How to Approach CC for Settlement

[zipideedooda]

What is the name of your state? OH
This information is for a friend who I am trying to help. In several months he will have a small lump sum and would like to pay off his CC debt. He has 3 companies to pay with a total debt of a few thousand dollars.... without the late fees and over the limit fees. I am not sure if they have been charged off yet....but I am sure they are close if they haven't been already. I know that they have not been assigned to any collection agencies.
Is it possible to negotiate a settlement with them? If they aren't willing to waive the OTL and late fees he will not have enough money to pay these off.
He would also like to negotiate what they will report to the 3 credit reporting agencies. As I understand it, reporting "Settled" is not much better than not paying at all. I would like to know if anyone has successfully done this and how would one word a letter requesting this?
Thank you in advance for any help.

 

[seniorjudge]

What you need to do is get as much money together as you can collect.

Negotiate with them one at a time.

Tell them you will pay them x amount of dollars but you must have assurances that they will stop charging you interest. Get it in writing. Pay them some dough. Keep paying.

I am not a creditor-debtor lawyer; this just makes sense to me. Maybe others have better ideas.

Good luck.