Just finished settling on my 3 cards and since I found good info here I thought I would pass along my experiences.
Have not made a payment on any of the 3 since July 2009 so all three were past 180 days overdue.
Chase -- owed $20,000. They sent it to a lawyer group who said I had 30 days or they would take legal action. Went to the lawyers website and was able to do ALL of it online, never even had to make a phone call. Offered them $7000 and figured they would counter offer but within 3 hours they emailed and said "Overnight us a Cashiers Check and all is good and done".