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Settlements based on new or old balance?

Date: Sat, 06/18/2011 - 23:40

Submitted by gawe
on Sat, 06/18/2011 - 23:40

Posts: 49 Credits: [Donate]

Total Replies: 5


I'm getting ready to start talking settlements on 7 cards (5 companies) of my husbands. I'm curious when you talk % with these companies if they are going off the new inflated balances or if you can work with the original balance before everything gets tacked on for 4 months. ?

I know when I worked the 5 year 0% hardships with my companies that they removed the interest and late fees that had accumulated or credited it back to me. Is it the same story with settlements?

I'll start a new thread for the cards we are working on. Hope to get some good tips from those who've gone before me. :) I'll be tackling Citibank (Sears & Citi), Discover, Capital One (2 accounts), BOA (2 accounts). We are just now getting over 90 days on most of them.

Thanks,
Marie


just my insight on what i have worked on our settlements ....
so far we have only settled 2, with boa, if you wait til it is near the 180 day mark, you will get a better %.. all depends on who you talk to as well...
as for hardship plans- citi & discover were easy..
we dont have to deal with cap1...

we are in talk now with GE Money bank on one account, they sent us the first settlement offer of about 62%, payable over 90 days, which i have until june 24 to accept or not... i am going to contact them tomorrow and offer them 25% in one payment to be done within 30 days..
good luck


lrhall41

Submitted by generallee on Wed, 06/22/2011 - 20:59

( Posts: 150 | Credits: )


Just did our first settlement and it was with Discover of all cards. 50% of current balance. I grabbed it. Not getting anywhere with others yet but Capital One is almost at 120 days. Sears is over that and they just told me to call Sears Recovery number. BOA wasn't ready yet either. I just keep calling and going over the mountain of debt and change in salary.


lrhall41

Submitted by gawe on Mon, 07/18/2011 - 19:49

( Posts: 49 | Credits: )


Thanks. I'm glad to have Discover done after some of the posts I've seen here. I also got the Sears/Citi settled Monday at 50%. Might have done better by waiting but it was with a law firm and that seemed fair to me. Waiting on the settlement letter. I'm going to have to do a little better on BOA now. Hoping to be in the 30% range on them to make this work with what we have left from a severance package.


lrhall41

Submitted by gawe on Wed, 07/20/2011 - 23:11

( Posts: 49 | Credits: )