What is the typical negotiations process?
A. Most creditors have guidelines as to when an account will qualify for a settlement or resolution. Most creditors will NOT consider a settlement until the account is at least 3 months past due. Many creditors have guidelines requiring an account to be 4, 5 or 6 months past due in order to settle an account, at least to the extent of securing a favorable settlement. To complicate issues further, there are some creditors that require the account to become 180 days delinquent and in a charge-off status and the account must be sent out to a collection agency in order to settle the account. And of course, there are some creditors that have adopted a position that they do not settle under any circumstances. So as you can see, there are various stages and various degrees with creditors. Once an account reaches the qualifying past due requirement (as set by the creditor), not only will many creditors consider a favorable offer presented by your negotiator, but the creditors themselves will o
