topic Re: Ultimate guide to settling by professional debt negotiator in Rebuilding Your Credit

Ultimate guide to settling by professional debt negotiator

Anonymous — Tue, 25 Oct 2016 19:51:34 GMT

Guide has been taken down for publishing elsewhere by the author.

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Sat, 03 Sep 2016 01:14:43 GMT

See parameters and people to look for or avoid below

NOTE: THESE PARAMETERS ARE ALL SUBJECT TO CHANGE BY THE INDIVIDUAL CREDITOR.

Original creditors:

	Name	Percentage	Notes
	JPMorgan Chase	25%-40% in 12 Pays	CHASE IS MOST LIKELY TO DISCHARGE. SETTLE THEM LAST
	Bank of America	35%-50% in 12-24 Pays	THEY ARE STICKLERS FOR HARDSHIP AND FINANCIALS.
	Wells Fargo	60% in 12 Pays	Will not move off this
	Citi	25%-45% in 12 pays	they will mail you the settlement letters.
	PNC	35% in 12 Pays	Easy
	American Express	70% in 1	Litigious - likely to sue
	Discover	See Below	Very likely to sue
	Synchrony	See Below	Not very likely to sue.
	Barclays	35-50% in up to 12	they typically charge off early
	USAA	50-80% in up to 12
	Capital One	50% in up to 24%
	US Bank	50% in up to 14	They will try to play games
	Elan Financial	50% in up to 14	They will try to play games
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----------	------------------------	--------------------------------	COLLECTIONS AGENCIES---------------------------------------------------
	Name	Parameter	Note
	Second round	See Below	Mostly synchrony accounts
	URS/Alltran	40%-60% in 12 pays	aim low to start
	MRS	10%-30% in up to 24 pays	Primarily chase. settle an account if it is placed here.
	Monarch recovery	25% in 12 payments
	LTD Financial	See Below	Pretty easy to work with.
	Phillips & Cohen	40% in 1 / 43% in 8 pays	Set Parameter
	Icon Equities (Affiliated CS)	20%-45% in up to 24 Pays	very flexible. especially with chase.
	Gatestone & Co	40%-50% in up to 24	mostly boa
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----------	-------------------------------------------------------	-----------------------------------	LAW FIRMS-----------------------------------------------------------------------
	Name	Parameter	Notes

	Cooling & Winter
	Rausch, Sturm, Israel, Enerson & Hornik	50% in 12 pays	Very easy to work with
	Blatt, Hasenmiller, Liebsker & Moore	50%-75% in 12
	Meyer & Njus	65%-80%	Aggressive
	Zwicker & Associates	See below	Commonly only synchrony or discover.
	Zarzaur & Schwartz	60%-70% in up to 12
	Zakheim & Lavrar	65%-80% in up to 6
	Blank
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LAW FIRMS

If you do not have a summons or court date, you can typically settle much lower. most law firms will be 50-80% over 12 payments. if you have received a summons or have a court date, the average will be 65%-90% in 12. if they have a judgement, it will typically be 85%-100% over as many pays as you need.

NOTE ABOUT SETTLING LITIGATED ACCOUNTS - They will have you sign a stipulated judgement. if you miss a payment or break the settlement, you will then owe the balance in full and the creditor will have a judgement and can collect through legal means. do not take legal settlements if you cant pay them.

MORE SPECIFIC PARAMETERS

Discover

Pre-Charge - 40% in 1 payment

Charge off - 70% in as many payments as you need ($5 minumum)

Second Round

30% in 1 pay

38% in 2-12

40% in 13-24

43% in 24+

LTD Financial

Discover - 60% in up to 24

Everything else - 25%-50%

synchrony

150-180 - 35%

180-204 - 30%

after 204 - 25% in 1 payment

If there are any creditors not here (im going off memory), please comment and i will add them.

Thanks and good luck!

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Sat, 03 Sep 2016 05:16:18 GMT

Thank you very much for posting this. I know it will be very helpful to everyone. Do you have any experience with law offices of Lavrar, Flynn? They are representing capital one on my charge off case.

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Sat, 03 Sep 2016 14:00:50 GMT

Yes they are on the aggressive end. 60%-80% in 6-12. Have your hardship ready

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Sat, 03 Sep 2016 15:21:21 GMT

Very helpful thread. Thanks for taking the time to share it.

This seems like a prime candidate for sticky or added to the helpful threads list. Mods???

Re: Ultimate guide to settling by professional debt negotiator

Headpin2010 — Thu, 08 Sep 2016 04:19:52 GMT

Any feedback on Portfolio Recovery. Also in general where do u start with medical collections?

Re: Ultimate guide to settling by professional debt negotiator

RobertEG — Thu, 08 Sep 2016 06:27:38 GMT

Why are you suggesting that one wait 180 days after becoming delinquent, and thus have a charge-off to then deal with?

