Barclay's settlements

I don't have an experience with Barclays personally but most of the creditors don't consider settlement if you're current on the loan. You may need to default before they actually start offering settlement.

However, what the payment plan was for? Was it some kind of hardship program?

Yes it was a hardship payment plan that I agreed to since I had been in default by about 90 days. I caved in because I had no money for settlement purposes at that time. I have a six month deal with them to pay a very small amt. but am hoping to get some money from friends/family to settle after that. I have no extra money of my own. Anyone know of any settlement amts. from them? I am curious to see what is possible so as not to set my bar too low.

I am over 90 days late with them and they just sent me a settlement offer without me asking for 85%, I am going to hold off for a better deal.

Anyone get a settlement from BARCLAYS for 30% range or lower?

We are several months past due and as long as you continue to communicate with them (i.e. call them back, answer the phone, tell them your sob story- but do not make a payment if you intend to settle) we haven't paid since september and just got offered 35%- we may hold out for less as we are still over two months from charge off. if you need advise on settlement look up Charles Phelan- he's the debt settlement guru and will tell you everything you need to know about how to settle. We've settled another card at 25% and intend to do similar with the other three cards.

I am about 75 days past due and they offered me around 65%. There is no way I can come up with that amount at this time though. I am holding out as it is my only option at this point.

I have gotten 20% from Bank of America, and 30% from Wells Fargo.

I just settled with Barclays for 30%. Balance was $13,600. Settlement was $4,080. I was 97 days past due. I spoke to them a month earlier and the best they could offer was 65%. Now a month later and they dropped it down to 30%. So the best strategy is to wait them out. I normally have to wait 120-150 days to get a 30% offer, but Barclays helped accelerate the process.

I settled with Barclays today and my account was charging off at the end of Aug. I did settle for 40% 30% would only have been 12.00 more and by the time they added more fees for interest so I took it and they put it in 4 payments for me even though it had to be paid in 90 days so heck I am happy with my settlement and greatly appreciate it. Dec 2010 I will be debt free. No credit but No debt. Oh and no job either

Thanks everyone for posting! I have been told I do not qualify for the hardship program. The program I qualify for is the "fee waiver program". Has anyone been told the same. I am currently 42 days past due, although I have been making payments of $300/month (does not meet minimum because current apr is 33%) for the past two years.

Hello. I just settled with them for 35% on $5k. They offered me 65% at 90 days past due, 50% around120 days past due, and 35% just before 150 days past due. I decided to take the offer and get it over with. I feel like I could have gotten them lower (my target was 25-30%), but waiting longer and adding another month's late fee and interest would not have made a big difference.
I have recently settled on $41,000 of CC dept. BoA gave me 25% on $30k at 170 days past due, Chase gave me 27% on $5k (card#1) and 65% on $350 (card#2). Citibank gave me 40% on $850.
One thing I've learned is do not wait till after 180 days. I waited too long on a few other cards, and the debt collection companies do not negotiate much. You are far better off negotiating with the CC company. Hope this info helps.

Hi,
I have a Barclay's credit card account that is 57 days late. It has been closed for 2 years. They have made a settlement offer of 45% of a $9500 balance. A relative may be able to loan me the money for a settlement. I would take the settlement to save the money, but am concerned about it saying "settled for less than original amount" on the credit report for this account, because this will make it difficult for me to get a loan on a house in a few years or it will make the interest rate unaffordably high on it (if I even get the loan). I have already fulfilled the first of the 3-installment settlement agreement, and I paid the second installment of $500 today to fulfill the obligation for the agreement. The final payment would have to be paid by May 2 for the remainder of the 50% of the $9500 balance to completely fulfill the agreement.

Yes, the money I save is great but "settled for less than the original balance" on my credit report is unacceptable. The amount of money I'll pay in interest on a loan in the future because of this negative remark on my credit report likely will exceed the $4500 or so dollars I'm saving.

I am trying to get them to agree to a pay for a delete of the whole account, and if not, then to accept a non-disclosure agreement. If they accept a non-disclosure agreement, then when I file a dispute with the credit reporting agency, Barclays will not respond when the credit reporting agency asks for clarification on the account. When they don't respond, the account (and all of the late payments associated with it) will disappear from the credit report.

Wish me luck

We just settled with them for 25% on a 20K balance. Had to let it get to 121 days past due. They did say that it would state on our credit report, paid as agreed. Don't know if it will or not but just happy it is over. We were first offered 35%, then 55% and finally 75% off the balance. Good luck.

They say in their settlement agreement letter to me that "the account will be considered paid in full" but that's not what they will report to the credit reporting agencies. It'll say "paid as agreed for less than original amount". It'll stay on your credit report for 7 years, and it will be very difficult if not impossible to get it off. It will significantly hurt your chances to get a loan on a house or a car or at least will ensure that your interest rate will be outrageously high such that you'll probably end up paying way more in interest on the loan than what you saved by taking the settlement.

That is why it is important to request a pay for delete of the entire account before fulfilling all obligations of the settlement agreement.

Did Charles Phelan help you to get the account removed in return for the payment? What does it now say on your credit report?

Thanks.

just made chase an offer, it was rejected because I never missed a payment.Chase gave me 5 year payment plan with a 6% interest, which I will call back after a couple of months to get down to 0%. Things are really tough and I find I am the fool who makes credit card payment before buying groceries..:confused:

Barclays was playing hardball..they keep sending me to strange phone numbers for Bankruptcy counselling

Finally spoke to a British guy who said he will make a notation available on my account to be considered for a hardship program

Just lost my patience and cursed him out.
Always a good customer, never missed a payment, always paid in full till i lost my job and was hospitalized.

Once I get rid of these cards, I will never ever hold a card with these thieves..Credit union is way better..arsewipes..