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Question By
mwolfley33

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Possible to negotiate lower payoff amounts
Is it possible to negotiate a lower payoff amount with a major cc firm or does this only work when the debt is in collections? Also if this is possible what are the typical amounts that they will conceed to?

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ALWAYS NEGOTIATE

Helpful to 3 out of 3 people

Do not let it go to collections as it is too late then. You can always call the creditor and NEGOTIATE ANYTHING. They would rather keep u paying then letting collections take 60%. Always NEGOTIATE anything u can with them. i.e. Lower interest rates, refinace, debt consolidation. Most will work with u if u make an honest effort. Dont be afraid to make demands, but be NICE. Talk to a SUPERVISOR not a clerk, as they r just order takers. It has worked for me 3x in the past and I have been able to lower me interest rates at least by 10% or more. Dont close the account and keep it open for a credit history as that is important for your score. Anything can be NEGOTIATED, "U JUST HAVE TO ASK ME NICELY" (Jack Nickelson) as in the movie A FEW GOOD MEN. If u dont try u wont know.

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