How to Do Write Offs on Credit Cards

Millions of Americans with maxed out credit cards are in dire straights. According to the Associated Press, the jobless rate reached 9.8 in September 2009 and employers cut 263,000 jobs. Under these conditions, many Americans are unable to meet their regular monthly payments on a consistent basis and thousands are trying to negotiate with lenders to write-off these credit card debts.

Instructions

Procedures

1

Gather and organize all outstanding credit card bills, along with the addresses and contact information of your creditors.

2

Write a letter to each lender, offering a compelling final payment or settlement.

3

Be prepared to negotiate. Credit card write-offs are not something creditors are eager to do.

4

Fill out and return all documents sent to you by the creditor if a tentative agreement is made. This is part of the process of evaluating your circumstances to see if you qualify for write-offs. Once all documents are returned, call and keep track of the progress of a potential settlement.

5

Hire, if needed, a debt settlement agency for unyielding lenders who threaten to take you to court. These programs often have the leverage to freeze your account and prevent creditors from harassing you. Many debt solutions programs have been able to get 60 to 70 percent of credit card debt written off.