If you’re going to settle a debt you need to have the money on hand if they decide to accept. If your accepted make sure you get the settlement in writing.

I find that hard to believe you have offered people settlements and they refused them. If people knew they could settle their debts they would jump on the opportunity so fast your head would spin, that fact is people are unaware that debts can be settled.

Some collectors/agencies are amenable to allowing you to make payments towards a settlement, but probably not at $75 p/m. $500-1000 p/m would likely be a minimum threshold for payments.

Other than that, ask them to let you pay the principle balance on a monthly basis and forgive the interest.

Whatever you do make sure to get it in writing.

What if I cannot afford to settle?

@ $75 a month, this debt will continue to grow.

Hey, if you don't mind cutting and running on your debts, that's your thing.

Would you believe that I've offered settlements to debtors and they told me they'd rather pay the full balance? (And then did so...)

Some people set themselves on a higher plane, taking care to fulfill their contractual obligations.

I settled a debt for 10% with AktivKapital formerly known as Portfolio Management in the past. It depends on your situation.

I would save your sermons for church Bill. The guilt trip or moral issue doesn't work me and don’t try to apply it to people on here to help your industry.

I think joe is working from the "offer low, meet in the middle" strategy. You don't need anything in the CPA to make a settlement offer.

10% may be a little too low, I probably wouldn't even bother taking it to my client unless you were in truly dire straights.

40 or 50% is a little more reasonable.

I don't know your situation, like do you work or not etc.These 10% settlements can be done depending on your situation.

Yeah, I would rather try to settle, to have it done and clear rather than wait it out, even though that is tempting.

You say to offer them 10% and go from there, but I am not sure of how I can legally to that. I have been trying to find thigns in the consumer protection act that back up this right but cannot.

Would someone be able to point me in the right direction?

Thank you