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I have a ccard debt and want to reconstruct to pay only

principal.....whats the process? tnx...
i have a ccard debt and want to reconstruct to pay only principal.....whats the process? tnx
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Answered in 23 minutes by:
10/19/2017
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 5,942
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Thanks so much for your patience. I specifically handle debt collection lawsuits for my clients and have settled many cases particularly regarding credit card payments. What I have seen in my practice is that if you are looking to reconstruct the debt without having to go through bankruptcy, it is often best to consider what a creditor is willing to offer. In my experience, companies such as Synchrony Bank, Bank of America, and Wells Fargo will often offer payments plans that are as long as 36 months and are often usually for 50-60% of the full balance. Thus, it's not so much that you'll just pay principal, it's really more about how much of your total balance you can pay. Especially if it is before a lawsuit is filed, the banks are usually more willing to work with you to help you avoid defaulting on the obligation and will regularly try to restructure a payment plan that works. In working with the attorneys for some of the world's largest banks, I have seen this work out almost every single time. So, my recommendation would be to speak with their customer retention department, their collections department, or if it is a third party debt collector, that particular collector, and make that offer to them.

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Customer reply replied 1 month ago
tnx
i forgot to mention that i have debts from 11 cards........i need to consolidate ......and then negotiate ? my bank offered me a consolidation....but i feel bad that soon after i would say ....sorry guys u helped me but i will default now......
if i have to i will.......tnx

I understand what you mean. If that is the case, then the bank would probably send you to collections or bring a lawsuit in the county where you live. What I have seen is that even if that is the case, you would still have the opportunity to then offer to pay a lower balance. To get their $ and to avoid the costs of litigation, most creditors will still agree to such an arrangement.

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Customer reply replied 1 month ago
i should consolidate first then negotiate.......its impossible to negotiate w 11 cards...?
even though 2 cards have 70% of my debt,,,,,,so i might be better off to negotiate w 2 and consolidate 9.......? tnx

Good questions. 11 cards may not be an issue if you can find a bank or financing company who will do it for you; however, if two of the cards are taking up a ton of the balance, then you may be able to at least get rid of most of the debt and if you default, it's on a lower balance.

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