How to get a settlement

How to get a settlement

The first priority of any credit card company, of course, is to generate profit for the parent company and its shareholders . When it becomes evident that someone may be unable to pay his or her balance, there is a priority shift that happens that can work to your advantage. The bank or credit card company becomes concerned with one thing. That is getting as much of the balance back from you as possible and closing your account.  Because of this they avoid charging off the amount on their income statement, which would cause their stock to fall. The after affects may even include management to lose their bonuses, and in worst case scenario, dividends to shareholders would be lowered
If you declare bankruptcy, it is possible that the entire credit balance will be wiped out, depending on the type of chapter. That means that it isn’t backed by any specific collateral, just your promise to repay. This would be the worst-case scenario for the credit card company, because they would have to write this off as a loss. People declaring bankruptcy is no bueno to the credit card company because they will not get their money.

Because of that

They are more than willing to work with you. You HAVE leverage
If you have missed several payments already and your credit score has been hit, all it takes is a series of phone calls to the company explaining that you are seriously considering bankruptcy but you want to avoid that. You want to make good on as much debt as you can but, frankly, you don’t know if it’s possible. Then, offer to pay off 25% of your credit card debt balance over the next few months in exchange for the company freezing interest costs and closing the account.
This process may take several days and perhaps weeks. The point is, you need to make sure they understand that you are on the brink of declaring bankruptcy. You also need to let them know that you want to do the honorable thing by paying them.  If you can convince them of that you or on your way to successful settlements. To know more about how to get the best damn settlements with any agency go to to get instant access to the best kept secrets they will never want you to know.

How to get a settlement

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