I’m hosting a “Virtual Roundtable” on How to Negotiate With Credit Card Companies, and I need your input! This information will help others that are going through the same thing.
For those who haven’t attempted to negotiate their debt yet, but have questions – Submit your questions in the comment section below.
For those that have negotiated your credit card debt, we need your input! - Simply call (310) 929-0033 and leave a message with your answers to the following questions. We will take your message, type it out, and post it on our blog with ONLY your first name. Once again, the questions are:
- Name of credit card company you were negotiating with
- Amount of debt
- Amount settled for
- What did the credit card company offer you that was “out of the ordinary” (for example, no payments, no marks on your credit)
- How did you negotiate this?
- What are the things you would definitely do again?
- What are the things you would do differently?
Click “Call Me” below , enter your first name and your phone number and the system will immediately call you and connect you to the voicemail system:
Remember the more specific the better. If you know someone that does know how to negotiate with credit card companies, please click on “share this” so that we can spread this information!
Thank You!
At what point after stopping payments to cr card companies should I try to start negotiations?
I am very interested in the virtual roundtable “How to Negotiate with Credit Card Companies”, please advise when this will start.
Thanks
I had to call my CC co.(Chase Bank) and tell them I could not pay on my credit card debt (in Oct. 2009). Was transferred to a lady who asked questions, which I answered,and she set me up with a pay’t of 1/2 of the min. Two days later I was phoned by another person who wanted $100 more and didn’t accept my reason my reason for non-payment. I asked if he understood plain english and he hummed & hawed and finally hung up.this was followed by other persons, as many as one a day for a week and then one every 2 days. I finally said I can’t pay you ’cause I didn’t have the money. As of now I think I’m in collections because the letters and phone calls have stopped and I refuse to talk to the collections people.I’d like to be able to pay these people but the $$$ is not there. I got very sick due to paying the Cr Cd instead of buying food and decided I needed to get well before I could handle this. is there a way to negotiate even tho’ I’m in collections?
I was wondering where the $150,000 negotiation story is? I am very anxious to read it. My credit card debt came from $12,000 in medical bills and then the interest snowballed me into $19,000. The stress of this debt the last six years is taking its toll.
I have credit card problems, but they are excerbated by student loans. Is there any help with those? They seem to be a run-away train with all the interest compiling…thanks
To Philip Tirone,
Could I talk to you via telephone, please send me your phone number and best time to call you.
Thank you,
Irene
Irene – please go to the “Contact Me” page at the top of this web page, and I will get your private correspondence. I look forward to connecting.
I have an account with Chase that I’m trying to negotiate settlement for $1,000 from the actual amount of $6,000. I just recently went back to work after being unemployed for several months, and now I’m in a position to negotiate a settlement with them. They have since charged off this account and turned this matter over to a law firm to collect. The law firm they turned this over to hired a local law firm here in Kansas City, MO to handle the collection process. The local law firm has consistently lied to me about the original law firm refusing to accept my settlement offer, when in fact I found out from talking to someone at the original law firm that they never received my $1,000 settlement offer from the local law firm. Now I have to totally bypass the local law firm and try to negotiate a settlement with the original law firm. What’s the best tactic to use to negotiate a successful settlement with the original law firm? Thanks so much for your help.
As an attorney who helps with debt negotiation, sort of a “done for you”, you can significantly reduce your credit card debt.
Here are some steps:
1. You must stop paying your credit card bill. There is a six month period after which the company is required by law to write off your debt. That means total loss on their books (but you are still liable). They then either try to collect or sell for pennies on the dollar to collection companies.
2. About month four, the negotiations begin. The best discounts are for lump sum. Still good discounts with payouts as long as eight months.
3. Settlements depend on the company. Citi will go down as far as 25%, as will several others. B of A, Chase, and a few others will not go below 50% normally.
4. Hardship is a key word and will get their attention if you really have health problems, death in the family, etc.
5. They hate people who just stop paying and intentionally default.
6. Be prepared with a Chapter 7 or Chapter 13 as a last resort. Having your bankruptcy lawyer negotiate is a big help.
7. Yes, your credit score will take a hit but as Phillip teaches you can fix that fairly fast (even with a bankruptcy on the record).
There are other discussions on my newsletter, The Montgomery Letter, at jamesmontgomerylaw.com.
Phillip, excellent program. I recommend it to my customers because fixing the debt only begins the process to fixing their credit.
[...] week, I posted information about a “Virtual Roundtable” I am hosting on How to Negotiate With Credit Card Companies. From all the responses I received, there was one in particular I felt needed to be shared with [...]
Stay Tuned! I got a call from a someone that negotiated $150,000 in credit card debt, for less than 25%! I recorded the entire call and will be posting it next week.
This information is GOLD!!!! Literally, amazing information, from the lies they told him, to the actual results.
All credit card companies will be name!