I want to settle a credit card debt, how should I approach the credit card company?

I have a credit card that I owe about $2500 on and I am past due. I am expecting to receive some money and would like to make an offer to pay it off. How much should I offer? Also, I wish to request that they report it to the credit bureaus as paid, what wording do I use?|||Wait until you get the money and are ready to write the check. Look at the latest bill for the amount and the phone number. Call them and say you are writing a check right now and want to know the full amount now so you won't get another bill after you make this final payment. They may give you further instructions. Write them down and follow them. In the memo box of the check or money order, write the account number and if you want a very short statement to the fact this is the final payment, paid in full, balance 0, or something like that. Write a brief letter first addressing them, then stating that enclosed is a check for the balance due on your bill. Then list your name, account info, amount owed, state that it is enclosed. Then if you want your account reinstated or need some other service, ask for that. Then state that this bill showed up on your credit report and ask them to please report to the credit agencies that you have paid the bill. Then sign and date your letter.


Then don't put it in the envelope and send it yet. Make photo copies of the letter and the check written out to the company. Then send the letter and check to the credit company (with the bill statement or anything else they asked you to send). Then send the copies to the credit reporting agencies that listed the bill on your credit report. That way, if they don't report it as paid, you have. The credit reporting companies verify that info. Send a short note with each copy stating that this bill showed on your report, that you paid it, that enclosed is a copy of the check you used to pay it, and that you would like them to update your credit report and send you a copy of the updated report. This may seem overwhelming, but just do one step at a time. Pretty soon you will become a pro. Congrats on being able to pay your bills.|||In my opinion you are going to have to pay full amount of what you owe. You can't just make an "offer"! They are not going to report it to credit bureaus as paid if you don't make a full payment.|||They won't report that it's up-to-date if you make a settlement. They'll show that you defaulted and it was settled in full. Your credit WILL be dinged, and not "fixed" by paying a settlement in full. However, that's exactly what you should do. Screw the FICO score.





Don't make a single payment starting now. Let them start calling and harassing you. Don't listen to their lies when they threaten to serve you with a subpoena or have you arrested. It's bull. You have literally 2 years before any leagal measures happen.





When you have around 50% of the balance in cash, offer that to them, with their promise that they'll put in writing that the account is settled. Do not give them access to your bank accounts. They'll clean it out and nothing will come off the top of your balance owed. The only way to do this is to tell them to send that letter stating that $xxx.xx will settle your account in full, and they'll get your payment sent next-day signature certified mail, on a certified check.





That's the only way to do it. They may want 60% to settle. If you can swing it, do it and get rid of them. Do NOT let them talk you into sending them a payment now and the remainder later. They'll keep the "juice" running on the entire full balance (before settlement).|||The only way that they will report it as paid in full is if it is actually paid in full - otherwise they will note it as settled, which doesn't do anything positive for your credit score.