How to discuss a settlement with collection agency?

C

confusedwifey

New member
I have a credit card that was with Bank of America. The balance is close to $14,000.00 and due to hard times I have fallen so far behind. The account is now with a collection agency, National Action Financial Services. I wrote to them and offered to settle the account for $2500.00 which they denied. I explained in the letter that BOA was willing to settle for $1500.00 when they still had the account but at that time I was unable to come up with that money in the short period of time they gave me. Can anyone suggest how to deal with a collection agency and discuss debt settlement? I really want to do this on my own instead of hiring a Debt Settlement Company.
 
You should try offering 70%of the balance in your case...$9,800.00
That is usually the lowest they go for. You should try to settle with them for $9800.00 with conditions of a payment plan, and lets say $2500.00 up front. This will work!

Good luck!
Hope this could be of great service!
 
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