Can I ask for a debt settlement before my credit goes bad, before I go into collection? Also would a Federal Credit Union settle a debt just

Can I ask for a debt settlement before my credit goes bad, before I go into collection? Also would a Federal Credit Union settle a debt just like any other credator?

3 Answers

Credit unions are a lot more difficult to settle.  Do some research of the forums.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Usually, the creditors don't like to settle debts unless you're delinquent on them by 3-4 months. So, if you're current on your debts, then it may be difficult for you to settle debts. 


You can ask for a debt settlement when you're delinquent on your payments irrespective of your credit situation. Moreover, it is not mandatory for the account to be in collections in order to go for debt settlement. As far as I know, a Federal credit union will settle a debt just like any other creditor.


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