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 Posted: Fri Dec 14, 2007 11:47 am Subject: Debt Settlement - I settled another card! |
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Yay! just a quick note, I called one of my outstanding credit cards and they offered me a 20% settlement! I jumped on that and I am using my bonus to pay for it. Original balance was $17,900 after late fee's interest, etc - the final balance was $20,500- and they agreed to settle for $4100!!! They faxed me a offer letter and I accepted! So this makes two cards settled, my standing so far by doing it on my own:
1st card settled - balance $9600 - settled for 65% $6376 (not that great, I should have waited longer to make an offer - live and learn) - this one is paid.
2nd card settled - balance $20,500 - settled for 20% $4100.00 - sent them $300, the remaining $3800 is due in Jan
3rd card working - balance $26,303 - offered them 30% not as good, but their lowest offer was 35% so I went to 30% - $8100 - waiting to see if they will approve it.
4th card - Citicard - I have no idea, they sent me to A Collections Agent after only 3 months, then I had to write the CA to have them stop calling me as they were just so mean. I will figure this one out and work it later.
My recommendation:
I do have to say it helps having the funds - I got a much bigger bonus this year end and this is enabling me to settle, so save up the money, I did keep in contact with them about once a month. But all my cards are about 7 - 8 months old for those who are trying to do this themselves.
Also - thank you to this Forum - !! I would not have known what to do, how to proceed, and how to handle this, this forum has provided so much information. Thank you
Also - stop by my blog, I'm keeping track of my progress to assist others who may be considering this path.
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http://downhilldebt.blogspot.com
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jb2007
Joined: 01 May 2007
Posts: 146
Debtcc Points: 10
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| Posted: Sat Dec 15, 2007 1:07 pm Subject: I love your blog! |
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I stopped by your blog today and commented on it. I think it is great.
I have been on here trying to find answers to some of the questions I have about debt settlement so I can begin the process. '07 was not that great of a year for us and I am hoping '08 is a lot better. Just with the knowledge I am gaining from sites like this, I feel like I can get out of this debt mess.
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girlndebt
Joined: 15 Dec 2007
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| Posted: Sat Dec 15, 2007 3:22 pm Subject: |
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Congratulations on knocking out another card! Keep up the good work. 
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unclewulf
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| Posted: Sat Dec 15, 2007 6:26 pm Subject: |
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Thanks everyone, it takes time and is alittle stressful, but man is it worth it once they are settled and out of my life!
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http://downhilldebt.blogspot.com
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jb2007
Joined: 01 May 2007
Posts: 146
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| Posted: Sun Dec 16, 2007 12:35 pm Subject: |
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Ok quick update - the 3rd card, didn't accept my 30% offer, so that means I still will have two cards to settle, but I'm still making progress so I"m ok with that, good luck everyone and happy holidays!
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jb2007
Joined: 01 May 2007
Posts: 146
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| Posted: Mon Dec 17, 2007 7:47 am Subject: |
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Yea for you!! Congrats! You are right, it does take some time and work-but it can be done.
Keep after them-I talked with a dozen different people on one of my cards-kept calling until I got one- and finally they agreed. Told them if they did't take the money- I would pay someone else with it- they decided to take it 
Make sure you get it in writing that they are/have accepted payment as settled. Good Luck on the other ones--Keep up the fight!..Karen
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As long as you are alive, there's always hope
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Bossy4455
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| Posted: Mon Dec 17, 2007 8:32 am Subject: |
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jb
Good for you......your on the way!
Be sure to save some money for tax time. I'm sure you'll be issued some 1099's for the balance of the accounts you settled.
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mommontoya
Joined: 21 Jun 2006
Posts: 478
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| Posted: Mon Dec 17, 2007 8:42 am Subject: |
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Good job JB !!!!! I figure it takes time to get into a financial mess so it will take even more time to get out of it. You are doing a great job!!! Good luck on the rest of them.
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puddlejmpr
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Joined: 15 Dec 2006
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| Posted: Thu Dec 27, 2007 6:28 pm Subject: |
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WOW that is awesome! I should tell my soon to be ex-husband to call and see what he can settle on for some of his that I promised to help him pay off when we sell our house.
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sullivana
Joined: 01 Jun 2007
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