“Dear Steve,

I was wondering if it’s advantageous to try and settle multiple cards at one time? The 4 cards will charge off in March (within about 20 days of each other). I will have access to some money by then. With that and a tax return, I might have enough to settle them together.

Should I mention to each of the cards that I’d like to settle your account, as well as 3 others at the same time? Would it make any difference if each settlement was in one payment or spread out with the 4 payments over 90 days?

Harvey”

The Answer

Dear Harvey,

Well it’s advantageous in that it will resolve the problem quickly. Just keep in mind though that if settling these cards leaves you solvent, where your assets exceed your liabilities, then you may owe income on the forgiven debt. I just don’t want you to be surprised.

You can tackle this yourself but I would suggest you get a little coaching to get you queued up for the a great outcome. Knowing what to ask for, when, and what documentation to get are key points to your debt settlement success.

I suggest you contact Damon Day, a great debt coach, and schedule a consultation to have him guide you here. It would be a small investment but a smart one.

Other places that offer affordable coaching are Consumer Recovery Network and Zipdebt.

The payment strategy is less important for me than making sure you can negotiate all the settlements and they fit within your available funds.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

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