Can a credit card company settle debt for less…?

Help Needed / Question Forum
1

I owe about 7k on my credit card and haven’t made payments for several months because of financial issues. Things are getting better now, and I want to stop my debt from being sent to an attorney. The company has been emailing me, saying it’s going to happen soon. Is it possible to call them and negotiate to lower the debt or set up a payment plan? Can I even do this?

I just want to handle this responsibly and clear up my debt.

I’m not sure if this is the right place to post this since I’m not really familiar with how this forum works, so sorry if this is the wrong spot.

2

Yes, you can definitely call them and try to negotiate a payment plan.

3

Arlen said:
Yes, you can definitely call them and try to negotiate a payment plan.

Thanks! I feel like that’s better than letting it go to an attorney.

4

Wynter said:

Arlen said:
Yes, you can definitely call them and try to negotiate a payment plan.

Thanks! I feel like that’s better than letting it go to an attorney.

You might want to check with folks on the credit threads in this forum. They deal with situations like this all the time.

5

@Brook
I appreciate that, thanks!

6

There’s a bit of a trade-off here. If you go for a payment plan, it’s unlikely they’ll reduce the overall debt, but you might get lower or no interest.

If you want a discount on the balance, that usually happens once it’s gone to collections and they offer a deal for payment in full.

7

@Candy
That’s really useful info, thank you! :smile: