debt settlement american express

American Express / Chase debt settlement?

I would like to settle and have all negative remarks removed from my credit reports regarding these accounts. I’ve done some research and I’m not intimidated by creditors and I would like to negotiate my own debt vs. pay a company to do so. I’m a single mother/full time student and I work a full-time job. However, even after all expenses I don’t have but so much left over for creditors so I’m wondering what a good percentage of debt they will settle for. Has anyone ever settled with these companies and had them remove the accounts from their credit reports? Or is anyone familiar with how either companies debt practices work? Thanks!

If these accounts have already been written off and sent to collections, you are more likely to be able to settle for a smaller amount. However, you will not be able to get the original creditors info removed from your credit report.

Pay for delete just doesn’t work for regularly reported items like credit card and installment loans. Collection agencies can only remove what they report. If the collection agency info is removed, the settlement info won’t show either. You’ll just have the original charge off showing.

General rule of thumb, if the defaulted debt is over 3 years old, offer 25%; 2 or 3 years old, offer 50%; less than 2, offer 75%. Lump sum gets the best deals. Payment plans must be short term. Get any settlement agreement in writing before you pay anything and do not give the collector direct access to your bank account.

Now is an excellent time to get collection agencies to accept very low settlements — holidays, end of month … People are not paying and collectors have quotas.