My journey is over

Just finished settling on my 3 cards and since I found good info here I thought I would pass along my experiences.

Have not made a payment on any of the 3 since July 2009 so all three were past 180 days overdue.

Chase -- owed $20,000. They sent it to a lawyer group who said I had 30 days or they would take legal action. Went to the lawyers website and was able to do ALL of it online, never even had to make a phone call. Offered them $7000 and figured they would counter offer but within 3 hours they emailed and said "Overnight us a Cashiers Check and all is good and done". I agreed, they faxed me a copy of the Settlement Letter and mailed the real one and I sent them a check. Overand done with for 35%

FIA Card Services -- owed $19,200. The day after I settled with Chase, FIA SENT ME an offer to settle at 35% in the mail. I called and was prepared to accept their offer which was $6700. They offered to split it over 3 months. I said I wanted to make a ONE TIME payment and was prepared to do that NOW. The guy said for a one time payment HE COULD MAKE ME A BETTER DEAL and said "how about $6000 even". Over and done with for 31%

Discover -- owed $12,000. They were different. Called in Dec they offered 60% ($7200)right away. I offered 35% and they said NO. Called in Feb with same offer and they said NO and it would go to write off and the lawyers soon. Call this month and said I could go 40%. They said NO and explained it was due to the large amount of Balence Transfer on the card. Most of my research told me they were not going to go lower and would sue if it went to the lawyers. Tired of dealing with it so I accepted their offer at 60%.
I will say that they were ALWAYS very nice to talk to on the phone.

All over and done with ---- owed $51,000 and settled for $20,000 ... I can live with that.

Congratulations! Persistence pays. and you did it yourself without incurring fees. Way to go!!!

Congratulations! That's great for you and encouraging for us still on the journey.

Could I ask where you got the funds to do the one-time payments? Were you able to save that much, borrow, cash out retirement, etc

Thanks for reporting.

My only choice was to hit my 401K. Wife has been out of work since last July which cut our income by 50%.
I should add that I made no contact what so ever with these cards from July until late Dec. I wanted them to go over 150 days late. Didn't matter as I couldn't pay anyway.

Were your settlements based on your principle balances before you became pass due or did they include all fees (finance & late chgs)?

Did any of your creditors close your accounts?

It sounds like the OC was the one to bring up settlement % to you? Very promising about discover... I've been under the impression that discover doesn't settle!!

Based on fees late charges and all.

All are closed and marked settled. Not as good as Paid but I figure my credit is shot after not making a payment for 8 months so I wasn't going to agrue.

When you call Discover ... ask for the Settlement Department. After I got to them they offered me 60% right away. The other cards I made offers first.

Congrats to you on your settlements and thanks for sharing your experience!!! So, you had no contact with the creditors until you were 150+ days late? Then at that point you started calling and talking with them? How many calls before you worked out your settlements? Were Chase and BofA easy to work with to get the %.

Thanks for your posting, I have been feeling very discouraged lately, then I read your post and gave me new hope.

how large of amount and how recent were they on the card? i'm about to start my process but i have BT on some of my cards and just wondering what to expect.

and congrats! enjoy the stress free lifestyle and STAY AWAY FROM THE PLATIC

Congrats from me as well. I have 11 to settle total. Just received an offer of 30% from FIA/BOA today at 30 days prior to chargeoff but am trying to settle all in the 20's.

Correct, made last payments in July of 09. Wife lost her job at end of July. We made no contact what so ever until late Dec when I called Discover and they offered 60%. Here we are 3 months and about 4 calls later and they never budged, settled for 60%.
Had about $5000 in BT's that were on the card since day 1 about 3 or 4 years ago.

FIA had made ME an offer by mail at 35%. I called them ONE time and said I would take their offer and when they found out I could make payment right then and there, THEY made me a better offer at 31%. I was smiling when I hung up the phone that time.

Chase had sent it to their attorneys who contacted me by mail. Using THEIR website I made the offer and the next day and about 6 emails later it was done. I NEVER picked up the phone.

I must say that all 3 companies were VERY pleasant to speak with.

Sorry, reread my own posts and realized this part wasn't correct. I made the offer to Chase but FIA made me the offer and I took them up on it.

Thanks for the additional details. This is great info. Though I have read where most ppl say to talk with the creditors weekly or monthly; your experience just confirms that constantly taking their calls is not absolutely necessary to get a great settlement offer. The creditors probably have guidelines to follow, irrespective of the calls we take from them. I hope I can be as successful with Chase and BofA as you were. I am currently 90+ and 30+ days late, respectively.

BUT remember that if they have reason to believe you can pay OR if, due to refusal to talk with them they get p/o'd then they can sue you. So, I was always nice and never told them there was even a scant prayer that they would be paid in full.

Thanks for the input, I understand. I have spoken to each creditor at least once; and will continue to speak to them once a month and update/re-state my hardship. The

How often do/did you speak with your creditors before getting settlements? I hope to work out a settlement with them, do not want to deal with charge-off or being sued. I've read where most ppl need to be 120+ days delinquent before any real settlements are offered (though I have read on this forum where some ppl have settled around the 30 - 90 day mark).

Would you mind saying who the lawyers were who contacted you about your Chase account? Thanks.

When you made your first call to Discover in December, about how many days were you past due? All you did was ask for their Settlement Department?

I'd settle with them at 60 - 65% right now! I'm 107 days past due. Only problem is they're telling me they don't settle! However, I'm talking to the reps in collections and hardship department. Perhaps that's what they're told to say??