Does everyone settle at 35% in general? Is around 50 % good too?
Date: Wed, 04/07/2010 - 13:10
I worked so hard, spent hours on the phone and can only get 40-50% at best. I am drained and tired too.
So, it's true everyone getting much lower than me?
Is 35 cents on a dollar so usual? Really, am I that bad a negotiator? I think I tried everything - sobbing, explaining, being nice and smiley. I mentioned bk too. They just don't budge.
I know there are very many factors but so far I settled:
Chase at 40% at 160 days (owed 10,000). I know chase usualy goes lower but i got a nice lady on the phone and after offering them 3500 and she was insisting on 500 more to be paid in one month, i agreed. was just too tired and hopeless, maybe:(
Amex at 40 % at 120 days (CA actually) (3,000) I know I could've got better but it was my first settlement and after 5 months of " we don't settle" talks, I jumped on it.
Citi is tough. No settlement yet but we are close to 50%. I can only do 30%. it's my biggest balance too (15,000) 150 days late
Discover might do 60% with me but they are still considering ( the balance is 5000)
I really tried my best, i think. 170 days late
Did I do an ok job?
Quote:Originally Posted by AnonymousReading up on this forum and
Quote:
Originally Posted by Anonymous Reading up on this forum and got a lot of useful information but still.... i couldn't get a 35% offer. I am a DIY and was wondering if most people are getting 35 cents on a dollar when settling? I worked so hard, spent hours on the phone and can only get 40-50% at best. I am drained and tired too. So, it's true everyone getting much lower than me? Is 35 cents on a dollar so usual? Really, am I that bad a negotiator? I think I tried everything - sobbing, explaining, being nice and smiley. I mentioned bk too. They just don't budge. I know there are very many factors but so far I settled: Chase at 40% at 160 days (owed 10,000). I know chase usualy goes lower but i got a nice lady on the phone and after offering them 3500 and she was insisting on 500 more to be paid in one month, i agreed. was just too tired and hopeless, maybe:( Amex at 40 % at 120 days (CA actually) (3,000) I know I could've got better but it was my first settlement and after 5 months of " we don't settle" talks, I jumped on it. Citi is tough. No settlement yet but we are close to 50%. I can only do 30%. it's my biggest balance too (15,000) 150 days late Discover might do 60% with me but they are still considering ( the balance is 5000) I really tried my best, i think. 170 days late Did I do an ok job? |
You did fine. I have been negotiating my entire life and did only slightly better than you. AND my balances were huge. They tend to be tough on the smaller balances for whatever reason.
Amex was 35% for me and I had to fight all the way for it. Chase I got 30% with collections.
Discover is TOUGH and Citi is hot and cold.
Hang in there. You're doing well.
I know what you are saying. I have settled three so far. One f
I know what you are saying. I have settled three so far. One for 50% (smallest balance of them all), one for 40% and one for 35%. I was thinking what do these people do to get 20%-25%? But there are differences in our situations and therefore, differences in our settlements. For instance, some people have talked about their homes being in foreclosure. Mine is not and is current - my car is current - my credit card at the credit union is current. I've given them my situation but they can see from my credit report that I'm not totally in a financial meltdown and I think that makes a difference.
So anyway - when you think about it, how great is it that you were able to negotiate off 50% or more of your debt without having to pay a company and be delinquent for 2 years before it finally got settled. I say GOOD JOB! I'm excited about my settlements and you should be too.
Oh I forgot to mention that at some point in time, 35% of the cu
Oh I forgot to mention that at some point in time, 35% of the current balance is less money than 25% of an inflated balance down the road.
Quote:Originally Posted by AnonymousOh I forgot to mention that
Quote:
Originally Posted by Anonymous Oh I forgot to mention that at some point in time, 35% of the current balance is less money than 25% of an inflated balance down the road. |
Very true...and many people just look at the %. This entered into all of my settlement negotiations. I had a credit line with boa that was at 4.25% and they could not or did not increase it even at 5 months late. That one I could wait on. BUT Chase took me to 32% on a big balance so that became a big priority to settle.