I posted over a month ago about my situation and how the credit card companies wouldn't settle my debts. However, today I just got an offer with BAC to settle for 41%. My total balance with them is $28,900 and they offered a settlement of $11,849 paid in 4 installments. I was hoping for an offer of 30-35%. I asked them to lower the offer, but they said this is all they can offer. BAC stated that next month it will go into charge off status.

Should I take the BAC offer? Do you think I can get them to lower it if I try again in August or will they charge off my accounts in August as stated?

Unfortunately, my Chase card has only agreed to a 60% settlement, which I can not afford. I have not been able to get Chase to lower the offer. How were you successful with Chase?

My AMEX card had a small balance of $3,500 and they refused to settle. They actually sold my debt to NCO Financials because now I am receiving constant calls from NCO.

Thanks for all of the help. This site is fantastic..

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41% is not a bad offer, but what it should come down to is whether you can afford to take it or not. If you can't then, the answer is already there for you. Or if this won't leave you with enough cash to settle your other debts, perhaps again you have your answer. But if you have the cash and it won't stop you from your other settlements, perhaps you should consider taking it.

The other thing to keep in mind is that it sounds like you still have a month or so to continue to work the settlement % down. I can only guess, as someone going through the same thing, that offers will continue to improve as it gets closer to charge-off. At least that's what I'm hoping for as I deal with my unsecured creditors.

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ball_mich,

Thank you for the informative perspective. I would actually have to borrow and get some additional funds from family and friends to be able to do the 41% that BAC offers. I will call BAC in a week and tell them what I can or can't do. Hopefully they will work with me and give me some better terms.

Chase still hasn't budged from the 60% offer. I guess if Chase chooses not to work with me then I'll let them charge it off and send it into collections. I have no choice with Chase, because I can't afford the 60%.

I'll probably call NCO next week and see if they are open to any settlements.

Again thanks for the response. I'll keep this updated.

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Chase is a tough one to deal with, we lost a house and they held the second. Though we filed bankruptcy, they continue to show it as a charge off - foreclosure. We have fought them for over 4 years - since it was discharged in the BK - but they refuse to fix it on our CBR, we have considered filing a suit against them to get it corrected... good luck with them.

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