my mother passed in may 2010. she had a credit ca

my mother passed in may 2010. she had a credit card with b of a with a balance of 7,398.80. her estate was in a trust and her only assets were the equity in the home. i have just recently sold the home how do i go about negotiating this debt with fia and what percentage should i expect to pay?

6 Answers

The debtor is decease and the relative is trying to settle based on the estate.  Why on earth would she enter into a debt consolidation program??? 


Offer them 10%....

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What ever you can negotiate.  Depending upon if you've settled her estate and they didn't attach anything before you sold it they might not be able to collect.  Especially if the judge has signed off on closing the estate.

Mostly anywhere from 15% to 50% on the dollar - depending upon collection firm.

Contact your creditors and explain the entire situation to them. If you can afford to pay off the debt in full, then do so. Creditors will always expect you to make the full payment. There are here for business and not for charity.

If you can't afford to pay off the debt in full, then tell the creditors about the amount you can pay. If the creditors agree to your proposal, then draw up a contract and make the payment on the scheduled date. If they reject your proposal, then it will be better to get professional help.

Yes, these days many of the debtors will opt for professional help in this regard. All you need to do is to check out the accreditations or user reviews before you enroll for such a service.

Yes, the creditors will certainly ask you to repay the entire amount of debt as it is a huge amount. You can resort to a debt consolidation program and simplify the repayment terms and conditions. The interest rates and monthly payments will be relaxed and you can simplify the repayment procedure and thereby become debt free sooner. If you think you can't repay the entire amount, you may even opt for debt settlement to waive off a part of the principal amount.

It will be depend upon the creditor as to how much amount he will accept from you. There are high chances that the creditor will ask you to pay off the debt in full. You might take professional help in order to negotiate with the creditor and pay off the debt.

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