I'm on a DSP, What Happens When a Creditor Offers a Settlement? What do I need to do?

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I'm on a DSP, What Happens When a Creditor Offers a Settlement? What do I need to do?

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I'm on a DSP, What Happens When a Creditor Offers a Settlement? What do I need to do? We are answering our customer's top questions regarding their participation in the Debt Settlement Plan (DSP).

We want our customers to find continued success by fully understanding their plan and what it takes to be successful.  

This month's question: What Happens When a Creditor Offers a Settlement? What do I need to do?

Here are some things to consider when that time comes. 

 

  • We review the terms.  If a creditor offers a settlement we review the terms and make sure that they are appropriate for your situation. Most likely, you have multiple creditors, and each settlement offer must be considered relative to all of your other accounts.
  • Negotiating directly with your creditors.  If a creditor advises you to work directly with them to negotiate a settlement, we recommend you inform them that you have hired someone to assist you with your debt and that the creditor should contact our Creditor Services Department directly at 1-800-498-6761.
  • We want you to succeed.  It is important to work through your experienced settlement provider to make sure you are receiving the best settlement deal and that you are being put in the greatest position to succeed in becoming debt-free. 

If you are unsure what to do when the time comes, please contact us so that we can help you determine the best course of action. We have your best interests in mind and want you to receive the best settlement offers possible. If you have a question you would like to see posted please feel free to leave it in the Comments section or, ask directly in our Ask the Expert Forum

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  • I am on the DSP also, I am getting nasty phone calls again and multiple times a day.  How quickly can does Care one contact my creditors.?

  • Have been receiving lots of phone calls, is it better to answer and try to explain to them, which I have done many times and they say they will not make any calls to anyone or just not answer the phone - it's very disturbing getting all those calls.

  • @mryleib  I know the phone calls can be frustrating, unfortunately they are part of the settlement process. Here is a post to help explain how to handle the calls; hang in there!

    community.careonecredit.com/.../i-m-on-a-dsp-my-creditors-keep-calling-and-harassing-me-what-should-i-do.aspx

  • Im almost one year into my DSP. The calls will continue for awhile. My best advice is to tell all of them what you are doing and refer them to your Council.  Afterwards i would invest in a Call blocking app (available on Blackberry,Android, and iphone). After you settle a card or two the calls will die down. I have Settled 2 cards and moving in on a third. After i have ONE larger account i will be taking care of.  Another piece of advice is try to increase your payments every month. Even if its a small amount. I started paying $475 and now im up to $900 a month. Im starting to see the light at the end of the tunnel and its a great feeling. Im looking forward to finishing and starting over. I hope this helps

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