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What I am trying to do for my wife is this....
She has a large outstanding balance with a CC that is more than likely charged off...She was receiving letters for a settlement for about 50%, now those have stopped and a different company is asking for the full amount. We will be in a position to pay a settlement (at 40%-60% of original balance) in then next 60 days, should we send a PFD letter and start at 40%?
Absolutely you can offer a PFD for a discounted price!
That is awesome news! Is it something we should wait until we have the money for, or start the ball rolling now, and give a date of when it will be paid off by?
Works either way, but I'd save the money that you want to settle for, then offer it. That way if they accept, you could do the deal right then.
@Anonymous wrote:What I am trying to do for my wife is this....
She has a large outstanding balance with a CC that is more than likely charged off...She was receiving letters for a settlement for about 50%, now those have stopped and a different company is asking for the full amount. We will be in a position to pay a settlement (at 40%-60% of original balance) in then next 60 days, should we send a PFD letter and start at 40%?
Be careful doing this,beacuse they can sell the remaining bal. to another CA.
Not if you have it in writing that the debt was satisfied, they cannot turf it to a new CA.
@Shogun wrote:Not if you have it in writing that the debt was satisfied, they cannot turf it to a new CA.
Yeah, i would have to have it in writing that said the account is closed and paid.
Good news...we did receive a settlement offer, from a different CA It's a sweet deal but we won't have the money until after it expires...how can I draw this out so when I have the money I can pay it? Just ignore it and send a PFD when we have the money For the last offer?
How large is the the balance? If you make a large settlement it will have tax implications.