Credit Settlement Amount Question

[John060675]

Dear Forum Members,

I have a collection from Midland Credit Mgt. for a total of $6,250, which is from mid 2008.  I live in Florida, which the SOL is 4 years on credit card debt.

My question, what should I offer them as a settlement payment?  I have heard 25% is a good starting point, but I was wondering if even less would be better.  I know I should do a PFD, but I have heard they do not bother fighting a dispute once an account is settled (could be wrong on this though).

Thank you for your help.

[John060675]

bump........thanks

[Anonymous]

I have an acocunt with them as well and would like to know. I'm curious as to what they would offer in terms of a settlement?

[IOBA]

Most people have success with 35% and more.   I have not heard of any CA accepting less than 35%.    (There are probably stories out there of this....I just haven't heard them.)

Be prepared to discuss your financial picture with them.  They will ask where are you getting the  money, etc.   

If you really and truly owe the money, then ask for a PFD and offer the full amount.   It's better to pay the full amount and get it off your credit reports!  (Just make sure you have the full amount before making the offer.)