I have a debt to negotiate and I don't want to dispute the debt. I want to see how far down I can get the CA to go. The original debt is 7.2K and they offered I settle for 5K. I have 2k. I decided to try to settle it for 1.5K. I sent a letter containing my terms and it went unanswered. So I sent a second letter giving them 30 days and my terms and containing a threat to sue. I expected some sort of counter letter. I GOT NOTHING. Not even a letter telling me I was delusional. What am I doing wrong if I don't even get a bite with my 1.5K offer letter? It's for a major credit card but that's all I can say due to the spying on this website from the CA's. All this is done in writing with a complete retention of my rights and asking them to consider the settlement an accord and satisfcation, and with their removal of the derogatory credit rating associated with this account.
Any intelligent comments are welcome, if anyone has been succesful in negotiating down a debt, let's talk!
You don't say how old the debt is, or how close to the Statute of Limitations it is, or how much pressure they are putting you under. If it is past SOL, I would say the heck with 'em and they get nothing. If it's near SOL and they don't want to talk, let 'em sit there till SOL expires, then the heck with 'em. If you are no where near SOL and they are not pressing, why are you waking up a sleeping dog? If they are pressing, what are the rest of your debts like and are you a BK just waiting to be filed?
What I want to know is how to negotiate down to 20% of the original bill. Also, let's assume I want perfect credit again and if I have to pay, then I have to pay. The SOL issues are not real favorable since it's sort of new. Thanks for your post.
The offer was in writing not just in the body of the letter but in a separate attachment for the settlement agreement. Otherwise they don't get their cash. Don't you think it's odd they wouldn't even write me back? What's the world coming to where you throw out some money on the table and you get NO response?
Probably thinking a 20% offer on a rather new debt was not worth their time. Time is in THEIR favor at this point.
