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Ellen, Lawyer, Consultant
Category: Legal
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Experience:  25 years of experience helping people like you.
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Would you advise me to negotiate with my credit card companies

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Would you advise me to negotiate with my credit card companies to pay off my accounts for less than I owe (approx 70K) without paying a professional to help me?

Thank you for your question.

It is not necessary to hire a debt modification company to negotiate credit card debt. You can do so yourself. The credit card companies will be interested in negotiating a pay off if they believe that in doing so they are mitigating their losses. This means the credit card companies need to believe that they are getting more by settling then they would by filing suit and obtaining a judgment. You will want to consider not informing the credit card companies that you expect a large check as that will encourage the credit card companies to immediately file suit to execute on the receipts.
Ellen and 4 other Legal Specialists are ready to help you
Customer: replied 7 years ago.
Thank you for your help, I am going to accept your answer. If I could just ask one more quick question. Should I call them, e-mail them, or write them a letter. I don't know if it matters, but I am a couple months past due on the accounts. New grad without a job yet!
it is usually easier to negotiate if you wait for the credit card companies to contact you. You will want to not make any payments while you were waiting for the credit card companies contact you