where you can get your reports free once per year you should be able to find out the name of the collection agency. The older the debt the less you can offer as a settlement but get it in writing and do not send them a personal check to pay with. Do all your negotiating by mail and STAY OFF THE PHONE. It is only your enemy. If the 1500 is 3 or 4 years old then offer them like 700. Now having said all that these payoffs are NOT going to do a thing for your credit rating except show them as paid.
by Rebecca
6 months ago
Asker's Rating: 
Other Answers
1-find out who you owe what to 2-contact each one offer them 60 cents on ea dollar 3-set up a payment plan that you must stick to.... 4-get the agreement from them in writing before you send a dime.....
by mar c- 6 months ago
First your credit will not improve even if you settle the debt. If the original creditor has sold the debt to a debt collector then the original creditor is reporting the debt as a charge-off on your credit report and can do so for 7 years and 180 days from date of first delinquency. Even if you settle the debt with the debt collector the original creditor will still report the debt as a charge-off, there is nothing that you can do to remove this account. IT WILL REMAIN ON YOUR CREDIT. Also know that unless you can negotiate a "pay for deletion" agreement with the debt collector that the account will just be updated as a "paid/settled collection", not removed from your account. The only way to remove the collection account is to get the "paid for deletion" agreement, this means that in exchange for payment the debt collector agrees to remove the account from your credit report. Most will only do this though with full payment. If they agree get it in writing BEFORE mailing them a money order. Never give a debt collector access to your bank accounts. Here is a website that have a lot of tips for debt settlement. www ...
by Dixie Darlin'- 6 months ago
With the amount of your debt you own,It is definitely you may get help from here www ... ,I have got good experience with there.
by KATHLEEN L- 6 months ago