debt

5 debt settlement do's and don'ts

Be prepared to show your financial cards
Next
4 of 7
Back
Be prepared to show your financial cards

Before they agree to settle your account, creditors will ask for documentation of your income, your assets and all of your existing debts. They'll want convincing proof of your hardship.

"They want to make sure that the person they are going to be offering this settlement to cannot pay (the full debt) and is not just looking to save some money ... and that the only way they can expect to get some of their money back is through some kind of concession," Graves says. "They don't want to offer concessions to individuals that just want a deal."


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Is power of attorney status risky?

Dear Debt Adviser, I am so glad you recently posted a question about an elderly mother. My mother has dementia. Eight years ago, she opened a credit card for a family member who has now declared bankruptcy. My mother only... Read more

advertisement
Partner Center
advertisement

Connect with us