Must I be delinquet before settlin debt

I having the same problem with chase. 4500 balance. Raise min payment from 2% to 5%. Told me I can leave my min payment at 2% if I accept 7.99% rate for 2 years. I refuse. The first I heard about the 10 fee but I'm sure that's next. This is highway robbery the way they are treated their responsible customers. But this is how I see it, If they screw up my credit that will cause be to get higher rates on loans then I'm not going to send them another dime. So the first payment I can't make(bc of the terms they are playing with) will be my last one to them. I'm not going to make payments and still have bad credit. The government needs to pass some law were the min payment can be no higher than 3% bc anything over that is like making house payments for some. If they was going to have the min at 5% most people would have just taken out regular loan and now the majority of people are stuck bc they can not get a regular loan. Talk about kicking people when they are down

Ron,

Unfortunately you must be late on your payments before you try settlements on your accounts, in most cases about 90 days late.

If you are still current you may want to look into debt consolidation.

I was able to settle with Chase for 65% of 40K with 4 Cards. 3 were less then 30 days and 1 was still current by 1 day.

Quote:

im sure in some rare cases it has happend settlement before delinquency, but its highly unlikely that a creditor will even consider a settlement until the debt is more than 90 days delinquent and this is why. Why would they settle if you are currently making the payments? they are still making money off you. the way settlement works is that they have to be a little scared that they are not gonna get anything so they are willing to take a little unstead of nothing at all