Is it true I can negotiate a “pay off amount”

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sabby 5 Rep. elliemartin1 edited question

Is it true I can negotiate a “pay off amount” with any credit card company if I can’t afford to pay down my whole balance?

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elliemartin1 3.67K Rep. elliemartin1 answered

You can negotiate your ‘pay off amount’ with certain banks, but its likely you will need to hire an attorney. Often the money written off can be seen as a type of income, so the IRS could still tax you on the amount not being paid back. Bare this in mind when considering this negotiation.

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