will creditors settle for less if you are not in d

will creditors settle for less if you are not in default on your credit cards

2 Answers

It depends on your negotiation skills. If you are able to convince your creditors about your financial hardship, then they may agree to settle the debts for less than the amount owed. In most of the cases the lender/creditor may want you to be delinquent on your debt in order to settle your debts.

Not usually. Once in awhile you might get a creditor to agree to accept 80% of the balance, but typically the customer service representatives working these accounts, prior to delinquency, have no authorization to settle accounts.

Marie Megge
Donaldson Williams, Inc.


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