![]() ![]() Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer, Member FINRA/SIPC, and SEC Registered Investment Adviser.īancWest Investment Services, Inc. Banking products and services are subject to approval and are provided by BMO Harris Bank N.A. Once you’ve decided how you’ll manage your settlement-and agreed to a settlement amount and payment terms-it’s time to finalize your agreement and make the required payment or payments.Bank of the West is a trade name used by BMO Harris Bank N.A. ![]() Finalizing your credit card settlement agreement If you think a debt settlement attorney is right for you, the CFPB can help you find one.ģ. They note that debt settlement companies “often charge expensive fees” and that “most debt settlement companies will ask you to stop paying your debts in order to get creditors to negotiate.a settlement.”ĭebt Settlement Attorney: Similar to debt settlement companies, attorneys can work on your behalf but typically charge fees for their work. The CFPB emphasizes that dealing with debt settlement companies can be risky. While these companies can help you with your debt settlement, there may be other associated costs. “Consider all of your options, including working with a nonprofit credit counselor, and negotiating directly with the creditor or debt collector yourself.” - Consumer Financial Protection Bureauĭebt Settlement Resources: You might have heard advertisements for debt settlement companies claiming to negotiate a settlement with credit card companies on your behalf. ![]() The CFPB also provides recommendations for negotiating a debt on your own. Working directly with your credit card company: Managing your own settlement can save you money by avoiding debt settlement fees associated with other services and ensures that you're involved and aware of every step in the process. Selecting credit card settlement resources You can get a list of government approved credit counselors by calling 80 (National Foundation for Credit Counseling) or visiting this list of counseling services from the U.S. It may be helpful to meet with a credit counselor to think through your finances and calculate your payment options. If a settlement seems to be the best choice for you, here is information on possible next steps. According to the Consumer Financial Protection Bureau (CFPB-until their proposed name change of BCFP goes into effect, we continue to refer to them as CFPB), “some creditors might be willing to.waive certain fees, reduce your interest rate, or change your monthly due date to match up better to when you get paid, to help you pay back your debt.” The credit card settlement process While it isn’t possible to say exactly how a settlement will affect your credit report, your settlement and payment information likely will be reported to the major credit bureaus as “settled in full for less than the full balance.” This can stay on your report after you’ve paid the settlement in full.īefore deciding on a settlement: You can always reach out to your credit card company to see if they are able to work with you.
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