Negotiate a Debt Settlement
What % can I settle my collection account debts for? 25%? Less? Homeless & on welfare. See details below.?
I will try to negotiate settlements myself. * two accounts $2,800 each. * two accounts for $5,600 each. Sample debt settlement letter: http://www.creditinfocenter.com/forms/sampleletter6.shtml Unsecured credit card debt.
Public Comments
- There is no set rate. Are the debts secured or unsecured? You will have more leverage on an unsecured debt (i.e., credit card) because, if you advise them that your only other option is bankruptcy, they know that they lose all chances of being paid anything if you take that route. If, on the other hand, the debt is secured (i.e., a car) you cannot discharge that in a bankruptcy and you remain responsible to pay the entire amount in full, so you have virtually no room to negotiate with a secured debt.
