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Discover and Chase done! 2 left!

Date: Mon, 01/03/2011 - 11:18

Submitted by debtinthedistance
on Mon, 01/03/2011 - 11:18

Posts: 89 Credits: [Donate]

Total Replies: 9


Finally I feel like I getting somewhere on this journey. At the beginning of December we thought we had a deal with Chase but when they sent the paperwork it was not what we agreed to (paying off 2 accounts combined they wrote it as paying off only 1 so check that paperwork CAREFULLY). Finally at the end of the year we got them to agree to what was originally verbally agreed to and we got the correct paperwork this morning. What a relief! So 2 Chase accounts settled at just under 25% at about 160-165 days.
And last week we settled with Discover! I figured they would be the hardest and last but turned out they were actually the 1st. We knew (from reading here) they were tougher to settle so we decided if they went lower than 55% we would jump on it. On December 30th they went to 50%, sent us the paperwork by fax right away and it was done and paid before the end of the year. The joy of being done with them is incredible!!!
Citi is at 150 days right now and they are calling us tomorrow to let us know if they will accept out offer of 22% so my fingers are crossed that we can get that one to settle at that or close.
Bank of America is giving us the toughest time which surprised me a bit but we are now calling them every few days since we are almost at 180 days and don't want it to charge off.
I remember back when I started being so scared but boy am I so glad we went down this road. I feel like I am getting my life back. So for anyone new this can be done. We talked to each company about 1x/week during this journey and just kept telling them our story. 99% of the people we have spoken to have been very pleasant, understanding and wanting to help. The others we just got off the phone and tried back another day.
Thanks to everyone on this board who helps and contributes. The advice and support is PRICELESS!!
debt in the distance:p


Doesn't it feel great to finally take back your life? My journey will be over March 1. It has been long, hard and at times nerve racking, but there is a light at the end of the tunnel and I can't wait to see it clearly. It is because of the great advice on this forum that I have been able to make it through.


lrhall41

Submitted by Lizzie1014 on Mon, 01/03/2011 - 11:23

( Posts: 382 | Credits: )


Tryingtobe,
We were 151 days with Discover (181 by their crazy way of counting. They told us they count from when your last payment was current). Our offer was 45%. We had been offering that same 45% for over 30 days. Pam at 623-643-2544 x40238 was the person we dealt with for over a month. She kept telling us they couldn't go below 65% and finally as we were getting closer to the end of the year she suggested we try her back on the 30th or 31st and she may be able to get closer. We offered the 45% again on the 30th and she said they could do 50% if we could get it done before the 1st. We did it all in 1 payment by ACH on the 31st after receiving the offer by fax. We were never sent any Attorney Placement Pending letter.
Hope that helps.
I will keep updating as we get the other cards done.


lrhall41

Submitted by debtinthedistance on Tue, 01/04/2011 - 15:56

( Posts: 89 | Credits: )


I don't think there is a specific time when you need to stop paying your CC company. But it is a fact that unless you're delinquent on your payment, the creditor will not consider your request for a settlement or consolidation. You should be late by around 2-3 months. However, being delinquent deliberately may not help your situation.


lrhall41

Submitted by Anna Sweeting on Wed, 01/05/2011 - 01:13

( Posts: 1827 | Credits: )