New at this DIY debt settlement....Please Help Me

I settled 52K with BoA and Chase at 30% each. They both were very easy to work with. I was very suprised.
I called them after 5 months, before that, they were calling few times a day. I did not pick up the phone. First time I talk to them I offered 30% - lump sum -and they jump on it quickly. Less than an hour later they faxed me the settlement offer.

Good luck man!

If you donont mind can you tell me which month is your last payment and which month is the sellement offer .
I currently dealing with BOA and chase . BOA give me 55% . chase 50% at fourth month. my last payment is FEberary with chase , march with boa

Last payment was in Jan 09 and settlement was in June 09

They are just now late around 45 days. no offers just phone calls. I have seen post for BOA as low as 20% and chase at 35%. I heard Capital One is the hardest. I would like more infor.

I stopped paying in March on most cards and April on the rest. I did get a FEDEX from Citibank wanting me to call them about some offers and settling for less than your total balance was on there. Payable all at once or installments. Other than that I have not received any settlement offers.

I called Citibank and they offered to settle at 54% in three monthly installments.

Rutle, here are few articles on diy.

I was informed that the credit companies will make a note on the credit report. Request the statement to say paid in full or paid as agreed. Not settled. Also in the letter it should state they will say this. Balance is at zero and they will not sell off the remainder. Please comment

had anyone had any success settling with credit union.
please help.
trying to settle $10,500 in one card.
thanks

Credit Unions can be very difficult to settle with. Especially Federal Credit Unions. Thats why most debt settlement companies won't enroll debts with them.

I'm trying to settle an account with a credit union. I owe $10,600 and the account is 105 day past due. Last week I submitted a settlement offer of $3,150. They rejected this offer right of the back and I was told by them that, they wont setlle for less than 75% of the total debt. I'm planning on counter offering $3,700 wich represents 35% not 30%..
At first they told me that, CU never settles for less than what is owed to them. Also, I have read that, creditors normally say things like that to persuade borrowers to pay the full amount " Negotiation"
I spoke to a CU rep today and from a week ago that i submitted my settlement offer nothing has changed. I told the rep that i was trying toget some funds available to pay a them. He would not come down from his 75% mark. I told him that eventually they'll sell the account to a debt collection company and he said that, they don't sell accounts to collection companies, that they will proceed with an attorney.
Is this some other negotiation techniques or an attorney will come after my assets?
Please help, since I'm close to have the account sold or turned over to their attorney.
Thanks

Quote: