Negotiate a Debt Settlement
Debt Settlement?
My spouse is being held liable for my debt since I filed bankruptcy and he was a card holder. They won't accept payments and want the full balance. We do not have this. I know they will get a small % selling to a credit collector, etc. What is a reasonable discount to ask in a debt settlement? They've already wrote this off as a bad debt due to my bankruptcy and it was not my spouses account. Is asking for 50% off discount acceptable? We could probably get a loan for 50% but there is no way we could get one for the full balance. The debt doesn't show up on his credit report. It shows up only on mine as an individual account as he only joined my card years after I had it. They are requesting full balance and won't take payments.
Public Comments
- If they have written off as bad debt already then it is almost useless to try to settle. But if you do start at 50% if the ask for 70% settle at 60%. I would not settle for more than 60%, and keep in mind that a settlement is not a good reflection on your credit report.
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