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My Settlement Story so far...

Date: Fri, 12/18/2009 - 11:10

Submitted by neveragain09
on Fri, 12/18/2009 - 11:10

Posts: 39 Credits: [Donate]

Total Replies: 4


Hi everyone,

I've posted a couple times on here but just wanted to see if anyone had any further words of wisdom about my situation and also give everyone an update on my success with debt settlement so far:

I started out with a little over $18000 in CC debt, all personal accounts, with 8 different CCs, 6 different CC companies. I started working on settling my own debts in mid-November- I've since settled all 3 of my Chase accounts (3rd card was settled as of last night). % were pretty good at 25%, 38% and 27% all with Chase and still with OC. Now I am going to need to work on my other creditors and I'm coming close to charge off for all 5 (BofA, Citi, WF, HSBC and Capital One).

I've heard Capital One is quick to sue and I've been in constant communication with them about my desire to settle my account with them, but I had to wait until 120 days late before they'd even consider settlement (which is right where my account is at right now- about 120 days late).

The other CCs (WF, Citi, HSBC and BofA) have not been contacting me by phone at all (they just communicate via letters, and even those communications are scarce)- should I be concerned about that? Also wondering what everyone else's experience has been like with those 5 creditors (Cap1, WF, Citi, HSBC and BofA)- any tips on dealing with them? Like I said, I was able to settle 3 accounts but right about now all of them will probably charge off in the next month or so, so I'm getting worried! :confused:


OZZIE69- I called Cap1 yesterday, they said I'm 114 days late and are still not offering any settlement offer. They too are offering me their "re-age" program where I pay roughly $100 for 3 months and then my old terms and APR would take affect and they wouldn't close my account. I'm going to wait until I pass the 120 day mark and see if the settlement issue changes, if they don't budge, I think I'll take the re-age program since I'm hearing from quite a few people that Cap1 appears quick to sue, even on smaller balances (mine is just over $3000).


lrhall41

Submitted by neveragain09 on Wed, 12/23/2009 - 06:56

( Posts: 39 | Credits: )