Negotiating Old Credit Cards with collections

[flair1239]

Doing some financial housekeeping, taking care of old credit cards.

When I am talking to collections what % on the $ should I be going for. Assume accounts are 2-4 years old.

[djoyce003]

Honestly I'd try to get a really good interest rate, maybe 0%. They are going to be happy to get their money back....get in writing that you are paying them off in full and that the amount you owe is X or else they'll leave the interest on there forever and keep pestering you. Also keep the paperwork because they'll keep trying to collect everything including ridiculous interest....you'll need the paperwork to prove it was settled in full and they are an authorized agent to negotiate that. Definitely pay your full principal balance though.

Honestly they are going to be happy to be getting this money so I'd think you could get extremely low interest rates here.