Advanta, BOA, WAMU, Discover, Chase, debt settlement ?'s

No, its BS. Tell him you must have the settlement agreement first before you pay anything.

i agree, no deal. no letter in righting, no cash thats it period. it sounds like they are trying to mess with you. they could then go back on thier word without the letter. No letter, no settlement,.

I was scared to answer the phone. Caller ID read "private" "unknown" and alot of out of state area codes. I have about $65000 of cc debt. B of A was the first to make an offer to settle. $3400 on a $11000 balance. I will pay that then try to reduce the settlement they were will to accept on my 2nd cc - $12000 and they will take 60%. Amex was very reasonable and sympathetic after the 3rd call or so. I just told them I could not pay. They wiped out any interest and penalties for the next 6 months and reduced my payments, which will be applied directly to the principal, to $40/mo on one and $75/mo on the other. Citi was also very cooperative. Again, forgiving and interest and penalties for the next 6 mo and having me pay $66/bimonthly. At the end of 6 mo, we'll review my situation and renegotiate. Advanta seems really hard to deal with. They don't seem to want to bend at all....yet. But I can't pay them and it is to there advantage to offer a settlement or get nothing. Haven't tried with Chase yet, or Barclay. Since I can't pay, I guess I'll soon find out. This is killing me. I have never been unable to pay my monthly bills in 30 years. I'm draining my small retirement savings to settle. But I'd rather be debt free and poor.

sadly alot of people are in the same situation. Honestly if you dont do it now, your retirement, will be gone soon anyhow because you wont be able to make the payments and eventually itwill be gone and you will still have the payments. hang in there we all know it stinks, but you will get through it i promise!

chase is telling me 25%. BOFA i settled for as low as 17%. advanta is only offering me 50%.

I am trying to settle Chase. How long has your account been past due to get offered 25%? I am 55 days past due, and they are offering me 80%. I would like to get 30-35% to settle in one lump sum. I am trying to stay patient here...

I settled with chase 35% at 90 days late. Just hang in there, I know Chase will settle for 30%, but I want to get over with.
The only thing I don't like is once I finish my payments, Chase reported to charge off with note details "settlement accepted on this account" I'll deal with this later.

I am at the end of mo 5 w/ B of A negotiations are close.
I had prev said I could settle w/ them for $6k on acct apx 35% of bal... now since no $ coming in I have less this month and they are not willing to settle... They Say I have option to next month since it is close to end of mo/chg off date, but want me to pay like $425 to keep alive as first of 4 pmts offered as settlement, and renogotiate next month for lesser balance...
Not sure if this is a possiblilty. Anybody have any input.
thanks.
P