Staggering settlements

That's the problem I ran into. I got a good settlement with HSBC over 6 months and just paid them off. I negotiated a settlement with Bank of America and Citibank but was unable to get all the funds in time (thought I could get pension loan, but not available until April). So then I entered into agreement with Citibank at 0% interest for one year. Negotiated with BofA today for 45% settlement (original settlement was 35%) over 12 months which is doable. Don't have to depend on pension loan, borrowing money, etc.

So I can live with these arrangements. Will give me some breathing room.

ozzie-

Can you share your credit cards and its balances with us?
Thank you.

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Ozzie69; you did well with BofA; are the unsettled ones over 160 days? Are the unsettled cards offering settlements, just can't reach an agreement or are they playing hard ball and won't work with you? So you have been working on being debt free for about 5 months now. I am just starting my journey with three cards. Best of luck in settling the rest of your cards.

The unsettled ones of set to charge off end of month. American Express is already past 180 and has gone to second collection agency. Will not budge off of 60. Have not got any offers from Capital One and have been avoiding. Chase offered 55% but I know they can do better. The last one has only called once a month and I will call soon and ask for settlement.

OZZIE69, with all your accounts how did you proceed with your settlements? Did you wait for settlement offers or did you call up accounts offering lump sum settlements? Around how many days past due?

bmungo7

I just stopped paying and waited. Took calls every week or so.
For the ones I settled, they offered not me. Still working on unsettled ones. I think the closer to 180 days out the better the offers. If you offer it gives the impression you have money sitting around. Wait for them and then counter offer.

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