how should i go about settling my debt myself?

Deal Score0

i have two creditors.Bof A and chase.all together i owe over $ 10,000.i sent Bof A an offer through their collection agency.i also made an agreement with chase.i told both i wanted letters stating that the debt was to be settled for a certain amount,and wanted confirmation as soon as the letters were recieved.i already tried going through 2 different debt settlement companies and it was just a bunch of bull.what other documentation should i get in case i get blackballed?

1 Comment
  1. Reply
    November 29, 2011 at 11:05 am

    If your account has been turned to a collection agency, you have to negotiate with the collection agency. You may as well settle for as little as possible since your credit is already damages and the negative will remain for the balance of the 7 year reporting period.

    General rule of thumb, if the debt is over 3 years old, offer 25%; 2 or 3 years old, offer 50%; less than 2, offer 75%. Lump sum gets the best deal. Payment plans must be short term. Get any settlement agreement in writing before you pay and don’t give the collector direct access to your bank account.

    If your account with Chase isn’t in collections, you may not be able to get them to accept a settlement. They may simply sue you. If you used settlement companies, your credit cards may already be ready to sue.

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