Does The Creditor Have To Have A Good Reason To Want To Settle?
If the account is paid current and there is no recent history of late payment, it will be difficult to convince the creditor that it is in their best interest to settle. (This should not be read as a recommendation to stop paying bills that are current. If you stop paying your current bills, you will almost certainly make your credit situation worse.) Perhaps bad credit is not an issue for you at this point and you feel you must stop paying your bills in order to settle them and get back on top of your debt load. If this is the case, you make that decision at your own risk. In other words, don't do it.
The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.
Additional Creditors Rights Articles
- Do Creditors Have a Certain Amount of Time to Sue for Payments?
- What are unsecured debts and how does an unsecured creditor collect on a debt?
- Can A Creditor Negotiate A Credit Rating?
- Where Does The Creditor Get His Profits?