Hello I have some debts that went deliquent a few months ago. I want to offer to pay them a percentage of my balance in return for them reporting the account as settled to CRAs. I know a lot of posts tell you to do this, but I have a couple of questions: 1. what percentage should I offer? 2. Can i really trust my creditor to contact the appropriate CRAs? 3. should i do this in writing. I really appreciate all of your responses. I need to (like a lot of us) improve my credit for a higher quality of life. Can you believe - I am a grown man and make decent money and I cannot get an apartment or a mortgage in my own name. I know this is my faault - but I really want to correct this. Thanks again all.
1) Offer approx. 25% of what you can comfortably afford to pay them. My general rule is that if I don't find the offer offensive, it is too high. They can only say no. 2) It depends on the creditor and terms of the agreement. Some are better than others and keep in mind, it is the data entry department which inputs the payment status via eOscar. 3) Yes, if at all feasible. If you're only a few months late, don't expect a big cut off the top. In fact, some creditors will not "settle" an account which is only 30 to 60 days late.
