Legal Question in Credit and Debt Law in Texas

Negotiating to pay off debt
I have a significant amount of credit card debt that I want to get paid off as soon as possible. I have found a law firm that says they will negotiate to reduce the amounts that I owe to each of my creditors if I stop making payments to them and save up a lump sum (40% of the debt) that will then be used to pay off the creditor at that reduced amount. If I tried to do this myself, how do I go about negotiating with the creditor? Do I tell him the details of my life and why I have had financial problems or just say, ''look, I can't pay but I'll give you 1/2 the balance that I owe.'' How long would I have to not make payments to the creditor before they would become willing to settle with me for a reduced amount?

Asked on 7/11/02, 3:57 am

Peter Bradie Bradie, Bradie & Bradie

0 users found helpful

0 attorneys agreed

Re: Negotiating to pay off debt

Contact the Consumer Credit Counseling Service. They will help you in the negotiations, at no cost to you, and with a minimum impact on your credit.

Answered on 7/11/02, 10:20 am

Keywords

Match Any Match All

Country

State

Area of Law