How to get a lower pay off ammount for credit card debt?

I've been having trouble paying for a few months because $5000 got stolen from me, I recently sold some land and I want to pay everything off but I owe quite a lot and I want to be able to pay off all my debts, I heard from an old co-worker that you could negotiate the debt down to a lower payoff ammount, anyone know how this works and what I need to do?

How to get a lower pay off ammount for credit card debt?
You can negotiate a lower interest rate but what you owe is what you owe. You do not want to negotiate a lower payoff, this is usually done with what is called a "chargeoff" this goes against your credit for 7 years and is worse than paying late. I suggest you pay your lowest amount owed on debt first, and pay just minimums on anything else, then continue paying the same amount you always have, so if you paid $50 to the one you just paid off, apply that $50 to the credit you have left to pay. Meaning if you paid, $25 and $25 to credit #2 and #3, then use the $50 you were paying on Credit one and now pay $50 to credit #2 and credit #3, until paid off.
Reply:Yes you can. All you have to do is speak to them tell them what's happening, that you can't pay in full, and offer a reasonable settlement. Both parties have to agree. It can't be like $500 if you owe $500, but if you do give them a reasonable offer they will take it.'





But what you have to watch out for is that on your credit History is will be stated as SETTLED IN FULL not PAID IN FULL, which can cause problems down the track. As people can see that you couldn't pay the full about and so forth.
Reply:it is called going into debt arbitration when you have a company negotiate your debt down for you and it is horrible, I did it and it has been just terrible expereince, you can look it up on google but it is very difficult! I would not reccomend it. It has been about 18 months and we are nowhere near ending it soon.
Reply:Yes, you can contact the credit card company, and tell them you have a hardship, and ask them for a pay off. Note: just because you ask, doesn't mean that they will give it to you. I always heard of payoff amounts for loans, house and car payments, but not credit cards, unless it is a credit collection agency.
Reply:It is possible to negotiate a lower payoff on your delinquent debt, but it is often difficult without a lawyer representing you. There are many variables that can affect the outcome in your situation. Some creditors will settle debt for 40 cents on the dollar.





Are you currently late? How late? What is the creditor?





You can chat online for free at http://www.netdebt.com





You can also get a free consultation with a counselor there as well.
Reply:first advice is to contact the creditor





second option to consider is consumer credit counseling (this is not bankruptcy) they can help you negotiate for lower rates and payment plans





sounds like you are not interested in bankruptcy, so I won't offer that.





best of luck, you'll make the best decision for yourself.
Reply:Debt settlement plan is also known as debt negotiation plan. It is a form of online debt consolidation whereby a debt settlement professional, on behalf of an individual will negotiate with the creditors to reach a reduced payoff balance on their debts and that will cut your total debt, sometimes over 50%, with lower monthly payments.





Here is the debt consolidation company named http://ezconsolidation.com for your reference.
Reply:Yes it is possible to negotiate to a lower payment. You could do it yourself, but it is better to let professionals handle it. Debt professionals can negotiate a much lower payoff amount than most people would be able to on their own. One good place to start is: http://4debtrelief.eoltt.com
Reply:i think you need to call them, but they can be tough to deal with. you may want to liquidate any other assets you have b/c the sooner you pay this off the better. maybe get a bike and use the gas money for payments, by store brand stuff. the lower payments, however, may mean more interest building b/c the debt will exist longer.
Reply:debt settlement companies negotiate lenders . normally they donot charge from person in debt so simply try them if they lower your debt go for them . for more info visit http://ankuronline.com/?p=9
Reply:It doesn't matter that money was stolen from you.





Balls Up - Pay off your debt. Why should other people have to swallow your debt?

tanning