When working to settle credit card debt, I have found through experience that it pays to wait until the end of the month. Collection agents that work for the credit card companies, law offices, and private collection firms all have monthly quotas they have to meet. I have found that this can be exploited in order to get the best settlement possible.
I had success this week in settling one of my clients Bank of America business cards. I spoke with the collection firm handling the account in the middle of the month, and they gave me an offer for a 30% payoff in one lump sum. Instead of accepting the deal, I waited until last Thursday (the 22nd), and submitted a lowball counteroffer of 22%. This morning the creditor got back to me, letting me know that they would accept a 25% settlement payable over three months! With only a few days left in the month they accepted the offer in order to make their monthly quota.
