I have huge credit card debt, I am unable to make any payment one company is willing to settle with for 20cents for the dollar my total debt with them is $43,000.00 they are willing to takr $8,600.00. What documents should I ask them to provide me if I can arrange to pay the $8,600.00 and what is the best way to handle the setttlement and is there any organization that can help me settle for free

Abdalla elrifadi

I helped someone with this sort of thing several years ago. We worked with either the cc companies or with the collection agencies that had bought his cc accounts. After much discussion and wheeling-and-dealing, he ended up paying about half of what he owed. Ask each to provide a letter that verifies that the account that had totaled $xxxxx has been settled in full for $xxxx. Your payment should be by cashier's or certified check, and not on a check from your checking account. In my client's case, FedEx Overnight was the carrier (at the cc's or coll. Agency's expense). You can check with credit counseling/resolution agencies, but I've never heard of a settlement for free. Fr_Chuck (or others) here on this site can provide more information for you.

Well normally they are willing to settle for less if you can make a one payment check, not making payments, nromally if you can make payments, they will just want payments on the full amount.

And most places have some fee ( even non profit, does not mean NO profit, couselors have to be paid, electric bills have to be paid and so on)

Once they settle this debt, they most likely will send you a 1099 for the balance that was canceled, just so you know when your taxes are due next year.