How to reduce the balance-settlement

I will recommend calling them. they will not write you back to offer you a settlement.

I agree with SOAPLADY. Just call them. In fact, call them regularly. Once the bank starts seeing you as person in a financial hardship and not some number on their ledger line they are more likely to settle.

That said, you really want to get any settlement offer from them in writing. Do not make a payment until you have an agreement in writing bc it will re-age your account. Meaning, the bank will consider your account current and any leverage you had accrued by being delinquent will be erased. And believe me, delinquency is the only leverage you have. I have walked through the fire myself. 3 of my 4 accounts went to charge off. I ended up settling $130k for $40k so it was worth it. I am not a counselor, but if you do need some advice feel free to post here and I will do my best to help or refer you to someone who can.
(Link Removed by Shazzers as solicitations are against TOS rules)

Link removed. Please read TERMS OF SERVICE for a more detailed description regarding advertising. Shazzers

I hesitate to charged off. If the account is charged off than your risking possibility of a law suite. From experience not all creditors tend to send account to collection agency instead straight to attorney. You can rest assure the aggressiveness of attorney will not be an ease, especially if your portfolio contains secured property. However, should you be send to an attorney then perhaps you can still negotiate but I'm assuming with higher interest addition to attorney cost. I recommend you prevent charge off by offering an amount to your creditor. Preventing charge off for even month may buy you time for settlement .

Follow this mean test, if you have greater things to lose such as property or business than you should prevent charge off by paying minimal fee. Than settle it.

Hope this helps kido.

Forgive me for my spelling error .Editing feature is disable on guest account.