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Settled Myself

Submitted by on Tue, 08/12/2008 - 18:54
Posts: 202330

I just wanted all of you to know that after reading many, many posts on this forum, I have successfully settled a credit card debt with GE MoneyBank for $750. The balance had been $2365. I have not paid anything since March. I originally offered $850 in April. They did not even respond. On my next offer I dropped it to $650. For months they would not budge past $1050. Tonight I was able to get them down to $750 and decided it was time.

I think the key to this settlement business, is staying calm on the phone and saying as little as possible. This account was ready to charge off and the fella on the phone said he absolutely could not go below 35% as that was his company policy.

I am slowly climbing out of debt hell. All my other accounts are with a dmp and they are getting paid in full, just at a slower, more manageable pace. I just want everyone to know that this is possible, there is hope. Thank you everyone for your support and help.

How did you go about doing this. I need help fast

Submitted by on Wed, 08/13/2008 - 17:32

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That's good you got that good of an offer after just 4 mos. after your last payment. I thought that charge-offs occurred after at least 6 mos that they would not discuss any beneficial savings at least in the 6th month. Wow! What month did they offer $1050 that's less than half. Very impressive on a not so large balance too! Persistence and knowlege pays off.

Submitted by on Sat, 04/11/2009 - 15:41

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