40k in credit card debt help!

Yea, they'll start talking settlement after about 60 days (in my case), but it won't be much (80% for me). Now at 90 days, they went down a little (75%). I told them a set amount (25%), and if they don't accept anything near that, oh well, they'll sell it to a collector for 7%, then I will settle with them for 10.

BTW, from my understanding, it'll charge off at around 180 days, then sold, so I'll deal with them until around 175, and see what happens.

You can try to work with them to lower your monthly due if that will help til you get back on your feet but for settlement we didn't hear anything until we were 90 days late making zero payments and really the good settlement offers came in the 115-175 day range

Citi and Wells dont sell their debts....they place them with CA's. Citibank is very agressive and often do sue.

We found ourselves in your situation and that's why we quit the game. We were only making minimum payments and when one raised our interest rates, they all did. Even though we had always paid on time, they wouldn't reduce the rate and couldn't (or wouldn't) tell us why they had raised it. So, we stopped paying and started saving for settlement. (Don't ever tell them that!)

Some were charged off, some sold, some settled with the OC. Know the law and what to say when they call. You can do this yourself and don't be afraid of what it will do to your credit report. It's going in the crapper but it WILL recover.

Give them time and don't be intimidated by what they say. They will eventually settle with you. Read and learn from this forum!