How do I Offer a Settlement Offer to Credit Card Companies?
- 1). Stop using the credit card on which you intend to offer a settlement for three to six months, recommends Investopedia. If you are using the card on shopping trips or dinners out, for example, your lender might not view you as needing to settle.
- 2). Choose to offer a settlement to a credit card company to which you have been making late payments or no payments. If you have been making payments on time each month, representatives from the credit card company might think that you can continue to do so.
- 3). Call your credit card company's customer service department and ask for the settlement department.
- 4). Explain to the representative that you are in a bad financial position. This is important because if you give the impression that you might default on your debt completely, it gives the lender a reason to negotiate.
- 5). Explain that you managed to scrape together some money and that you want to settle one of your accounts before the money is gone. By saying "one of your accounts", you are implying that you have many accounts and that if this company says no, you plan to use your settlement money on a different account.
- 6). Offer a specific amount, usually about 30 percent of your balance.
- 7). Have a set number for how high you will go, usually around 50 percent of your balance.
- 8). Ask the representative to put the deal in writing. Otherwise they could turn your account over to a collection agency, according to Investopedia.
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