Approaching a credit card company to pay off bad debts?

Posted by admin on August 15th, 2008 at 12:00am

Question:
How do I approach a credit card companyto pay off a bad debt?I owe Discover Card a sum of money and have been chargedoff for a while now. I also have some extra money now and wantto pay off the debt. I want to try to at least have it look betteron my credit report. What’s the best way to approach this? Do I have any leverage to negotiate?

Answer:
About this, I’m not really sure, but perhaps this website could help. I’ve looked up articles here that give advice on credit and debt.Look at the finance category. You should tell them you are thinking of declaring bankruptcy and wantone last try to fix your debt and that you have a lawyer and almost readyto file but want to see what kind of settlement they can offer you.

-The best thing you can do is call them and tell them you want to work with them to pay this bill. As long as you show that you want to workwith them, they will usually work with you. I believe that as long as you paythem something !
(the original person you owe) that they can’t sent it to collections.

But I don’t understand. You say it has been charged off. That sounds to me that they are taking the loss and your credit is already affected. If that is the case, justcalling them and paying it off isn’t enough. You need to start by calling them, getmore info. For example, can you still work with them or do you have to work through a collection agency? Then you need to find out, no matter who you are working with, if they will remove the bad mark on your credit if you comply with the agreement you make.I did work with a collection agency and paid it off and they offered, without me asking, to take it off of my credit. Worked out great. Shows you what a phone call and cooperation will do.

-It depends how long your card has been in rears, they likely could havepassed it on to a collection agency in which case you will have to deal with them. Call the 1-800 number on the back of the card and !
find out the status of the account. You have no room to negoti!
ate, aft
er all if someone owed you money would they have any? i think no

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