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Staggering settlements

Date: Thu, 02/04/2010 - 09:01

Submitted by OZZIE69
on Thu, 02/04/2010 - 09:01

Posts: 555 Credits: [Donate]

Total Replies: 8


I stopped paying 9 cards 7 months ago and as of today have settled 5. The other 4 will either be charged off or settled by the end of this month. The difficult part for me is coming up with all the settlement cash. If I had to do it over again, I would have staggerd the non payments over several months. This way it would be easier to accumulate settlement cash.

Just my opinion for those of you just starting the process.


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.


lrhall41

Submitted by aubrey on Thu, 02/04/2010 - 10:39

( Posts: 1203 | Credits: )


Quote:

Originally Posted by Anonymous
ozzie-

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


Bank Of America (2) Business $20,000 settled 20% 160+ days
Bank of America (2) Personal $10,000 settled 25% 160+ days
Worlds Foremost $4,200 settled 30% 160+ days

Unsettled
American Express $4,200
Captial One $7,000
Chase $4,000
First Omaha Bank $6,000


lrhall41

Submitted by OZZIE69 on Thu, 02/04/2010 - 11:20

( Posts: 555 | Credits: )


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.


lrhall41

Submitted by on Thu, 02/04/2010 - 13:07

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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.


lrhall41

Submitted by OZZIE69 on Fri, 02/05/2010 - 05:55

( Posts: 555 | Credits: )


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.


lrhall41

Submitted by OZZIE69 on Fri, 02/05/2010 - 13:01

( Posts: 555 | Credits: )


Quote:

Originally Posted by OZZIE69
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.


It sure seems like the luck of the draw with Amex. Mine was an easy settle at 75 days NCO at 35% of $14k. Others have a real time with amex. Good luck. Chase offered me 55-60% and I told them no can do. they sent me to another dept and agreed to 35%


lrhall41

Submitted by dantheman on Fri, 02/05/2010 - 18:26

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