Sentences with phrase «creditor accepts a settlement offer»

Your monthly payments are typically placed in a FDIC account where they accumulate until a creditor accepts a settlement offer.

Not exact matches

Debt settlement companies offer creditors a percentage of what you owe — usually half — and hope they will accept that amount as full payment.

While our programs work aggressively to reduce your debt balances, creditors are under no contractual obligation to negotiate or accept settlement offers.

Your letter should also include the amount of the full and final settlement you're able to pay and a statement that if the creditor accepts the offer they will no longer pursue the remaining amount of the debt.

So you'll probably have to fall behind on your payments by at least 90 days before you can make a settlement offer that would be accepted by the creditor.

Creditors have no obligation to accept debt settlement offers.

If a creditor refuses to accept a low settlement offer and you can afford to pay more, you should say that you may be able to scrape together the extra money and ask them to send you a settlement agreement.

Creditors will almost never accept full and final settlement offers on accounts for which all the payments are current.

Creditors, generally, do not accept settlement offers until an account is at least 90 days past due, sometimes more.

Most creditors and debt collectors will only accept a settlement offer if it's paid in one lump - sum.

Some creditors may allow for the structuring of a debt settlement in an installment plan rather than as a lump sum payment, but generally, a creditor will accept a lower amount if you offer a lump sum payment rather than an install plan spread out over several months.

For example, if you owe $ 15,000 to a creditor and offer a $ 6,000 settlement, the creditor may be willing to accept that settlement in $ 1,000 installments over a six (6) month period.

If you're current with your payments, there's really no reason the creditor would accept a partial settlement offer.

After another creditor has posted a settlement, creditors might be even more inclined to accept your offer because they'll see that you're not bluffing when you say you're settling all your accounts.

If creditors see that you've kept up payments on other accounts, but you've neglected to pay the accounts you have with them, they may use that as a reason not to accept your settlement offer.

More often though, you need to be at least between 120 and 150 days late to make a settlement offer that the creditors will accept.

Keep a master list with all your accounts and these details: the balance before the account went past due, the outstanding balance, whether the account is with the original creditor or a collector, the estimated charge - off date, whether you've offered a settlement, whether the settlement has been accepted, your ideal settlement amount for each account and the total amount of settlement funds you need to accumulate.

Ask your creditor to accept a full and final settlement offer in writing, not over the phone.

The idea is to make creditors think they'll wind up with nothing, so that when the debt settlement firm offers them something, they're more likely to accept it.

(Name of Creditor) will not acknowledge that any settlement offer was made, accepted or executed to any party, including credit reporting bureaus.