Creditors point of view
Date: Thu, 11/05/2009 - 06:32
I was wondering if the settlement decisions made by a creditor have to do with the status of your credit report. You see so many stories from so many different people about settlement percentages, ranging from 20-80%. I've read stories that the creditor will not budge from 70% and others who get 20%, all while i've heard that 35% is the lowest they will go. What i'm getting at is do the creditors look at who else you owe and your current situation according to your credit report to base their settlement %. For example if you owe on multiple credit cards from different companies are the creditors more likely to lower their settlement % in order to ensure that they are the one's to receive the first if any payment.
In my case i have a current mortgage that has never been late and 2 cards from chase that total 22,000 that are 60 days past due. Other than the two chase cards that are delinquent, i have no other blemishes on my credit report. What kind of settlement can i expect?
In my case i have a current mortgage that has never been late and 2 cards from chase that total 22,000 that are 60 days past due. Other than the two chase cards that are delinquent, i have no other blemishes on my credit report. What kind of settlement can i expect?
I think it mostly depends on the creditor. Some creditors are ea
I think it mostly depends on the creditor. Some creditors are easy to deal with while the others can give you a tough time. I'm not sure if they consider other creditors to decide the settlement amount but the settlement would also depend upon your ability to negotiate your situation with the creditor. Search the site for members experiences with Chase. You can get some ideas from their stories.
