Timing of Settlements

Hi Steve,

I don't know if there is a correct answer but most people seem to default all at once then take the settlements when they matche their funds and amount they can afford to do..
I defaulted on 4 about a month apart and don't think I would do it that way if I had it to do over, just drags it out with the phone calls, etc...
but I did get 3 of 4 settlements in one week--coincidentally I think and I did play them against each other. When they tried to get more I said this is how much I have and I have presented the lump sum to all you guys so whoever takes it first gets it....
it seemed to work!
I have only one left (BofA) and not late enough yet.
Good luck!
Kaylee

I used to believe you had to think about all of this. But I am convinced they really don't care. It is all about getting the loot from you. Good Luck.

I don't think it matters. I settled mine in different months. I liked it that way, so I could keep saving up funds. I even have one card I am current on and it didn't hamper any settlements.

It's all about how you can come up with funds. Moreover, many credit companies do tend to offer cheaper settlement rates as time passes.

Thanks everyone. I appreciate your feedback. This helps our planning alot. Like Dan said I think we all put so much thought into this and really it just comes down to the bank wanting their money....

If you have the funds, I would attempt to settle all at once. Once you settle one account, it will be marked on your credit report as settled, but it can take 1 to 2 months for this to show up as settled on your reports.

Some banks do pull and review your credit reports, so the worse they look, the better.

Hi, I tried www.financialburdenrelief.com and they have been great to help me. They guarantee to settle your debt at 45% of what you owe and as part of the settlement the credit card companies indicate you have "paid as agreed" to the credit bureaus. They also make sure you do not get a 1099. This is very important because otherwise you will get a 1099 from each credit card company with whom you settled and have to pay taxes on the amount of money you did not pay back, but because of www.financialburdenrelief.com's knowledge of the exemption laws I did not get a 1099. Please know though that while you are making monthly payments to the attorney associated with www.financialburdenrelief.com, they do not begin negotiating until you have paid back 40% of your lowest balance... and in the meantime you are dealing with creditors phone calls and letters. They give you letters to send out and tell you what to do, but you know how it is, the debt keeps being sold and you are dealing with one creditor after another. Settling your debt yourself is great if you have the cash up front. If not, this is where www.financialburdenrelief.com can help. Hope this helps and Good Luck to you All.