Who to Contact to Settle/Negotiate

I am ready to start my negotiations…

  1. 1. Who do I contact to start the negotiation process…should I start by phone or mail/fax?
  2. 2. If by phone, who is it I need to talk with?
  3. 3. If by mail, what address do I send it to to get it to the right department? I know there’s addresses on the bills, do I use that one, or is there a different one I should be mailing to?
  4. 4. The accounts are about ready to charge off….do I settle with the CC company before charging off? Or wait until it gets to debt collectors??
  5. 5. Is there success in negotiating great settlements AND doing so on a payment plan, over say 3-6 months??
  6. 6. How LOW should I start? 10 cents on the dollar to hopefully agree on 20 cents on the dollar??

I have collected debt with: MBNA, Chase, Sears, Citicard, Discover, Capital One and a Credit Union Card.

I know to get everything in writing, and have reviewed some of the form letters….but shouldn’t I get the settlement in writing on company letterhead??

Thanks for your advice!