Debt Settlement: How to Settle Credit Card Debt with your Original Creditor

July 2, 2014 by  
Filed under Debt & Credit Free

Debt Settlement: How to Settle Credit Card Debt with your Original Creditor

Tips and tools for settling credit card debt directly with your banks. Learn how to time your settlements just right, for the best offer, saving the most mon…
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25 Responses to “Debt Settlement: How to Settle Credit Card Debt with your Original Creditor”
  1. legal debt elimination says:

    Dont settle credit card debt with the original creditor! You will pay a tax
    liability on the imputed income. Avoid creditor payback plans. If you dont
    have a burning desire to pay your debts back and dont want to pay taxes on
    the forgiven difference then contact for
    more information.

  2. goboats says:

    ok if you wont answer that tell me what position she is in if she has a
    seperation agreement with the ex stating that he is responsible for the
    card …and the fact that she never used the card or even had one

  3. jo moore says:

    i have a 15k, five year old citi card debt , and i get letters and call
    from debt collectors should i talk to them or citi bank for best
    settlement. thanks

  4. goboats says:

    THIS SUCKS …My girlfriend cant get a mortage on her house because her ex
    defaulted on a capital one card that she never used or new existed.But its
    on her credit report and she has no money to pay it. Now the bank wants to
    forclose…what can she do ??? why cant they just put half the dedt on her
    new mortgage ?

  5. nch62382 says:

    Does being able to pay min. monthly payments (and having a track record of
    doing so) hurt while trying to negotiate with credit card companies?

  6. giordano radelich says:

    good stuff,this is my issue,I got hurt on the job and am collecting
    workmans comp.
    from nov. 2010 every month i’m going deeper in debt at this point my master
    is maxed out and have been paying the minimum balance for 3yrs. it’s
    killing me, i own a coop and am scared to lose it, can i settle with

  7. LifesLove23 says:

    Can a debt be settled with the original creditor once an acct has been
    charged off ( charged off a few months ago)? Also can a creditor garnish
    wages without physically serving you with paper work? I’ve heard that you
    have to get served before a creditor can garnish wages and I’ve also heard
    the opposite – that a creditor can still obtain a judgement against you and
    garnish wages without proving they ever served the debtor

  8. Michael Bovee says:

    So everyone agrees that the account is settled and you do not owe money on
    it at this point. But Barclay having a record of it internally, and a
    balance showing not paid, while not a stress inducing mistake on their
    part, is a mistake nonetheless. If this is something you are committed to
    resolving, consider writing their correspondence department, public
    relations, or executive offices, and express your concerns. Post an update
    with what you do and the result. I can offer feedback from there.

  9. Joseph Tiggs says:

    Thank you for the info! God Bless!!!!!

  10. Mark Clayborne says:

    Question, what happens if the creditor or the collection agency won’t
    settle? “for more videos on this topic, be sure to visit my channel

  11. Steven Kehl says:

    i live in california had a juniper bank credit card (issued barclay bank)
    back in 2005 went to collections. I settled with collections and received a
    “paid in full” letter in 2007. i just signed up with barclay for a 0%
    credit card jun 2013 and when i login to account that juniper card shows up
    as another account with them. So i clicked on it and it shows balance owed
    $933 last payment received june 2006. If i send a copy of the collection
    agency “Paid in full” letter will they delete that bal?

  12. julierodriguez3 says:

    awesome … thank you

  13. Michael Bovee says:

    You can settle debt after the creditor charges your account off. The
    settlement is often only reached with a debt collector because your
    creditor generally will assign accounts out for collection to an agency, or
    sell it off to a debt buyer. A garnishment is only possible with a
    judgment. It is true that people have had judgments without ever being
    served. If that happens you have to back out the judgment with the courts.
    Your goal of settling will prevent that from happening though.

  14. Steven Kehl says:

    Just received a letter that the account has been cleared.

  15. Michael Bovee says:

    Taking out a loan with the intent to not pay it could be argued as fraud.
    Hard to justify this type of behavior. There are obvious benefits from a
    dollar pay off perspective to resolving a debt for less than what is owed.
    But it is a debt solution that should be reserved as an alternative to
    chapter 7 bankruptcy – where unsecured creditors generally receive no money.

  16. Steven Kehl says:

    So i called barclays and it says if you calling about juniper card press 1
    so i do and it calls LHR(the collection agency) so i call barclays about my
    other card and ask about the juniper account and tell them i sent the paid
    in full letter they put me on hold and then say their going to direct me to
    LHR collections. So i ask the collection company how to fix this account
    showing a balance online. They say their side shows closed and its “paid in
    full” and to disregard what that account shows.

  17. Steven Kehl says:

    Correct! when i login in to my new barclay account on the left side of the
    screen it shows both the old juniper card and the new barclay card. My
    credit report shows it as a bad debt & placed for collections ad has a
    comment: account transferred or sold charge off account. My thought is if i
    send a letter to barclay saying account was paid in full through
    collections and included proof from the collection agency that the balance
    would disappear from that.

  18. Michael Bovee says:

    If your account is already closed, but you have been making on time
    payments for a couple years since you fell behind 90 days, you will not get
    anywhere by calling and offering to settle right now. No creditor approves
    a settlement when you are current with payments (2 years without missing a
    payment would be considered current). You would not be able to offer a
    settlement unless you miss payments. The best settlement savings comes
    closer to 180 days late with credit cards.

  19. Joseph Tiggs says:

    My apology It is closer to 180 days and when I asked for a settlement they
    said I could settle with $2,007 which is 70%. With that being said, is it
    worth it to settle and if so would it hurt my credit score?

  20. Michael Bovee says:

    Is the debt with Capital One? Most larger credit card lenders offer better
    results closer to 180 days than that. CapOne… not so much. It is usually
    always worth it to settle a debt if you can afford to. It prevents further
    collection activity, having to deal with debt collectors, possibility of
    being sued for the debt, and will stop credit damage. After 5 skipped
    payments, your credit is already damaged. Settling the credit card debt
    will allow you to start to improve credit again.

  21. hamsterpoop says:

    So is it monetarily preferable to not pay a certain loan, get into debt on
    purpose, and try to negotiate a decrease of the debt later? I mean, will
    this end up costing less money than if I had just paid on time every month?
    I understand that this is wrong and I would never do it, but I am just

  22. Michael Bovee says:

    There is no charge for all of the debt relief and debt settlement guides.
    You can get free feedback from experts on this channel, and in the comments
    on the CRN website.

  23. julierodriguez3 says:

    is your information free or is there a charge.. forgive me as i have yet to
    read.. i just watched one of your videos.. thank you for good information
    by the way. I just have more questions

  24. Joseph Tiggs says:

    What if your credit card is already closed? If you settle can your credit
    score still be damaged. I’m still behind more than 90 days but for the last
    2 years I have been paying on time every time. I owe about 2,866 more
    dollars but I would just like to offer them about $1,500 to settle. Is this
    a wise thing to do. Thanks in advance for any advice.

  25. Michael Bovee says:

    Sending the agreement to settle and proof of payment should get the result
    you need. If it does not, post an update comment and I will have some
    additional feedback for you.

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