Has a bank ever accepted 25% on credit card loan settlement?

I really doubt they would accept any settlment if you are current and paying the interest that they forced on you. If it were me I would not pay them a dime until they put the rate back where it was even if it destroyed my credit. After being deliquent on payments for 6 months or so you will have a munch better shot of settling for a lump sum anyway.

Thanks, Dollars and since.

I have been putting off fixing my 15 year old car to keep paying them, but I have never wanted debt collectors bugging my wife and child.

If i stop paying for six months, they will be calling , what , nightly?

Tunk

You need to consider the fact that it will destroy your credit if you do not pay them and you risk being sued eventually and you will have to put up with verbal harassment. If you do quit paying them then they will start calling probably every day multiple times a day until you answer. Once you answer they might wait a couple days and do it again. Generally they try to strong arm you into paying and try to pry out of you what "you did" to create the circumstances that made it to where you could not make the minimum payment. I would throw it in the collectors lap and tell them that you refuse to pay until they return the interest rate to the original rate and remove all late fees, penalties, over limit fees and refund all back interest. I doubt they will do this but you might get lucky. This is all a psychological game that a collector practices daily. Once you decide to quit paying there is no turning back after the account is charged off which happens in 3 months after not paying. After that time period your account will go to collections and you can start making lump sum settlement offers which they may or may not accept. I think you are doing pretty good if you can settle for 50% of the amount owed before fees and penalties. Once the account is in collections you can send debt validation and cease and desist letters to stop all contact via phone. This will end the phone calls but is one step closer to being sued if you can not settle with them.

I would not borrow money from your sister to make minimum payments on this debt either. Wait until you have a settlement that you can pay in one lump sum and get it in writing as settled in full. Pass the offer by your sister if she intends on loaning you money to pay this. I am generally against borrowing from relatives because of the emotional issues tied to it but if there is no strings attached to repayment then it might be ok.

Sifxpert guarantees he could settle any BofA account for 20%. I read this on another post and looked on his site and also on his forum and his clients have posted many times how he did settle accounts for as low as 10% of the balance not off the balance. He was capable of settling one account over 60k for $6700.00. I currently have over $50,000.00 in BofA and considering hiring him to settle my BofA first and if he does settle as low as he says he can I plan to enroll another $35,000.00 with him.

I am just afraid of the collection calls which is the only thing holding me back. I guess biting the bullet a few months is worth saving $40,000.00.