I have 7 credi cards and have been barely able to make payments on time for the last year. But, I have only just missed my first ever payment today. It is more important for me to save the cash I do have for my monthly mortgage payments. I believe I could take your advice and the suggestions of others and pay down each credit card debt for a lot less than I owe on each. It's the kind of thing I would be good at over the phone. And I have a concinving case of having ade 23k in 2022, 13k, in 2024, and on track to make less this year. Mine would be a hardship case as I lost my biggest client without warning. I am a self employed remote video editor. And I'd be looking to pay credit cards a lump sum for less to settle with a loan from a relative earmarked to get me out of debt. BUT I dont want to skip payments on 7 credit cards for 3 straight months to put me in a postion to negotiate. Will card companies accept a lump sum for less if I have been making my payments on time for years without fail?
You might want to consider these two options: 1. Contact the creditor, explain the situation, and see if they have any sort of hardship program. They might be willing to work with you to set up a new payment plan that's more affordable for your current financial situation. Many creditor have specific programs for these types of circumstances. 3. If you fail to make your payments on time, the debts will eventually be charged off and you might get sued. If you get sued, the creditor may accept a lump-sum payment at that point to just resolve the case.
@@solosuit THANK YOU so much or your reply! My total credit card debt is 20k and my CITI card debt alone is 10k. If you were in my shoes and earned less than 15K in 2023, how would you negotiaate with CITI to pay a lump sum and settle the debt?
After the debt is paid off, the creditor reports the settlement to the credit bureaus, which probably won't have much of an impact on a bad credit score - but keep in mind that a good credit score could take a temporary hit. (Still, this option is often better than ignoring the debt completely.) You can read more about the pros and cons of debt settlement here: www.solosuit.com/posts/make-debt-settlement-agreement
I have 7 credi cards and have been barely able to make payments on time for the last year. But, I have only just missed my first ever payment today. It is more important for me to save the cash I do have for my monthly mortgage payments. I believe I could take your advice and the suggestions of others and pay down each credit card debt for a lot less than I owe on each. It's the kind of thing I would be good at over the phone. And I have a concinving case of having ade 23k in 2022, 13k, in 2024, and on track to make less this year. Mine would be a hardship case as I lost my biggest client without warning. I am a self employed remote video editor. And I'd be looking to pay credit cards a lump sum for less to settle with a loan from a relative earmarked to get me out of debt. BUT I dont want to skip payments on 7 credit cards for 3 straight months to put me in a postion to negotiate. Will card companies accept a lump sum for less if I have been making my payments on time for years without fail?
You might want to consider these two options:
1. Contact the creditor, explain the situation, and see if they have any sort of hardship program. They might be willing to work with you to set up a new payment plan that's more affordable for your current financial situation. Many creditor have specific programs for these types of circumstances.
3. If you fail to make your payments on time, the debts will eventually be charged off and you might get sued. If you get sued, the creditor may accept a lump-sum payment at that point to just resolve the case.
@@solosuit THANK YOU so much or your reply! My total credit card debt is 20k and my CITI card debt alone is 10k. If you were in my shoes and earned less than 15K in 2023, how would you negotiaate with CITI to pay a lump sum and settle the debt?
What kind of an attorney do i need
If you negotiate with the creditor and settle less than full balance does it increase your credit score or remove off at any point?
After the debt is paid off, the creditor reports the settlement to the credit bureaus, which probably won't have much of an impact on a bad credit score - but keep in mind that a good credit score could take a temporary hit. (Still, this option is often better than ignoring the debt completely.)
You can read more about the pros and cons of debt settlement here: www.solosuit.com/posts/make-debt-settlement-agreement