Is it true that credit card companies will except a reduced settlement of your balance if you make them an offer if they believe there is little chance of them receiving the full amount other wise, if so is there a stencil letter on the web to use:confused:

I have had debt settled in the past (though the "settled" amount was the original amount minus all the fees, charges, and penalties they added to the debt when it when delinquent.) All it took was a phone call, where I basically said: "I'd like to take care of this debt, but I am unable to pay the full amount. Can you offer a reduction?" In which they replied "the best they could do is remove the added fees." They MAY have been able to do more had I pressed the issue, but I did actually owe the debt so I did not wish to cheat them out of it.

As I said, it just took a phone call, in which afterwards I had them send it to me in writing. I looked around for a template but came up empty.

Hello jon:

Even if there was a form, it wouldn't work. Serious negotiation only occurs face to face or on the phone. Nobody is going to make a deal with you in a letter. Nobody!

excon

When I was in serious debt and sold my house I wrote to all my creditors offering them 75% of my balance as a settlement figure and all but two accepted.

I wrote to them saying what my situation was and would they accept blah amount as full and final settlement of this account.

I didn't have a problem with it at all.

Good luck.