How to Get a Credit Card Company to Settle
- 1). Call your credit card company and see if it will forgive the late payment fees and penalties. You may also be able to negotiate to have any over limit penalties reduced.
- 2). Save up money to offer as a settlement amount. When a credit card company settles, it wants to receive the agreed-upon amount in full at the time of the settlement. Generally you should have about fifty cents on the dollar to offer as a settlement amount.
- 3). Contact your credit card company and offer to settle the debt. Tell them how much you are willing to pay and see if they are willing to accept your offer. You may want to start a bit lower than the amount that you have, so you can negotiate up.
- 4). Ask for a letter that states the credit card company will accept this amount as settlement in full. Do not pay any money until you receive the letter.
- 5). Send the money into the credit card company as a money order or official check. Use a return receipt so that you will know it received the payment.
- 6). Check your credit report after 60 days to be sure that your debt is marked as paid.
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