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Starting debt settelment

Date: Wed, 07/13/2011 - 08:20

Submitted by mcmullen1969
on Wed, 07/13/2011 - 08:20

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Total Replies: 4


[COLOR=black]I have just started my road to being debt free from my credit cards. I have made phone calls to all of them. Today I got a call from Chase talking about debt settlement in three months. My Chase account total is ~ 11600 as of now. I have a capital one that is ~18900, and an Associated Bank that is ~7800. My question is when do I start asking for a settlement amount? I can come up with the funds the first of the year to pay them off if they all cut the total at least 1/2. I want to wait for the funds to be there before I tell them I can settle out with them. Also what type of forms can I use to do this when I am ready[/COLOR]


Hi mcmullen,

Welcome to the forums!

You have not said if you already have missed payments on your credit cards? This is because, if you have not yet missed payments, you can rather try consolidating your debts. As for the settlement negotiations, it is better to try and negotiate from now and start making the payments or else, the creditors can start suing you for non-payment of dues. They can also hand over the accounts to collections.

There is no such specific percentage by which the creditors may agree to settle your accounts. It totally depends on the creditor and your finances. You can send the creditors settlement letters through certified mail requesting a return receipt. You will get a sample settlement letter at http://www.debtconsolidationcare.com/letters/sample24.html

Hope this helps,

Marvel Becks


lrhall41

Submitted by marvelbecks on Wed, 07/13/2011 - 21:47

( Posts: 143 | Credits: )


The goal is to settle ....not to consolidate. There is a huge difference.
To settle, they need to stash the funds away, not waste is on debt consolidation fees. FYI....you can still be sued while in a debt consolidation program.

Be careful with Cap One...they tend to be rather agressive and do sue. Chase seems to be good at offering settlements.


lrhall41

Submitted by SOAPLADY on Thu, 07/14/2011 - 05:00

( Posts: 17315 | Credits: )


My recent experience with Chase...

105 days from last payment, spoke to them a few times in that period, told them I could continue payments- unemployed. Called them at 105 days to make an effort to settle acct, offered $1800 one time payment on a $6400 bal, guy said if we go to 4 month could i do 2k, i said ok, put me on hold for approval and said they could only approve $2250 over 4 months, a 35% settement. In hindsight and after alot of research I probobly could have done a little better, but this pressure is gonna kill me.

Still have Cap One to do as well as several others have not spoke to them yet.

Any cap one pointers out there?


lrhall41

Submitted by anonymous on Thu, 07/14/2011 - 07:39

( Posts: 202330 | Credits: )