How to make an offer?

WHo are the creditors? Have you done research on them in these forums???

HSBC and BoA. I've done quite a bit of reading through the boards here but didn't find anything specific to my question.

Depending on what bills you're still paying, I would be very cautious about approaching either of these creditors for settlement at this time.

Do you have other accounts that are current? Remember, your creditors are going to look at your credit report and question why it is that you're not paying these two accounts. If these are your only two accounts, and they're both delinquent, this will look a little better to your creditors, but I would still be hesitant to approach them just yet. If you've been reading this forum, I'm sure that you've read that patience is key when negotiating with your creditors. I can't tell you how frustrated I get when I see people post things about their settlement results, when I know for a fact had they been patient and played their cards a little differently, they would have done much better. Hoping you'll heed this advice.

Good luck!

I've got 6 other accounts but they are all very small and all of them total don't come close to one of the other two. Thats why I quit paying those two because it wouldn't have helped me much to not pay the smaller ones, I still wouldn't have enough money to pay one of the larger accounts. How much longer do you think I should wait? I don't want these going to collection do I? Thanks so much for your advice, it is so appreciatted!!!!!

mboettcher655 ---

my experience with boa was that i settled 2 accounts. i was near charge off, which was 6 months. when i called to talk to them about possible settlement, they offered me 25% right off (i didnt even have to make an offer at all)- of course i knew it wouldnt get any better, since this was THEIR offer right out of the gate, so i jumped on it.. they even let me pay them over 3 months (with 4 payments). i had to set up a low payment to be paid within a few days, then the other 3 equal payment amounts were set up near the end of the month for later that month and 2 months afterwards... i got my agreement letter before my first small payment was made, then after they were paid off, i got letters on both accts stating such...
you could always call and ask about settlement, and if it is not what you want, hold out til it is closer to charge off...

I think you should go to the creditors and ask for the settlement.
There was a provision of settlement and negotiation, ask with the customer relationship manager how and what to do. Definitely they will help you out.

Watch out with the HSBC. I see Capital One is purchasing their credit card accounts and Cap 1 is the worst, I would try sooner than later with HSBC.

Chase sold the sony cards to Cap one and I am feeling the pain trying to settle a now Cap One Sony card.