Should you negotiate debt into monthly payments?

When you're doing debt settlement, the most ideal way to pay is with a lump sum payment, but what if you can't? There is another option to negotiating debt for certain situations, but I have some very real concerns that I'd like to share with you first.

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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

[jasonburns]

I love how helpful you are sir, thanks for what you do.

[AndreaPalaciosB]

It is possible to settle a credit card for less amount that you owned when you are not behind in payments? But you really want to pay all the debts ASAP?

[tosh]

Hi Michael. My $55k SoFi personal loan was just turned over to Resurgent Capital after 120 days. How long should I wait to contact them and negotiate, how much is a good amount to shoot for in your opinion, and what terms do they generally accept...24 month 36 month terms etc?

[papito]

do you have some speak espanol for consulting

[channelchannel]

Hi Michael - what is the best link on your site (or just email) where i could send you a quick question about your services? (I filled out a form on the site that i found but have not heard back yet.)

[ginaw.]

Hello Michael,

I have about $6500 in debt with BOA and I’m almost to 6 months behind. I want to negotiate my debt into monthly payments, more than three would be preferable, I’m not sure they will do that thought. I don’t have a large lump sum available and reading this, I see negotiating monthly payments might be hazardous. My partner had a stroke 8 months ago which has led to all sorts of issues including this one. We are not married. What angle can I use to negotiate this with BOA?

[adamdavis]

Hi Michael, I have a $3700 debt with synchrony bank. I am 60-90 days behind payments (05/09 was the first payment I couldn't make) and my account has been closed. I have recently gotten a new job and will be able to start making payments again in mid September. I was wondering if synchrony is usually willing to negotiate no/lower interest rates on the debt and monthly payments to pay this off. Do you have any tips on how to negotiate this? Thanks for the help!

[kyleeunderwood]

Hi Michael. I've got a question about Synchrony bank accounts, two different high interest branded accounts $9214, and $4820. I just got caught up on my payments this month (less than $100 behind mininum) after tons of late fees and interest junk paying about $800 a month combined..(my limit) I really want to get this debt out of here and I feel like I'm treading water even with these higher payments. They did give me the number to get put on a payment plan with a lower interest. Before I call, I wanted to know if you think it would be possible, or if I should ask form them to combine both of my branded accounts into one AND if this is my best option? My credit score has taken a bit of a hit from late payments, but still in the 600's range.