How Much Should I Offer to Settle My Debt? // Tips From An Attorney

Описание: Considering debt settlement? We asked an attorney how much you should offer to settle your debt.

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0:00 Intro
0:35 What is a realistic debt settlement offer?
1:03 Settle debt with junk debt buyers
1:46 Settle debt with original creditors
2:20 Make a realistic offer
3:00 LVNV Funding debt settlement example
3:58 American Express debt settlement example
5:04 What factors influence debt settlement?
6:20 Debt collectors already know your financial information
8:10 Wrap up

Consumer rights attorney, John Skiba, categorizes debt negotiations into two scenarios: dealing with junk debt buyers and original creditors.

👉 Junk debt buyers may see an offer of 10% to 35% of the total debt as reasonable.
👉 Original creditors typically expect higher settlements, ranging from 50% to 75% of the owed amount.

When negotiating debt settlement, make an offer that aligns with your financial situation and avoid unrealistic low-ball offers. Consider an extended payment plan, especially if you're working with the original creditors that lent you the money.

Most important, approach settlement with a well-thought-out plan that considers your budget and the expectations of the creditor or collector.