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Debt Settlement - I settled another card!

Date: Fri, 12/14/2007 - 10:47
Submitted by Justina on Fri, 12/14/2007 - 10:47
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Yay! just a quick note, I called one of my outstanding credit cards and they offered me a 20% settlement! I jumped on that and I am using my bonus to pay for it. Original balance was $17,900 after late fee's interest, etc - the final balance was $20,500- and they agreed to settle for $4100!!! They faxed me a offer letter and I accepted! So this makes two cards settled, my standing so far by doing it on my own:

1st card settled - balance $9600 - settled for 65% $6376 (not that great, I should have waited longer to make an offer - live and learn) - this one is paid.

2nd card settled - balance $20,500 - settled for 20% $4100.00 - sent them $300, the remaining $3800 is due in Jan

3rd card working - balance $26,303 - offered them 30% not as good, but their lowest offer was 35% so I went to 30% - $8100 - waiting to see if they will approve it.

4th card - Citicard - I have no idea, they sent me to A Collections Agent after only 3 months, then I had to write the CA to have them stop calling me as they were just so mean. I will figure this one out and work it later.

My recommendation:
I do have to say it helps having the funds - I got a much bigger bonus this year end and this is enabling me to settle, so save up the money, I did keep in contact with them about once a month. But all my cards are about 7 - 8 months old for those who are trying to do this themselves.

Also - thank you to this Forum - !! I would not have known what to do, how to proceed, and how to handle this, this forum has provided so much information. Thank you

Also - stop by my blog, I'm keeping track of my progress to assist others who may be considering this path.


I stopped by your blog today and commented on it. I think it is great.

I have been on here trying to find answers to some of the questions I have about debt settlement so I can begin the process. '07 was not that great of a year for us and I am hoping '08 is a lot better. Just with the knowledge I am gaining from sites like this, I feel like I can get out of this debt mess.


Submitted by girlndebt on Sat, 12/15/2007 - 12:07

girlndebt

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Yea for you!! Congrats! You are right, it does take some time and work-but it can be done.

Keep after them-I talked with a dozen different people on one of my cards-kept calling until I got one- and finally they agreed. Told them if they did't take the money- I would pay someone else with it- they decided to take it :lol:

Make sure you get it in writing that they are/have accepted payment as settled. Good Luck on the other ones--Keep up the fight!..Karen


Submitted by Bossy4455 on Mon, 12/17/2007 - 06:47

Bossy4455

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