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Posted: Mon Feb 25, 2008 1:21 pm Subject: Credit card settlelment

I have $45000 +/- CC debt probably more than 10-15% fees, etc, maybe more. I am now on permanent disability, 61 yrs old, alone, no money, preparing for heart surgery. Don't want to file bankruptcy. What are my chances of getting debt settlement at 60% or less of original debt by contacting 4 card companies on my own?

Posted: Mon Feb 25, 2008 3:40 pm Subject:

Welcome elleottawa,

You have come to the right place for this type of advice. There are many people on this site that are doing or have done debt settlement on their own. Are you hoping to be able to settle these before surgery or after? The reason I ask is because when you settle you may have to deal with collection calls and for some people that can be stressful. Just concerned about the added stress.

You can do debt settlement on your own and there is alot of advice on these boards as how to go about doing it. I would try to settle for less than 60% and then work up from there. Do you have money set aside already for this? Usually the companies want all of the settled amount at once. Sometimes they are willing to take it in around 4 payments. I am not sure if they do it over a longer period of time. With your hardship, it may be alittle easier - not working and having heart surgery! Hopefully someone else will be along to give you more advice.

I wish you the best of luck with your surgery. Always remember that it is so important for you to take care of yourself especially in your case. Don't let anyone harass you and put you through any undo stress. Please take care of yourself.

Elle · Posted: Mon Feb 25, 2008 3:53 pm Subject: Thank you spatterson!

Your words mean so much. I hope your kindness and care is returned back many times over. I too, am hoping for additional comments. The community is incredible. PS The picture was self generated--I am a girl, not a boy! Thanks! again

Guest · Posted: Mon Feb 25, 2008 4:33 pm Subject:

I have been able to work with my creditors, they usually will settle between 90 to 180 days late, don't take the first settlement. Usually a 40% settlement is the best but they will want a lump sum or payments over a short period. If you have assets saved, that is the best way, but don't share with them where you are getting the money, tell them it's help from a family member and etc. If they know you have assets they will want them all.

elle · Posted: Tue Feb 26, 2008 8:31 am Subject: Thank you Guest!

Thank you so much for your input. You must know how much it means!

Elle - again · Posted: Tue Feb 26, 2008 3:47 pm Subject: Debt settlement...

Has anyone here ACTUALLY successfully settled credit card debt on their own?
DIY???

Arisa · Posted: Sat Mar 01, 2008 8:45 am Subject:

yes, we settled two of our own last year. We settled an MBNA account $20k for $7,000; and a Bank of America of $25k for $13k. We had to add the forgiven amounts as income on our tx return this year since we were not insolvent.

Posted: Sat Mar 01, 2008 11:36 am Subject:

Yes it can be done. You just need to keep your cool and not let the CA's talk you into something that you can't afford. You have to take control of the situation. Click on the do it yourself link above and you’ll find examples of letters and loads of information.
Then come back and ask any questions on this forum. There are so many helpful, knowledgeable people on this board. It may take a little time and effort but you can do it yourself. Lets face it why pay someone else a fee for what you can do yourself. I learned the hard way and I’m so grateful for this site.

Posted: Sat Mar 01, 2008 2:57 pm Subject: Debt Settlement

Oh yes, plenty of members on here have done it on their own. A lot of them have had great results and have written about it. Check out the communtity success stories. Some members even have blogs that document how their progress is going with their settlements.
debt settlement can be a great option if you have the funds to settle. In my opinion, if you can do it yourself and save money-that is more money you can put towards your settling another card.

Posted: Sat Mar 01, 2008 4:47 pm Subject:

I was able to settle a $60,000 debt with BOA for $23,000.

Posted: Sun Mar 02, 2008 12:01 am Subject:

I was able to settle 20K BoA for $4100 and 9500 for 6300 for Chase. On the Chase card I should have waited longer, but it was my first card I settled and it was 65% if I would have waited alittle longer I think I could have settled for less than that, but either way that's about 30K settled for $10,500.