Hi Kristi, I have several old debts that have been resold several times and are near or past the statute of limitations. I am considering using the letter you suggested for Mom and am wondering if an offer of 10% of the original amount owed would be even worth sending in? Most of the creditors have already offered to settle for 50% or less. I mention the 10% amount because there is a local attorney that says he can get creditors to settle for that amount if he does the work. Since he is an attorney, he wins regardless of what happens because I would be billed a hefty hourly rate. I finally have a little extra money to settle these debts, but I don't want to screw myself for another seven years. Your input (as well as anyone else who would like to comment)is welcome and appreciated. Steve S. (By the way, I did have a credit report analysis done by your company.. it was detailed, articulate, well thought out and an excellent value for the money)
RE: Kristi... opinion on settl Steve: Thanks for the kind comments regarding the credit assessment. I am very pleased you liked it. Our credit counselorâ??s work very hard to provide good info. Now, my next comment is why do you want to pay these debts if they are nearing the sol or have passed the sol? Are you trying for a car or home loan and need them paid? Here is my suggestion: Don't pay the attorney to do it if all he is going to do is write letters. If you do hire a debt negotiator, hire one that has no results no fees! There are many. On the expired debts, be real careful not to renew the sol by a written promise to pay. Use a disclaimer and do not sign or date the document. It is always good to start low, say 20%. They may laugh at 10% so 20% is shall we say.. Less laughable. (I say that because 35%) is standard and 50% is normal. Use your BATNA when you right these letters. BATNA=Best Alternative to Negotiate a Deal. Your BATNA could be, I am on the verge of BK, the debts are legally expired, I believe them to be unverfiable, outdated, fraud etc... Whatever BATNA you use just try to negotiate a good deal but be realalistic. If itâ??s a charge off then settled, as a rating is good and realistic. Finally, be cautious of what you are doing when dealing with these agencies. They will be tricky to get you to somehow renew the debts statute by making a promise. Do not put any promise into words such, as I will pay you etc without using a big disclaimer. Also do not call them from your home phone and foremost, if they ask your permission to record the conversation for what they claim is â??Quality Controlâ?- Decline. Itâ??s a good way for them to have a renewed promise on tape. Good luck and may I just say, this is my own personal opinion because I do not give legal advice Steve S. wrote: ------------------------------- Hi Kristi, I have several old debts that have been resold several times and are near or past the statute of limitations. I am considering using the letter you suggested for Mom and am wondering if an offer of 10% of the original amount owed would be even worth sending in? Most of the creditors have already offered to settle for 50% or less. I mention the 10% amount because there is a local attorney that says he can get creditors to settle for that amount if he does the work. Since he is an attorney, he wins regardless of what happens because I would be billed a hefty hourly rate. I finally have a little extra money to settle these debts, but I don't want to screw myself for another seven years. Your input (as well as anyone else who would like to comment)is welcome and appreciated. Steve S. (By the way, I did have a credit report analysis done by your company.. it was detailed, articulate, well thought out and an excellent value for the money)
