Settle your past due credit card debt yourself for 50% off the balance owed

A little determination can actually save you thousands on your past due charge cards. The marketplace is only now beginning to show signs of improvement and there are literally millions of people still finding it difficult to pay the bills today.

The fact that the economy has been bad and people are having a hard time trying keeping their houses in order has made headlines in every newspaper across America. What is not as recognized is that the creditors are also having a hard time and like so many things in life where there is discomfort there is also methods to advance which can benefit the informed. The possibility in this case is for the person who understands he’s not alone when it comes to a shortfall in income.  The credit card companies have also been afflicted very hard as well, although  our news media has not been able to tell this fact.

The opportunity for the average citizen is there for those who understands how unsecured debt moves. Your revolving card bill which goes past due takes on a new situation after a comparatively short period of time.  After a month or two your credit card debt moves into a preliminary charge off stage. This phase will serve one of your most effective negotiation probabilities. Given the fact that the lender are also putting up with by the bad debt they understand that to capture whatever limited cash they can they will have to fight for your money.  Recognizing this simple step can mean the difference in 1000s of dollars.

Provided the financial institution is certain that you have little or no cash your debt. The opportunity to recoup any overdue bills within a realistic time frame. The banks also will need to be convinced that their possibility to recover any revenue is now or never. The longer the contract goes delinquent the greater the chance the unsettled debt will become a absolute loss.

This is why the pre-charge off moment holds so much prospect for the individual. In many scenarios the debt collectors for as little as 30% of the original balance owed. The strategy is strike now while they can because tomorrow is clearly unstable and the credit card companies have commitments of their own to please as well. Within the collection industry these pay outs are referred as SIF or Settlement in Full and most credit issuers would rather settle for what they can now before they move on to more combative and more expensive collection methods. 

           

The Key component is to be perseverance and the ability to tell a convincing story, who which talks to your hardship and conveys a narrow opportunity for the company to recover what is now considered loss money.

The preliminary charge off stage is generally around 3 to 4 months past your most recent payment. Over this time you will certainly receive several calls and letters from your creditor all with the same goal, to collect. Stand your ground and wait the offers will come and in many cases the offers will be for 50% of your balance owed or less. Depending on several factors you may receive offers as low as 20% to 30% of the balance owed.

Provided you can find the funds to to fill these offers at this stage you can expect to literally save 1000's of dollars off your original debt.

Once you settled your payments you will also be stunned by just how swiftly you will start obtaining new offers of credit. There are practically thousands of homes across America carrying well over 15,000 in charge card payments it doesn’t take long to see the value of saving 50% or more off your bill.