All of the Credit Card Companies rejected debt settlment...HELP...

Date: Wed, 05/27/2009 - 20:06

Submitted by anonymous
on Wed, 05/27/2009 - 20:06

Posts: 202330 Credits: [Donate]

Total Replies: 4

I got laid off 4 months ago and still unemployed. Job Market is tough in this economy. I haven't paid any of credit cards the past 4 months since all of my unemployment checks have been going to living expenses. My house has been in short sale status the past 8 months with no luck, and now the bank is starting the foreclosure process. I got a tax refund and directly contacted all of my credit card companies and informed them of my situation.

I asked them for a debt settlement, but ALL of them said 'NO.' Some of them escalated my file, but in the end I received rejection letters from all of them saying that they refused to settle. I have Chase, Bank of America, AAA, FIA, American Express, and Discover. In total I owe about $40,000 on all of the cards combined.

I've been reading this forum and noticed that many of you have had great success with debt settlement. What did you do differently? What advice can you give me that would help me negotiate a debt settlement? Do these companies prefer that I file BK and they don't get anything instead of offering a debt settlement?

Thanks...

You can visit the link how to settle your debts yourself to know

You can visit the link how to settle your debts yourself to know how to settle your own debts. However, if you fail to negotiate successfully with your creditors, you can register with a debt settlement company who will negotiate with the creditors on your behalf.

lrhall41

Submitted by novice on Wed, 05/27/2009 - 22:39

( Posts: 290 | Credits: )

What percentage did you offer as a settlement? Maybe they reject

What percentage did you offer as a settlement? Maybe they rejected your offer, but would be willing to settle at a higher percentage.

lrhall41

Submitted by on Thu, 05/28/2009 - 04:14

( Posts: | Credits: )

I did read the DIY steps. That's how I got the courage to call

I did read the DIY steps. That's how I got the courage to call the creditors myself. This site is great.

Chase said they wouldn't accept anything less than 35% as an offer. So I offered 40%, but in the end they still rejected the offer. All of the other companies I also offered 40%, but none of them accepted.

I was expecting them to come back with a counter, but they simply rejected the offer.

lrhall41

Submitted by on Thu, 05/28/2009 - 21:20

( Posts: | Credits: )

They will almost never give you a great settlement right off the

They will almost never give you a great settlement right off the bat. Send them a hardship letter (detailing your financial situation) and reiterate the settlement offer.

As for the house, SAVE THE HOUSE. Go to the government site set up by the Stimulus plan just for this problem and see if you qualify. You may be able to save your home. Don't give up yet!

lrhall41

Submitted by Chrys Henderson on Thu, 05/28/2009 - 23:56

( Posts: 2538 | Credits: )