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Typically, a creditor will agree to accept 40% to 50% of the debt you owe, although it could be as much as 80%, depending on whether you're dealing with a debt collector or the original creditor. In either case, your first lump-sum offer should be well below the 40% to 50% range to provide some room for negotiation.
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A creditor agreement is a contract concluded between the debtor and all the creditors. This agreement pays for some part or a percentage of each debt, and the debtor receives a final discharge for the remaining amount due. The debtor can make a new start and the creditors receive their payments immediately.
Debt settlement is an agreement made between a creditor and a consumer in which the total debt balance owed is reduced and/or fees are waived, and the reduced debt amount is paid in a lump sum instead of revolving monthly.
Lenders typically agree to a debt settlement of between 30% and 80%. Several factors may influence this amount, such as the debt holder's financial situation and available cash on hand.
It depends on what you can afford, but you should offer equal amounts to each creditor as a full and final settlement. For example, if the lump sum you have is 75% of your total debt, you should offer each creditor 75% of the amount you owe them.
Can creditors refuse your DMP? Yes. Creditors are not obliged to accept a debt solution but they could accept a Debt Management Plan if they feel this is the best way for them to recover the money owed to them.
With do-it-yourself debt settlement, you negotiate directly with your creditors in an effort to settle your debt for less than you originally owed. The strategy works best for debts that are already delinquent.
In Colorado, debt collectors can sue you for an unpaid debt for up to six years after you default on it. Don't expect to be sued right way. Creditors usually make a number of attempts to collect the unpaid debt first.
Occasionally, when a debt goes to collections you may be able to negotiate with the collector to accept a smaller amount than what you originally owed. An agent may decide it's worthwhile to accept partial payment now rather than go through a prolonged collection process.