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How easy is it to get a credit card company to settle your debt?
Im a college student, i work 20 hrs a week and take 6 classes and basically I went into a small debt, got into a crazy injury and was it able to work or work or even walk for about a year. Now my debt is about a grand from not being able to pay it off at all, and I do not have very much in the way of savings. I use wells fargo, if it matters. Would it be easy to convince them to settle my debt for less, and how much typically would they settle for?
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>>17751944
i think if they have any kind of customer service they will discuss options with you..
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>>17751944
>would it be easy
usually after its in colelctions its easy.
>about a grand
>how much would they settle for
not sure. we owed 8000 at work, got them to settle for 5000.
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>>17751949
im a newfag when it comes to financial stuff, how will i i know if it is in collections?
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>>17751953
they'll let you know. generally happens after a long period of not making any payments. they sell the debt to someone else.
basically lets say you owe a grand, but it becomes obvious you arent paying.
they sell it to another company for say, 500 dollars, so now its their problem.
that company then harasses you as much as they fucking can trying to get you to pay at least 700 dollars so that htey make a profit off of it.
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>>17751948
you think there is anything i can say that would convince them to settle?
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>>17751944
For a thousand dollars of debt? I wouldn't try to get into any kind of settlement - nor would I imagine the bank would have an interest in doing so.
That's not a lot of money at the end of the day. It may take you some time out of graduation with other bills, but most can afford $100 a month at least to pay that kind of thing off.
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>>17751961
damn. Im pretty sure Wells Fargo is still harassing me, they call me twice a day. That sucks.
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>>17751973
im not sure wells fargo will send it to collections. I also have a debt with them and its been stuck for 2 years at 8k.
You can likely approach them and ask for a pay off.
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>>17751972
to be fair, i also owed paypal credit something like $500 and theyre now wanting to settle for $165 which is why i got this idea in the first place
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>>17751980
pay off?
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>>17751989
a settlement.
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>>17751969
just that you're struggling financially, and honestly can't pay what you owe.
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>>17751990
ahh. gotchya. again, im new to this stuff.
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Okay, lets say i owe about $800 right now. Anyone think they'd take $700 as a settlement?
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>>17752000
no problem dude. go ahead and contact them. worst they can say is no and then you go back to the waiting game.
just becareful about what money you keep in accounts, they would steal mine without permission sometimes.
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>>17752001
easy.
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