Negotiating settletment by myself

I would let them go as far as I could and let them approach you with a settlement. I had a Capital one loan and I let it go just as you have and in about 6 months later and I had a total of $11,000 and they are taking half of that. I've had one other loan for $10,000 and some change and they took 2,000 for that one. I was in the Hess Kennedy pro. and got out after all the bad things they did to me and I didn't like the way they do business either. Take your time, tell them what you have and no more than that and stick to your guns and don't let them scare you. You need to be strong and take one day at a time. If i can do it you can too.

They wont settle on a two month old debt. You will have to wait longer. I agree with Lou Lou in that if you dont really care about your credit then wait until they send you an offer. It should be pretty easy to get 50 cents for every dollar owed or better on most of them. My best is 30 cents for every dollar but I have read about some only paying 10 cents for every dollar owed. Doing this does screw with your credit score though so if you are trying to get a decent house or car loan then letting a bunch of credit cards go deliquent and settling is going to screw that up for a year or so. I never have used a debt consolidation company or a negotiation company. I've done plenty of my own and for friends with decent success. Its really comes down to your personality. If you dont like the offer say no and hang up. Most credit cards will settle way before they go through the hastle of sueing. In my experience they wont sue for anything less than 5,000 per card and you are no where near that.