About a year ago my Grandmother dies in a fatal car crash. Her will left me with all her personal belongings and her house, what i did not know is she was at the time about $8k and the debt collectors put a lean on the house for $8k. With her house being left in my name, the only way i can buy her house for what is left owed on the house 11k and its worth 110k, i have to get the lean off it right. So i thought to myself why not try to negotiate the price down on the debt.
My first attempt to negotiate did not go so well, i only got them to agree to go down around a thousand dollars, personally i did not feel like that was a fair bargain considering half of the debt was interest, i offered at the time i believe to be 40%.
Round two went a bit better not quite what i wanted either yet i offered them 45% they offered $5500 and said that the lowest they will go. I called their bluff and said call my lawyer back when you want to talk. They actually called back a month later and said they will drop 20% off of the $5500, still not what i think they deserve.
Round three i am gathering everything i can that shows how much interest there really was out of the debt, since the debt collectors say once they buy the debt from the credit card company’s there is no way to tell and the credit card companies erase that information. I called bluff on that also and managed to already get the initial statements from 2 of the 4 creditors. So at this point i realized you just have to be persistent with debt collectors and not give into their lies.