Ask Terry Questions negotiated credit card debt

negotiated credit card debt

By Terry Savage on April 29, 2024 | Credit/Debt

My daughter entered into a negotiated credit card payment arrangement with a company (I don’t know the name). I have enough funds to pay it off, but she tells me she can’t. Is it possible to cancel the agreement or pay off “early”?

Terry Says

Oh, what a horrible trap your daughter fell into.  Read this column:

Credit Card Warnings – and Trusted Help – Terry Savage

If she has stopped paying for a while, and handed the money over to them, her credit is already dinged — and she may not be able to pay off the balance if it has gone to a collection agency and been written off.

I’d suggest she contact the National Foundation for Credit Counseling at 800-388-2227 and talk to them about getting help.  If you want to help, wait to see if it will make any difference in her credit situation at this point.  They will know.



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