What happens after I send my offer?

There isn’t a way to know exactly what will happen after you send an offer for settlement to your creditor.  Each creditor handles each account and each offer differently.  It is also impossible to predict when the creditor will respond to your offer.  Some will reply quickly while others will take some time.  And some creditors may never respond.  Paydoff will prompt you in your To Do List at certain times after sending the offer letter to guide you in what to do when you receive a response to an offer and what to do if you don’t receive a response.  

Below is what you can commonly expect after you send an offer for settlement to a creditor. 

Creditor accepts offer:  This is the best result!  Typically when a creditor accepts your offer they will send you this information in writing.  To learn more about accepted offers you should read:  ‘What if creditor sent me an accepted offer?’

Creditor offers to resolve account for another amount (counter offer):  This is probably the most common response after sending an offer to a creditor.  Oftentimes the creditor will review your offer but not accept it.  Instead of flat out rejecting the offer, they will suggest another amount and send this to you in writing.  Paydoff will guide you in deciding if the creditor’s counter offer is a good amount to accept or not.  To learn more about this, you should read:  ‘What if creditor sent me a counter offer?’

Creditor rejects offer:  Receiving a rejection on a settlement offer from a creditor does not mean that the creditor will never work with you.  It often means the offer you submitted in not acceptable to them at this time.  After reporting a rejection in Paydoff, you will be guided on what to do next.  To learn more about this, you should read: ‘What if creditor rejected my offer?’

Creditor didn’t respond to offer:  Not hearing back on an offer you sent to a creditor does happen.   There are various reasons a creditor may not respond, but it does not automatically mean that the creditor will not work with you.  To learn more about this, you should read: ‘What if creditor did not respond to my offer? ‘