negotiating with lenders
Date: Thu, 09/06/2012 - 18:18
First off...register with the forum. You will receive an email
First off...register with the forum. You will receive an email when you have an answer.
Secondly...who are your lenders?? We can give you more information if we knew who you were talking about.
Are you talking about payday lenders? If so, please tell what s
Are you talking about payday lenders? If so, please tell what state you are in, the names of the lenders, the principal amount borrowed, amount you have paid back so far. You can take care of these lenders by yourself. Provide this information and we can help you further.
I just settled with one of my lenders today. I explained to them
I just settled with one of my lenders today. I explained to them my situation and that I didnt want to file for bankruptcy. He lowered my payments and interest and also told me that they would settle the account for $1,000 dollars all in a lump sum. The key to him being willing to work with my was the fact that I was current and never late or missed a payment in the year that I had the loan. I think more companies will work with you if you are current.
Quote:I think more companies will work with you if you are curre
Quote:
I think more companies will work with you if you are current. |
Wrong...most companies will not even discuss settlements until you are at least 60 days past due.
Did you get your settlement agreement in writing? Without it, you will be out of luck if it was not properly documented.
Quote: I think more companies will work with you if you are curr
Quote:
I think more companies will work with you if you are current. |
I'm with soaplady on this. Case in point - I am a retentions supervisor and a customer got transferred up to me. The guy told me he was going to close his account if he did not get a 70% settlement on his 18k balance. I reviewed his customer file and the guy had a 140k income and was married so probably even higher household... really?
Settlements are not even available until after 60 days and at that point it is very very low. They might offer you a slight reduction or something after 60 if they determine you can pay, it'll be pay us or go to court.
