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I covered this in more detail in the previous article about winning the debt settlement race.
The math involves the lowest amount each creditor or debt collector will settle for, combined with your ability to come up with that amount of money all at one time, or spread out over several months.
Any bank will be able to tell you that not everyone they loan money to will pay it back.
It’s a certainty that is known before any lender opens their doors.
Example: You have a ,000.00 credit card balance outstanding and the account can be negotiated down to ,300.00 in your fifth month of missed payments (between 150 and 180 days late).
You could set it up so that you make 3 payments of 1,100.00 in a 3 month period to pay off the settlement. Your patience with the debt settlement process will be tested more by debt collection calls than perhaps anything else that may occur along the way.
You need to know how to manage the calls and prepare yourself in advance for them.
If you are behind with payments at this time, you already know all about the frequency of collection phone calls. Missing credit card payments is not like skipping payments on cars and homes, which can lead to repossession and foreclosure.
If you do not want to post to the site, you can call and consult with me, Michael Bovee, at 800-939-8357 and hit option 2, or fill out the consult request.
Settling each of your credit card debts successfully, and for the best possible savings results, follows a simple formula. The best debt settlement deal available to you with each of your debts can be a moving target when the math (the money you have available to settle) moves your timing.
You will sometimes have to adjust your expectations for the deals you can get based on how long it’s been since the credit card was paid; whether your bank has charged off your account, sold your account, or placed it with a collection agency.
Lets talk about how you can navigate your concerns with details specific to you.
There are often customizations you can build into your debt settlement strategy that will better suit your situation, or the outcome you want to reach.
The decision to stop paying bills is not one that should be treated lightly.