Settled USAA

Has citi and discover contacted you on any kinds of offers?

Recently, no they have not. In my experience, all the CC companies use a 3rd party collector after it charges off but still retain the debt. Once I got communication from the 3rd Party group, I sent them request for validation. At that point, everything pretty much went dark, except for some lame documentation they mailed 3-4 weeks later. But still no calls.

I just settled USAA, 2 cards in total with around $71,000 balance. they gave me 30% on the dollar but it went down to the last day before charge off (180 days). I have two more big cards to go and will try to have it done this month before charge off and then i'm done. I will write my experiences in great detail when i'm done. i owe that to the people who have helped me on this board. I just read everyones, i never wrote....thank you all. I hope I can get it done b4 charge off.

Wow, that's a great settlement! Low % and before charge-off. I tried like heck to settle all of my creditors before charge-off, but none would even broach anything like the 25-30% that I need. Even post-chargeoff I can't get Wells below 50% and Citi below 45%.

Congrats on USAA. One thing I'm curious about is if you have any other business with USAA and how/if it affects that... We have car insurance with USAA, and my wife is extremely partial to their coverage having used them for over 20 years. But I am expecting that when our policy renews in a month or two, that they will drop us. Hoping that isn't the case.

Yes, I did have auto insurance but since I live over seas, it's not that big of a deal. I have to say, out of everyone, I feel the worst about USAA. They are cool, fair and well, my grandfather would probably of kicked my ass for not paying back in full. But, as things have it, I had little choice.
I just settled BofA today at 170 days. $60,000+ for $9,300. Just over 15%. I think you have to call them with the intention of settling and go for it. Don't just say, take it or leave it. Tell your story and try to get the person to work for you and tell them you want to avoid bk but you have limited time. Ask for help, most of them are nice people. Also, it's really about calling the right department when you are at the right period in delinquency. I will list my phone number that were the "settling" departments when I finish(if I finish) my Wells Fargo card(then i'm done). If you are trying with USAA or BofA, I can give the settlement numbers to you. I don't know Wells Fargo's and i'm only at the 120 days mark, so i know now that it only happens in the last 2 or 3 weeks before they officially charge it off. You have to ask, "when is my charge off date"? Some creditors will call it "goes to collection department" but that might not be the charge off date and they are talking internal collections, which is the 150-180 with some lenders and others let it go farther without charging off and selling. They play games!!! so ask, when is my charge off date if they call it something else.
Ok, I will seriously write everything when i'm done. i'm 3/4 the way there and really looking forward to having this all behind me. I had $180,000 plus in credit card debt(now $60,00 left). All of which was invested and well...long story.

Sorry, didn't answer our question. I can no longer use USAA services...that's what it says on the settlement letters.

My settlement letter was a bit more vague than that, and didn't explicity say that I could no longer use USAA for other services. Although my understanding form the beginning was that I would no longer be able to, if I didn't pay the debt in full.

However, I just received my last monthly statement for my car insurance on this policy, and it gave me the renewal amount for the next six month period. So I find that curious. The renewal amount is a little higher than last six months, but not terribly higher. I should get the full insurance packet in the mail sometime over the next few weeks, which should tell me if I can continue to use them or not.

A quick update. It's just over six months since I settled our USAA debt and they have not yet cancelled our auto insurance policy. We are due for another 6-month renewal in July or August, and I have to believe that if we get through that renewal that we are in the clear.

But we still are locked out of all account access through their website. I don't care so much about that and don't want to ask them to reinstate it for fear of stirring the pot.