Hope me dig out of this hole!
February 3, 2012 8:26 AM Subscribe
Settling with credit card company and dealing with debt collectors. Hey, my husband has not been able to work for a few years and we stopped paying on our credit card bills over a year ago. One of the companies is getting really aggressive (calling me at work, talking to the receptionist, etc.) so I feel that I need to take action.
I would like to offer them a settlement amount. In your experience, would they accept 30%? I don't want my starting offer to be too high since I have other card companies just around the corner. If they take me to court, will I have to pay the whole thing?
I have some money in the bank from my bonus in December. Should I take that out and put it in my mattress so they can't get to it? Part of it is an emergency fund and part is savings for things like gifts for the kids (birthdays coming up soon).
Should I negotiate over the phone with them? I would get any agreement in writing before I gave them the money.