Debt Settlement Letters To Creditors
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Problem by faith: Settlement letters to creditors...?
I have a number of fantastic letters for settlement that I have consolidated into my personal format that I am very content with.
I have a spreadsheet with all the collectors detailed and what quantities we are prepared to settle for. Anyway my question below is that I have sent the letter to some of our collectors and all they have completed is validate the credit card debt without accepting or declining the settlement. How can I alter the wording so that the creditor understands the purpose of the letter and obtaining the point across that we can not pay for to pay the entire quantity of the debts nor are we inclined to.
Also how do I get them to concur that when we make the agreed on settlement amount that they will mark the credit card debt as paid out as agreed and that they will take away the adverse objects from the credit score report?
Also if you have a sample letter that has worked effectively for you and you want to reveal it, I would significantly enjoy it.
For personalized and economic motives we want to complete this on our very own with no a lawyer or credit card debt consolidation/settlement company.
Best response:
Solution by mtchndjnmtch2000
get an legal professional
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Sounds like they haven't agreed to anything yet. Be careful what you put into writing. These letters sounds like you are verifying that you owe the entire amount, which they can use against you.
You need to do it OVER THE PHONE...
Most of them will never answer you by mail...
You need to call each one of them, ask to speak to someone who can make settlement decisions...state your case and work from there..
read thru creditinfocenter.com
and buddhibbs.com
Are you paying for charge off debt? Past the Statute of
Limitations?
The way the credit laws work in the USA are 100% on your side not the colectors, If they are not responding to you then redirect your letters to the credit beurro and dispute the claims as inaccuret, the will usuall get letters back frim the creditors the first 2-3 requestd, but after that its very rare that the creditor respond, the first time that they dont the credit beuro by law has to remove the line item, and then you dont have to pay the debt at all, this only works for revolving credit, not for cars or homes.
Agreeing to settle a debit for less that it is due at will not release the negative items from a credit report
You could only ask and mention to your creditor your thinking in filing bankruptcy and you are trying to avoid the BK, so if the creditor can see if they can help. The creditor have no obligation to accept your proposal.
I know of a debt settlement company..that can help you..they helped me out.
mydebt1st.com or call 800-673-7741
Call each creditor (ask for a supervisor) and work out a payment plan. Ask for the person's name and then for them to send you an agreement. Then when you get the letter, read it over, sign it if it is right, call if it is wrong.
Then ask them how soon they report the "forgiven debt amount" to the IRS. You have to claim the forgiven amount on your taxes.