Payday Loan Settlement

I have two loans with online lenders that are not registered in my state. The bank has already stated that they can close my account and reopen a new account and the accounts are not linked. I am trying to determine what kind of offer I should make to these two lenders to make the process less threatning. I will be sending out letters shortly. The total balance is $1326.39 including interest. I was considering sending each company $100 per month until balance is paid. Any assistance especially from someone with settlement experience is greatly appreciated.

247Greenstreet.com/Northway Financial 550.00 126.39 bal. 676.39
CK Marketing/(Formally) Payday Online 500.00 150.00 bal. 650.00

Have you not made any payments yet?

If they are illegal, you would only owe them the principal. However to call it a settlement, you would have to be paying it all at once...so settlement is the wrong term. Just tell them you will pay principal only.

Thanks for your reply. Thanks for correcting me. Its not a settlement. However, I need to pay it back in installments. I been paying interest on the accounts. What would be a good payment amount?

247Greenstreet.com/Northway Financial Principal: $500 Interest Paid 321.72
CK Marketing/(Formally) Payday Online Principal: $500 Interest Paid 450.00

Just deduct whatever payments you have already made on these accounts and that would be what you owe them. As far as negotiating payments, pffffffft, I wouldn't negotiate anything, they would get what I could afford. I would request an address where to send payments, if they refused to give me a valid address, then I would tell them no address means no payments. The end. lol