There is no definite answer for your question. The might settle for less but they don't have to.. It depends on your negotiation capabilities. They might also settle for less if they think you have a better chance paying it back if the amount due is lower. At most they can knock of the interest/finance charges and ask you to pay the principal. Talk to them , explain your situation, negotiate a payment plan and try to get it settled for less than you owe.
As I said they do not have to settle for anything less than the total amount due. They need not negotiate a monthly payment plan either. They can demand the full amount be paid in one payment.
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There is no definite answer for your question. The might settle for less but they don't have to.. It depends on your negotiation capabilities. They might also settle for less if they think you have a better chance paying it back if the amount due is lower. At most they can knock of the interest/finance charges and ask you to pay the principal. Talk to them , explain your situation, negotiate a payment plan and try to get it settled for less than you owe.
As I said they do not have to settle for anything less than the total amount due. They need not negotiate a monthly payment plan either. They can demand the full amount be paid in one payment.