My debt settlement story..

hi everyone,

I've been reading these forums for the last month and felt motivated to try to do debt settlement on my own before I thought of hiring a company to do it for me. I have a total of 12 cards, with $89000 total in debt.

I was really nervous to start it on my own but it has been easy to settle with Chase and Amex (NCO) so far. I started this entire process on 10/29.

1) Chase, 5 cards, settled at 20 percent. The 1st time I answered their calls in over three months, I gave them a dollar balance to settle one card (most delinquent at 150 days), which was less than 20 percent of the balance. This was Friday and the rep said he would call me back by Monday, which he did. I settled that account and 20 percent on the other 4 cards too! It was so..easy!! Payment plans on 3 cards (3-4 payments), lump sum payments for 2 cards. (delinquent between 110-150 days on all cards)
2) Amex, settled both cards with NCO for 30 percent, lump sum. Amex sent it to NCO to collect the debts but it wasn't charged off yet. I talked to them on 10/30, they said only 60 percent first, then 50..NCO rep said Amex doesn't settle for less than that and I said I couldn't afford that. They called me again on 10/31, I offered them an amount equivalent to 30 percent and they agreed! Lump sum for both accts. I think it helped that it was at the end of the month and apparently, NCO has to show some results to Amex.
3) Citibank, only offering 40 percent right now...153 days late, plan to call back at the end of the month before charge off.
4) Discover, only offering 50 percent--lump sum only, 55 percent--if split in two payments;
It is 150 or so days delinquent.
5) Wells Fargo, only offering 60 percent at 113 days delinquent
6) State Farm Bank Card, only offering 60 percent at 120 days delinquent
7) Bank of America, offered 35 percent at 120 days delinquent, I think I can get a better settlement with them so I'm waiting.

As you can see, I have settled 4 cards so far (with lump sum payments) and 3 cards with payments plan. That is 7 of 12 already. 5 cards to go!!! I am true believer now that I can do this on my own without paying all these fees to debt settlement companies, which will keep me in debt for a year or two and the worse my credit will go with charge offs and such. I plan to be out of debt by the end of March, I am keeping my fingers crossed that I'll be done by then, 5 months flat.

All the reps for the creditors have been really nice and wanting to help...Remember to be polite to them and really give them your hardship story...NCO was harder to please and much more aggressive in the beginning... Good luck to everyone!