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Betty Anne Grillo

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Member Since: May, 2012

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Blogs by Betty Anne Grillo

Can you really negotiate with credit card companies to pay less than the full balance?
6/20/2012 7:13:00 AM    [ Flag as Spam or Inappropriate ]

Is it too good to be true?

Can you really negotiate with credit card companies to pay less than the full balance?

You’ve heard the phrase: When something sounds too good to be true, it probably is. Well, sometimes, though very rarely, what sounds too good to be true is as true as true can be.

A little background information--Credit card companies have loaned billions of dollars to millions of people. That really is what using credit cards is all about. You want to buy something you can’t afford, and the credit card company agrees to loan you the money so you can buy it. Most people don’t think of credit cards in those terms. It is time to view credit cards in a realistic way. This is probably the most important nugget you can take away from this writing.

In addition to lenders having so much money out on the street, add into the mix that thousands of people find it necessary to walk away from their debts by paying nothing back to their creditors by filing bankruptcy. Many creditors are truly open to negotiating with people who have the funds to pay a portion of the loan back to them.

The process is not an easy one, nor is it pleasant. Along with having the temperament to stick to your position during negotiations, you must continue to say “no” when the creditor says you only have to pay 90% of the full debt, or 75%, or 50%. It isn’t impossible to come to an agreement to pay as little as 25% of what you owe. You can also hire an attorney to negotiate with creditors on your behalf. They do this every day for people much like you. It is a good way to take the stress you would experience by doing it yourself out of the equation.

One very important note: you must also have the money available to pay to the creditor in one lump sum, or in some circumstances over the course of just a few months. You must talk with your accountant or attorney to discuss whether or not you should choose this option to erase your debt. Enlist the expertise of professionals so you don’t make mistakes that hurt you later.

If you don’t have enough money to pay off all of your unsecured debts through negotiated settlements, you could run into problems if you find it necessary to file bankruptcy at a later date. Filing a Chapter 7 bankruptcy generally provides an avenue to pay nothing to your remaining unsecured creditors, as long as your income and assets fall within the legal guidelines. If you pay one credit card company a reduced amount through negotiated settlement, and pay nothing to other unsecured creditors, the bankruptcy court views this practice as favoring certain creditors over the remaining creditors of the same class. All creditors of the same class (secured, priority or unsecured) must be treated in the same manner according to bankruptcy law. The court will investigate your financial history for a period of 2-3 years prior to filing bankruptcy. Get good legal and financial advice before you proceed with actions that harm your position in the long run.

You will find additional resources at my website that pertain to this topic: www.sunsetdreambooks.com

Drop by, get in touch with me through email and begin to work toward freedom from financial stress!

All my best!

Betty Anne

SUNSET DREAM BOOKS

Follow me on Twitter .sunsetdreamboox   

 



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More Blogs by Betty Anne Grillo
• What Your Neighbors Don't Know Abour Your Life - Wednesday, July 11, 2012
• A Special Needs Child in the Family - Tuesday, July 10, 2012
• Uncertainty creates fear and anxiety - Monday, July 09, 2012
• Bankruptcy is a fresh start, not a disgrace - Friday, July 06, 2012
• Could "book smarts" ever replace "street smarts"? - Thursday, July 05, 2012
• #Food for Thought—and I sure hope you’re #hungry! - Wednesday, July 04, 2012
• The Passing of Andy Griffith - Tuesday, July 03, 2012
• New day, new desire, new direction! - Monday, July 02, 2012
• SUNDAY SILLIES 07-01-2012 - Sunday, July 01, 2012
• The other “B” word – #BUDGET - Saturday, June 30, 2012
• The Truth is Always Somewhere in the Middle - Friday, June 29, 2012
• Time to take a #SCOTUS breath! - Thursday, June 28, 2012
• Do men and women handle #bankruptcy differently? - Wednesday, June 27, 2012
• Do men and women handle bankruptcy differently? - Tuesday, June 26, 2012
• The Symptoms of an Unhealthy Budget: Part Four - Monday, June 25, 2012
• Louis Gossett, Jr - Sunday, June 24, 2012
• SUNDAY SILLIES 06-24-2012 - Sunday, June 24, 2012
• Have you had a part in saving a life? - Saturday, June 23, 2012
• The Symptoms of an Unhealthy Budget: Part Three - Saturday, June 23, 2012
• The Symptoms of an Unhealthy Budget - Friday, June 22, 2012
• The Symptoms of an Unhealthy Budget - Thursday, June 21, 2012
•  Can you really negotiate with credit card companies to pay less than the full balance? - Wednesday, June 20, 2012  
• Do your elderly parents have trouble paying their bills? - Tuesday, June 19, 2012
• Do money problems cause break-ups? - Monday, June 18, 2012
• WHAT WILL I DO IF SOMEONE ASKS ME TO DANCE? - Sunday, June 17, 2012
• HAVING LESS TO SPEND COSTS YOU MORE IN THE END - Saturday, June 16, 2012
• I'm late, I'm late, for a very important... - Friday, June 15, 2012
• WHEN THE “B” WORD STANDS FOR BANKRUPTCY - Thursday, June 14, 2012
• Has your net worth decreased dramatically? - Wednesday, June 13, 2012
• What dreams have you had to put on hold? - Tuesday, June 12, 2012
• How much longer can you hold out? - Monday, June 11, 2012
• Sunday "Sillies" 06-10-2012 - Sunday, June 10, 2012
• Saturdays aren't the same for you, are they? - Saturday, June 09, 2012
• When charging items like food and gas purchases get us into trouble - Friday, June 08, 2012
• If money can fix it, it's not a disaster - Thursday, June 07, 2012
• I know it feels good to shop, but... - Wednesday, June 06, 2012
• Your health is most important! - Tuesday, June 05, 2012
• Common Personal Bankruptcy Myths and Facts - Monday, June 04, 2012
• Sunday Sillies June 3, 2012 - Sunday, June 03, 2012
• 383,000 New Unemployment Claims - Saturday, June 02, 2012
• How Much More Can You Take? - Friday, June 01, 2012
• Life is too short to face financial problems every day! - Thursday, May 31, 2012
• A new book about surviving widowhood - Wednesday, May 30, 2012
• A handshake and a smile - Tuesday, May 29, 2012
• Where did all that money go? - Monday, May 28, 2012
• Sunday "Sillies" - Sunday, May 27, 2012
• Unemployment numbers - Saturday, May 26, 2012
• The Launch of Sunset Dream Books - Saturday, May 26, 2012


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