UnderGround Forums
 

Money, Business & Finance Ground >> Is there a way to get credit card reduced?


6/1/09 4:40 PM
Ignore | Quote | Vote Down | Vote Up
heypilgrim
Send Private Message Add Comment To Profile

Member Since: 7/30/08
Posts: 174
 
I saw a thread a few days ago about a similar situation but didn't have time to read the all the answers. Any help from people knowledgeable about credit cards would be awesome! Right now I've maxed out my credit card. That happened about a month ago. I've been late a few times on paying my monthly bill. My next payment is due tomorrow but I'm completely broke and can't pay anything. Is it worth it to miss a few payments and then try and get what I owe reduced by claiming I don't have any money? I am expecting a cheque large enough to pay off the entire card by the end of the summer but want to know how I can get it reduced without making it look shady when I pay it all off a little later. I'm a student and it's a student card? Also what will it do to my credit?

Thanks for any help!
6/4/09 10:43 PM
Ignore | Quote | Vote Down | Vote Up
HEMAN
20 The total sum of your votes up and votes down Send Private Message Add Comment To Profile

Member Since: 1/1/01
Posts: 16378
U miss payments? U're credit will take a hit. My suggestion is you ask your parents to cover and/or take up a pt job asap. You cannot get the amt reduce...without getting a settlement.
6/5/09 2:11 AM
Ignore | Quote | Vote Down | Vote Up
heypilgrim
Send Private Message Add Comment To Profile

Member Since: 7/30/08
Posts: 245
Thanks..I paid today and will pay my monthlies until I can pay it all off. Not worth it to let my credit take a hit, was just wondering and got some good advice on another thread
7/19/09 5:05 PM
Ignore | Quote | Vote Down | Vote Up
Atecexa
Send Private Message Add Comment To Profile

Member Since: 1/1/01
Posts: 3823
This is what you have to do and you must follow my wording verbatim.

Call your credit card company and be very clear with asking to speak to someone who has the ability to negotiate. That is all you say. It will not be the first person you talk to no matter what they say, the person with this ability will not be answering cust svc calls. It will probably also not be the 2nd person you talk to either. You need a manager who has the ability to negotiate. And that is all you say to the first person you talk to. I want to speak to someone who has the ability to negotiate. If they say "negotiate what?" you kindly repeat your original ? and say that and only that until you get the person you want.


When you finally get that person you say this to them and be very clear and very direct with your wording. Assuming you owe $10k. You tell the guy you will write him a check right now for $4000 under one condition, you will only word on my credit report paid in full, not paid in full for less than full balance. you will only word paid in full with no inference to anything less than just simply a paid in full zero balance. and get a letter from him specifically saying that they will do this before you send the check. if he says no then just tell him that you cannot continue to pay the balance off and that your most recent payment is the last payment they will ever recieve from you.

you may have to go in circles a few times but eventually you will get your way
7/23/09 9:57 PM
Ignore | Quote | Vote Down | Vote Up
feralpig
Send Private Message Add Comment To Profile

Member Since: 7/24/08
Posts: 686
I think the answer to this is "it depends."

Where I live, Capital One and other card companies sue over $800 debts, win judgments, and enforce them.

Atecexa's suggestion would work in more consumer-friendly states or if you can persuade the credit card company they'll get more by working with you.

Reply Post

You must log in to post a reply. Click here to login.