B of A, citi, chase
Date: Tue, 03/22/2011 - 20:08
After finding this site, I decided to settle on my cards, and stopped paying. A couple are now past 180 days, and some are still under the 180 day mark. At this point, however, I decided to file chapter 7 instead.
This post is just for anyone doing research to see what they can settle for (like I did for many hours).
Bank of America-- I had 3 cards (1 business and 2 personal, totalling about 15500). I settled my business card for 30% at 173 days in 4 payments over 93 days. My two other cards still had 60-90 days left, and I only had them to 45% so far. My goal was 20-25%.
Citi-- One card about 10000. I had them at 40% at 150 days then I stopped talking to them. I did get numerous 'new' calls from 175-180 days. This was from a real person, not automated. I am confident that if I wanted to settle, I could have got 30% right before charge off.
Chase-- I had 3 cards (1 business and 2 personal) They were stuck at 40% at 150 days. I recently got a call from them saying they could settle "up to 80% off". I am confident that chase will settle for 20%.
I also have capital one and hsbc, who I never talk to.
At this point, and in my situation, I am filing for chapter 7 bankruptcy. Lawyer is $1500, but I figure it will save me about $18000. Settlement stays on your credit report for 7 yrs, bankruptcy for 10 yrs. It was worth the extra 3 yrs to me. House is under water, no assets, so I won't lose anything. YMMV.
Hope this can help somebody down the road. This website helped me out a lot, and got the ball rolling for me.
Best of luck to everyone! ;)
This post is just for anyone doing research to see what they can settle for (like I did for many hours).
Bank of America-- I had 3 cards (1 business and 2 personal, totalling about 15500). I settled my business card for 30% at 173 days in 4 payments over 93 days. My two other cards still had 60-90 days left, and I only had them to 45% so far. My goal was 20-25%.
Citi-- One card about 10000. I had them at 40% at 150 days then I stopped talking to them. I did get numerous 'new' calls from 175-180 days. This was from a real person, not automated. I am confident that if I wanted to settle, I could have got 30% right before charge off.
Chase-- I had 3 cards (1 business and 2 personal) They were stuck at 40% at 150 days. I recently got a call from them saying they could settle "up to 80% off". I am confident that chase will settle for 20%.
I also have capital one and hsbc, who I never talk to.
At this point, and in my situation, I am filing for chapter 7 bankruptcy. Lawyer is $1500, but I figure it will save me about $18000. Settlement stays on your credit report for 7 yrs, bankruptcy for 10 yrs. It was worth the extra 3 yrs to me. House is under water, no assets, so I won't lose anything. YMMV.
Hope this can help somebody down the road. This website helped me out a lot, and got the ball rolling for me.
Best of luck to everyone! ;)
You have received some good settlement offers I must say. Anyway
You have received some good settlement offers I must say. Anyway, now that you're filing bankruptcy, your debts will be handled by the court appointed trustee. You won't have worry about your debts any more. I hope bankruptcy helps to resolves your debt problems. Good luck.
Even though you got mostly good settlement offers, Chapter 7 see
Even though you got mostly good settlement offers, Chapter 7 seems to be a great personal/business decision for you! Use the laws to your advantage, that's what they're there for!
Good luck with your fresh start! :-)
Hi honkytonk man We would appreciate if you participate mor
Hi honkytonk man
We would appreciate if you participate more in the forums and help others by sharing your experience and knowledge.
Jason
