How can we attempt Debt Settlement Programs and Debt Management Companies?

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I am no longer working and have closed my credit cards with high balances (the most is 00). I will be getting a chunk of money next month and would like to settle these debts on my own without having to use one of those debt management companies. What is a fair offer to make on a debt that size? How do I go about doing this, and what about my credit score? Please help.

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We are refinancing our house to pay off some credit card debt. I have heard that the debt management companies will negotiate on your behalf and either lower the interest rates or lower the amount they will accept to pay off the debt. I have also heard you can do that yourself.

Anyone have any experience with this tactic? I have also heard that trying to settle for a percentage of your balance will wreak havoc on your credit rating. Is it worth it to save a couple of thousand dollars?

Do you try and reach an agreement with the first CSR you talk with, or does it only count if you negotiate with a manager or other official? Should you get the agreement in writing, as well as any effects on the credit rating? What is an appopriate percentage to ask for (50%? 60%?), or does it depend on factors like amount owed, past payment practices, etc.? Does it help to threaten you might be filing for bankruptcy if they do not settle?

Technorati Tags: credit card debt, credit rating, csr, debt management companies, filing for bankruptcy, havoc, interest rates, payment practices, tactic, thousand dollars

I have about 40K in credit card debt that I haven’t paid in over a year. I want to settle it once and for all. I don’t want to have to deal with collectors or lawyers. How can I get the best possible settlement? I want to pay them off and get on with my life. Is it true that debt management companies can reduce my debt to up to 50%? If so, who do you recommend?

Technorati Tags: credit card debt, debt management companies, lawyers