- 1). Prepare your negotiating strategy before calling your credit card company. Check your available cash and determine what you can spend on a cash payoff. Creditors may only accept your settlement if you have accessible cash to pay the debt in one payment.
- 2). Call your credit card company. Ask the person who answers the phone to transfer your call to someone who's authorized to negotiate cash payoffs or debt settlements.
- 3). Convey your plans to settle your credit card balance for less than you owe with a cash payoff. State how much you're willing to pay to satisfy the balance.
- 4). Discuss terms and compromise to reach a settlement agreement. If your credit card company recommends a higher, but affordable payoff amount, accept the offer to satisfy the balance. Do not agree to a settlement that you cannot afford.
- 5). Declare your plans to file bankruptcy if you can't agree to a payoff amount. Creditors may agree to your terms and accept your cash payoff if you're filing bankruptcy.
- 6). Ask for a written statement to confirm the payoff agreement. The creditor can send the confirmation letter by postal mail or fax.
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