CC Payoff question(s)

[txjman]

I have never tried this before, so I don't even know if it is possible. Can you negotiate a settlement with the credit card company? For example: I will pay $.80 on the dollar to pay off the balance.

If that is possible, what does that do to your credit?

What is the lowest amount the CC company would take?

[jmjj215]

Re: CC Payoff question(s)

I have never tried this before, so I don't even know if it is possible. Can you negotiate a settlement with the credit card company? For example: I will pay $.80 on the dollar to pay off the balance

Yes

If that is possible, what does that do to your credit?

If you've been paying on time they won't negotiate (why would they? They know you have the money). If you're pretty late, like six months behind (I'm just throwing that out), they'll negotiate b/c they want to get what they can from you. By this time, your credit is hurt anyway.

What is the lowest amount the CC company would take?

That totally depends on a case-by-case basis. No harm in trying though!

[txjman]

Re: CC Payoff question(s)

I 'm not behind on my payments, but I have been late twice this year. They have hiked my interest rate up to an unforseen level. I would try transferring to another card, but we owe so much I know I couldn't transfer the entire balance. It has raised my minimum payment, and I feel that we will never get out from under it.

[jmjj215]

Re: CC Payoff question(s)

What you can transfer, you should, even if it means to multiple cards - recognizing that you're only moving debt until you start making huge payments on principal on that debt. It doesn't hurt to try and negotiate down with them. Do you have a lump sum of cash you could use to do this?