Coming close to first settlement..???

See, its hard to predict how the other creditors would react to your settlement. Most likely, these incidents are independent to each other and hence wouldn't affect one another.

The settlement might not immediately get reflected on your report as the bureau would take its time to update the information.

And I quote "I am wondering when you settle your first card what do the other cards do?"

Just from my own experiance, I used the atomic bomb technique.
In other words I just stopped paying all of them last November (2009).

The calls started within a week of being late.
But I had already changed my contact info to my cell phone.

Got my first settlement within 60 days and the others followed suit.
My angle was to ask them if we could square up the debt.

That blew their collective pea sized brains to bits.
The settlements take a while to show up on your credit report.

So I told each creditor what was happening with the others, we were "squaring up".

I really think it helped me to settle for less and settle sooner.

Just my opinion and Good Luck!

When I started settling I did it in payments so that I would have time to settle all of them before the settlements show up on the credit report. I have another couple of months to settle the last one before they know I have settled the others.

My big concern now is that cap 1 is not settling on a $5000 balance and if they knew I had settled the big ones they will just hold out knowing that I will have to just pay them in full. So I'm really hoping I can settle with them in the next few weeks before they realized I settled the big ones.

Interesting thing is that none of them has asked what I have done with the other items on my credit report. So my plan may not even be needed.

Debt Free, how many installments? Cause citi told me it was a federal law that no more than 3 are allowed.??

Along the lines of no rhyme or reason to how CC companies do things--if you look at my thread which I know you have ---I am current on Chase and BofA although I won't be as of this month but Citi is the only one I am late on and they offered me settlement at 39 days which is why I was so surprised but also logic says they can see my credit report and that I am current so seems like they would say 'why are you paying the others and not us' or 'if you can pay them we won't be offering you settlement'???
See what I mean, it is crazy.
Kaylee

Quoting Kaylee "Debt Free, how many installments? Cause citi told me it was a federal law that no more than 3 are allowed.??"


Seems that 93 days is the longest payoff duration for mine.

One payment now and the rest equally spaced over the duration.
Another offered a further discount for a lump sum.

I don't know if it's a law or if it's an internal accounting procedure.

Good luck!

We just settled a Cap1 and the payments are spread out over 6 payments...I am unaware of any federal law which requires 93 days...I was against that settlement as Cap1 had very favorable arbitration which likely would have resulted in a 10% settlement...Cap1 has since dropped the arbitration clause from new agreements and for those not already in default.

Maggie

what was your settlement with cap one ??
what was the balance and how many days late

I have a 5k cap one that I am about 60 days late

Thanks

All of my settlements were done over 93 days as well. so maybe that is the magic number.

also, Maggie - tell us about cap one. I have one that they simply don't want to settle on even though they settled the other one. Enquiring minds want to know. LOL

The cap1 settlement was for 51.5%, settled direct with cap1, 6 payments of $750. approx 6+ months late. I advised against it. Cap1 has the most favorable arbitration clause perhaps ever written, and it was applicable to this account. For those already in default prior to I think Jan 2010, it applies. If the arbitration card was pulled, Cap1 could not sue, but only arbitrate. If they chose to arbitrate, it'd cost them 5-10K in fees that are not recoverable, win or lose. That forces a decent settlement...Oh well, it is done...