HI Average Joe

I'm in the process of negotiating debt settlement with creditors. I awaiting proceeds from a real estate deal. Then I will send them all the same letter - whatever is left after all the legal and bank fees I would like to distribute evenly amongst the creditors - might only be 10-15%.

I've got some down to 30% - but how did you manage to get them down to 10% - any special techniques?? If you sent them letters - would you share with us some of the wording??

Also - when you're dealing with a collection agent - how do you know if the debt was sold to them or if they're just temporarily working on it??

One more thing - did you manage to convince any of them to remove negative coments or ratings from your credit report??

thanks in advance for any advice

Hi Average Joe!

How did you initiate negotiations with your creditors (by phone or by mail)? How long did you negotiate and how long did it take you to get through 13 creditors?

Thanks!

Jac

Hi Jac,

I did call the collection agencies myself and it was a battle.I found sometimes it took a different person in the collection agency to settle these debts.I also had sucess calling the creditor and getting them to settle.lf the collection is giving you a hard time and they are being rude,i would give the ombudsman a call if that creditor has one.If you have been recieving calls from collections agencies let me know which ones and i can give the names of the ones that helped me out.

Hi Average Joe!

How did you initiate negotiations with your creditors (by phone or by mail)? How long did you negotiate and how long did it take you to get through 13 creditors?

Thanks!

Jac

Thxs,i hope i can help some people on here and let them realize there is a way out.

That's commendable average_joe...

Debt settlement is a good alternative to bankruptcy.
It allows a person to pay at least some of their debts,.and you don't have to have a bankruptcy listed in the public records.

I have settled 13 debts for 10 cents on the dollar and i have 4 or 5 more to go.I am glad i am a smart person and never sat back and believed what the collection agencies were telling me.I know for a fact some of them are pissed because i went over their heads to the creditors and put the heat on them for their unfair practices,but i really don't give a hoot what they think.I hope people take my advice and it's time to put the collection agencies in their place.It's not like i defaulted unpurpose things happen in life and could of taken the easy road and go bankrupt but i decided why not settle and make some ammends to the creditors.