old credit card debt repayment ?

[bigindebtagain]

hi, i have racked up a lot of credit card debt, now there are late fees, overlimit fees, stuff going to collections.

i have a previous bankruptcy, so that is not an option.

i am now starting to get the:
"we will settle this account for 1/2 of your debt - if paid in full by so and so date" letters.

questions:
this closes the debt yes or no?
how does it appear on credit scores?
what is the best way of dealing w/these?

credit scores have already been severly lowered due to nonpayment of these bills....so how does "settling, by paying an agreed amt affect it?
thanks.

[DebbieL]

I'm not sure what effect it has. I would not trust them though - they sometimes say things just to get some money from you. I would make sure to get EVERYTHING in writing stating that the debt is to be cleared, etc. Good luck. I hope you stick around and get your finances on track. Welcome to the board.

[zee8]

Hi,

I have a lot of credit card debt too. I have never filed a bankruptcy.
I recently contacted a debt consolidation company, they offered me a plan of repaying them as one payment. Also they promised to work on reducing the interest rate.

I am kind of convinced that I will be OKay. the best part is the plan does not affect your prevailing credit score any bad.

write here if you need to try them.

[FinWhiz]

If they will accept ten cents on the dollar, tell them to put it in writing and you will overnight the payment.
And never use the evil credit cards again. Sounds like you have learned your lesson.

Oh, and do not let any of these vultures get access to your bank account, or they will take it all.

[FinWhiz]

Hi,

I have a lot of credit card debt too. I have never filed a bankruptcy.
I recently contacted a debt consolidation company, they offered me a plan of repaying them as one payment. Also they promised to work on reducing the interest rate.

I am kind of convinced that I will be OKay. the best part is the plan does not affect your prevailing credit score any bad.

write here if you need to try them.

Do not use one of those companies! Why pay someone to do something you can do yourself?