Have you ever try to negotiate with your lenders?
By kingparker
@kingparker (9673)
United States
October 27, 2010 3:53pm CST
There are so many people are in financial problem recently. They might not have enough money to pay for their credit card debts, or other debts such as personal loans. Have you ever try to contact those lenders and work out a deal. At least you don't have to file a Chapter 7, that is when those lenders can not get a dime from you. A friend of mine called his credit card companies and trying to work out a deal, which he owed them more than $10,000, and he can only pay them $5,000, 50 cents of a dollar deal. The bank refused it at the initial calls, and after 3 days or so, they called back and offer a new deal. It is not that my friend don't want to pay the full amount, it is that he doesn't have that kind of money, and he already done his best. So, do you ever negotiate with your lenders?
1 person likes this
3 responses
@randylovesdar (4932)
• United States
1 Apr 11
I have negotiated in the past and it all depends on the company if they will work with you. I had to really deal hard with one of my creditors and got them to settle for 60 percent. The other two debts were so small that I was able to pay them off myself. Once the company does accept your offer make sure they put it in writing before you pay it off and keep the letter in case they decide to get more money out of you later. Also, be sure to pay with a money order instead of a check because some companies will be sneaky and try to get more money out of your account. Places like Wal-mart are cheaper to get a money order from.
@sid556 (30959)
• United States
17 Feb 11
Yes I have negotiated and some will and others are just rude. I would suggest to go to a local non-profit debt management company. They negotiate with the credit people for you and they are really good at what they do. They will lower your monthly payment, consolidate and lower your interest rate to make it managable for you to pay off your debt.
@tragicbeauty (50)
•
27 Oct 10
I really tried but in the end we ended up having to file chapter 7. The lenders don't have to work with you at all especially when you get past the 90 day past due mark. And they do not have to accept any offer you make.
