is debt negotiations the right thing to do?
112594
Yes, it's one of the better choices, when trying to keep your credit rating good. Often, you end up paying less than you owe, or get a lower payment, that enables you to pay off the whole amount easier. It's better that you call them too, instead of waiting for them to find you (and find you they will!). I did that with a credit card and got my payments lowered to less than a third of what they were demanding. Of course, I told them it was either that or bankruptcy. They chose the reduced payment. And because of that, my credit score goes up every year that I keep up with my payments. And, I raise the payment by a couple of dollars every 6 months, showing that I'm making an attempt at paying it off quicker, which is something they like. All in all, you owe them money, so it just makes sense that you make whatever arrangements you can to pay it back. <*)))><
1038472
yes ask for it back! it is yours! People should pay off what they owe and should stand by there word!
744555
No...Debt is debt, and it should ALWAYS be repaid.
389476
Government is like any big business. It's not an issue of debt, but of cash flow. That's what politicians are dirving at when they say debt is not always a big issue. Right now, our cash flow situation has not been impeded by our debt.
37632
I would have suggested you to approach your parents. But I feel they should not be penalized for your debt which is your own creation .   Better you earn the money yourself and pay off the debt .  May be instead of two months you will take couple of months more .   This way you understand the value of money .   More importantly this will avoid further reckless spending which should have been the cause of borrowing .   Finally and it is more important , it will protect your self respect .
677179
If you managed to buy it in cash, just go for it. You can even ask for discount for full payment. Of course it is risky, make an appointment first and it's not too far to have a police supervision or a lawyer during that transaction. For me, if I can avoid myself from debt, I would be happy. That's a personal success.
1109743
I was in one of these for awhile, they negotiate with your creditors and get you a lower interest rate so you can pay off your debts without paying the highest interest...usually in a shorter period of time.\n\nBe very careful in choosing a company; some of them charge outlandish fees for their services!
141961
It is possible to negotiate with the government to get your tax debt reduced.  I suspect this will only happen if it is realistic to expect that the debt won't be paid at all otherwise.  A personal accountant could probably help for under $1K.
936698
If you just want to temporarily help him pay his bills, just make the payments for him.  That will help protect his credit rating.  If his situation is not likely to improve, filing for bankruptcy MIGHT be a solution, but his future ability to borrow will be severely limited.\n\nYou stepson's financial information is privately his and his creditors will not share that with you without his written expressed permission, so if you're thinking about negotiating with his creditors, take him with you and/or prepare a statement for him to sign, giving you permission to negotiate on his behalf.
719875
yes you should pay it, and if you cant afford to pay the full balance then you should pay the majority (You should pay over the minimum amount due).
1081219
Make sure your loan contract says that excess goes to principle, which is the more favorable option.\n\nMost, not all, loan agreements are written this way, so double check.  Ask to see the language in the document if you are currently loan shopping.
806651
From an ethical standpoint, I think you should pay her back.  She made it clear that it was a loan, and you agreed to it.  Even if you were desperate, you accepted the deal.  I also believe, however, that ethically she should forgive some portion of the debt because she was behind in what she was supposed to be paying you.\n\nFrom a legal standpoint, there are two factors to forming a contract:  offer and acceptance.  Your granddaughter offered you a loan of a thousand dollars, and you accepted it.  There was consideration (something of value was exchanged) - you got the money to fix the water heater, and she got a promise of repayment.\n\nI take from your question that you don't want to pursue legal action against your granddaughter, for which you are to be commended.  In order to salvage your relationship with her, I think you should repay her, tell her that this is the only wedding gift you can afford is repaying the debt, and LET IT GO.
679813
A debt settlement is an agreement between a debtor and a creditor to fully satisfy a debt for a reduced payoff amount. A debt settlement is usually reached when a debtor is unable to fully meet his/her debt obligations due to financial hardships and attempts by the creditor to collect on the debt have failed. The creditor agrees to cancel part of the debt and accept the remaining sum as full repayment. Debt settlement is also called debt negotiation. Technically speaking, a debt settlement is the agreement while debt negotiation is the process through which both parties reach that agreement.\n\n\nDebt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. It concerns in particular the Third World debt, which started exploding with the Latin American debt crisis (Mexico 1982, etc.).
804623
I think I would try to hang tough and make it difficult for them, but I think you will probably have to pay.  In fact you are probably not the only person that was over-paid.  \n\nHowever, in your negotiations/discussions with them, make sure that they re-pay YOU for the 10% penalty and tax that will end up on you tax return for the year because of the pre-mature withdrawal of the funds to pay them back.
1163016
If you want to play games with your financial future, which is what you are proposing here, at minimum a course in math/ financial calculations could help.  A meeting with your banker could help you understand the current rates if any that they could offer to you for your proposed project, and what conditions would be imposed on such a loan.\n\nNo, it does not sound to me as if this is an advisable plan.  It seems that basic business knowledge is missing. This can cause severe problems for the plan.
540165
Debt consolidation is not a good idea.  It doesn't solve the problem which caused them get into debt in the first place.\n\nIf you want to help this other person then help them understand how to manage money so that they can get themselves out of debt. \n\nCheckout 'Total Money Makeover' book and/or 'Financial Peace University' (13 week course) at www.daveramsey.com.
846627
If you feel that it is the right time, then i say go for it. Just because the standard proposal is made by a man doesnt mean you have to abide by that. If you think the timing is right go for it. I wish you luck with whatever you do!