newbie debt questions

Hi Honkytonk.

The percentage targets for the accounts will vary based on what the creditor sees about you through available sources at the time you would typically see the best savings results which is just before charge off. Several of your listed creditors will take exception to, and raise the bar for settlement, if you are current with payments to other unsecured creditors. Your account usage leading up to default may also impact the results.

When you speak with them next (you should continue to reach out to them) be sure to ask them what options are available to you. If they do not mention settlement as an option, you may suggest that you have talked to friends and family about your situation and some have offered to lend you money, but only if it helps you avoid bankruptcy and puts the account to rest. Your friend suggested you call and ask what they would be willing to take as settlement and if he had it to loan to you he would.

If you don't strike a manageable deal at first, that's okay. At 100 days you generally wouldn't anyway. You do generally end up with a note in the file that will be seen by the next person you speak with.

I would not recommend you send a letter.

Best of Success!

Mileage may vary

Thanks for the response. So far, I haven't really talked with them in detail that much, aside from giving the same old sob story over and over again. Next time, I will start asking about solutions to settle the accounts.

I did stop paying on all of the cards at the same time, and have only made one payment since to capital one. I am self employed, and a couple cards are also business cards. I do not think I have used any card in the past 12 months.

If you bring up settlement, I wouldn't let them know that that has been my plan. Don't ever let them know you are saving to settle!

Also, before you talk settlement to them, make sure you have 50-60% of the balance so you actually can. If they are willing to settle, you want to take the offer while they will! Some will also let you do 3-6 payments too--keep that in mind.

You can do this! Keep reading on this forum and learning as much as you can. If you have stopped paying them all, you should have some cash set back. You are on the right track!