There was a quick piece on the news this morning about settling with CC companies. They said that companies are being more willing to settle in hopes of getting something instead of nothing. They also said that many companies are allowing the front line people to make offers, though I think I'd still want to talk to a supervisor to get the best deal.
A couple of cons. If you settle for less than you owe, you may owe taxes on the forgiven debt. Also, a viewer wrote in and said that if you negotiate a settlement, you may have to pay in one lump sum, so that's something to keep in mind if you owe a large amount. It won't do you any good to get them to agree to reduce your debt from 30K to 10K, for example, if you don't have $10,000 lying around ready to send in. Then if you owe income tax on the 20K, you could need another $5,000 at tax time.
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Steve
* Despite the high cost of living, it remains very popular.
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06-18-2009, 09:43 AM
