Debt Settlement

A creditor is not going to settle on a current account. As long as they think they can keep making money off of you with their ridiculous interest rates there really is no incentive for them to settle. Most account must be 90-120 + days late before they would be willing to consider settling.

Sheryl, check my thread for more info:

http://www.debtconsolidationcare.com/settlement/citibusiness-amex.html

"Most account must be 90-120 + days late before they would be willing to consider settling. "

my Wells Fargo Credit line offered a settlement on a current account...they saw my credit declining and assumed they were next due to my track record...boy were they right.

A concession was brought before several major banks recently that asked for more "debt foregiveness" on credit card debt. If any, right now is the time to try to get settlement on cards that are not late. If you can't settle, you can request a reduction in the amount of intrest or any overage fees you may owe.

Did they settle with u?

Did the FIA/BofA settle with you? Did they let you set up smaller payments over time?

I've heard BofA sets up payments/

Do you mind telling us the original amount owed and the new settled amount and the payments?
Thanks

My family member owed them just under $16,500 and here is my payment plan and was able to make payments just over $500 a month and only owed them close to $5000 when it was done.

Hope this helps you.

That is great if you can do that, but I couldn't do that at all. I can see the savings you are getting, and it is great, but I can't make those kind of monthly payments and still eat.

Congrats BMAN!! Who was your CC? I have a balance almost the exact same.