Do I send another settlement offer or wait a few months?

I have a 2-yr old charged off account with an OC that I sent a settlement offer letter to in response to a settlement offer they had previously given me. They did not budge from their first offer of 50%. Since I\'ve only made one attempt at negotiatng with them, I do not want to accept this offer. Would it be best to wait a few months to see if they come back with a better offer? Or do I write them back within 30 days to keep the process going? I\'ve read some posts where people like to call to negotiate, but I prefer to write letters so I can have a paper trail.

4 Answers

 I would have accepted the settlement offer. It is quite reasonable offer. 

It actually depends on the creditor. Not all creditors agree to settle the debts and even if they do very few agree to budge from what they themselves offer. In fact, the settlement offer which you have got is a good one.

Low-balling wouldn't work on some creditors like Citi and Discovery. You have a better chance at negotiating a settlement if the account is with a collection agency.

Good afternoon.  It would be wise to negotiate a settlement over the phone and not in writing.  Once you verbally agree to a settlement it is then important to get a letter in writing showing the terms of the settlement before you provide any bank information to them.  What type of an account is it that you are attempting to settle and who is the collection company?  If it is Capital One or Discover, it is probably the lowest they will accept for a settlement.  

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