How to Get a Credit Card Company to Forgive Debt

Credit card companies realize that members often face drastic changes in their circumstances, which cause them to fall behind on their payments. Others may be unable to continue make any payments at all. If you find yourself in such a position, don't give up. There's hope. Fortunately, credit card companies are often willing to settle, or forgive, a portion of your debt. The good news is that you don't have to pay hefty fees for a service to handle your debt. You can settle with the credit card company yourself.

Instructions

1

Contact the credit card company directly if possible. If you're less than six months behind, your card company is likely still handling your account. After a certain period, companies normally turn delinquent accounts to a collection agency.

2

Get in touch with the collection agency if the credit card company is no longer handling your account.

3

Explain that due to your circumstances, you're unable to pay the full amount. You would, however, like to take care of your debt. Mention how much you can pay. Expect the agent to make a counter offer. Negotiate until you agree on a settlement.

4

Expect pressure from the collector or associate to pay by direct debit. Don't do it.

5

Request a written agreement. State to the associate handling your call that you will mail a check for the agreed amount as soon as you receive the written agreement. The agreement must include the fact that the agreed amount is accepted as payment in full.

6

Mail your check along with a letter summarizing the agreement but only after receiving the agreement. Preferably, pay by money order or cashier's check. Save the stub for your records. Save a copy of the letter as well.