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Thu, 08 Sep 2016 11:58:45 GMT

Robert, charge off is discussed in the thread. It has to charge off before most creditors will negate a settlement. For Pre-charge off accounts, the creditors will only settle in up to 3 payments and at way higher percentages if they settle at all. Settling IS dealing with the charge off and unfortunately there's no way around it.

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Thu, 08 Sep 2016 21:11:19 GMT

Thank you for this! Book marking it..

Re: Ultimate guide to settling by professional debt negotiator

MauiMan85297 — Thu, 22 Sep 2016 20:31:54 GMT

@Anonymous wrote:
Robert, charge off is discussed in the thread. It has to charge off before most creditors will negate a settlement. For Pre-charge off accounts, the creditors will only settle in up to 3 payments and at way higher percentages if they settle at all. Settling IS dealing with the charge off and unfortunately there's no way around it.

This is totally false, a creditor will settle the account as low as 60 days past due but at a higher % of the balance. Waiting 180 days till CO likely will get you sued (depending on creditor). Companies or attorney based models take the easy way out and tell you that it needs to go to 3rd party because they know they get better settlements from them as they buy the debt for pennies on the dollar.

Simply put, if you have the ability to save money before contacting the creditor and want to settle on your own then the creditor wants their money right away and if it's a larger amount of settlement they will typically give you 3 months max to make payments (holds true for debt being with OC).

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Tue, 27 Sep 2016 17:52:55 GMT

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Tue, 27 Sep 2016 19:18:24 GMT

@gsully00 wrote:
@Anonymous wrote:
Robert, charge off is discussed in the thread. It has to charge off before most creditors will negate a settlement. For Pre-charge off accounts, the creditors will only settle in up to 3 payments and at way higher percentages if they settle at all. Settling IS dealing with the charge off and unfortunately there's no way around it.
This is totally false, a creditor will settle the account as low as 60 days past due but at a higher % of the balance. Waiting 180 days till CO likely will get you sued (depending on creditor). Companies or attorney based models take the easy way out and tell you that it needs to go to 3rd party because they know they get better settlements from them as they buy the debt for pennies on the dollar.

Simply put, if you have the ability to save money before contacting the creditor and want to settle on your own then the creditor wants their money right away and if it's a larger amount of settlement they will typically give you 3 months max to make payments (holds true for debt being with OC).

Actually, thats exactly what jjnels says above.

Re: Ultimate guide to settling by professional debt negotiator

MauiMan85297 — Tue, 27 Sep 2016 19:57:56 GMT

@Anonymous wrote:
@gsully00 wrote:
@Anonymous wrote:
Robert, charge off is discussed in the thread. It has to charge off before most creditors will negate a settlement. For Pre-charge off accounts, the creditors will only settle in up to 3 payments and at way higher percentages if they settle at all. Settling IS dealing with the charge off and unfortunately there's no way around it.
This is totally false, a creditor will settle the account as low as 60 days past due but at a higher % of the balance. Waiting 180 days till CO likely will get you sued (depending on creditor). Companies or attorney based models take the easy way out and tell you that it needs to go to 3rd party because they know they get better settlements from them as they buy the debt for pennies on the dollar.

Simply put, if you have the ability to save money before contacting the creditor and want to settle on your own then the creditor wants their money right away and if it's a larger amount of settlement they will typically give you 3 months max to make payments (holds true for debt being with OC).
Actually, thats exactly what jjnels says above.

No it doesn't, the statement highlighted is incorrect and therefore what I'm disputing. You can settle the debt with the original creditor and doesn't have to go to 3rd party collections.

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Tue, 27 Sep 2016 20:14:31 GMT

Sully, I wrote a 20,000 word guide to settling debt to help people. I'm not here to split hairs about the nitty gritty of pre chharge off vs post. YES, most every creditor will settle before it charges off, and for that matter, ive settled accounts that were less thhan 30 days late or current, however most creditors will not offer you very favorable settlement options at that point, which is why i recommend waiting for charge off. Almost every creditor will only offer 3 payments pre charge. For example: Chase pre-charge will almost never settle but if they do it'll be 60% in 3 payments. Post-charge in-house will be 40-55% in up to 12. If they go to an agency like Monarch recovery, i can get 25% in up to 14 pays. Please take your nitpicking elsewhere and if you have something to contribute, dont be rude about it.

Re: Ultimate guide to settling by professional debt negotiator

MauiMan85297 — Tue, 27 Sep 2016 21:01:10 GMT

I don't think the tone of your reply is necessary as this is a forum to help people and if the information is incorrect then we don't need people using this forum to go by advice from a member stating this is the Ultimate guide to settling debt by a professional.

I think many people have chimed in if they felt the info that was being provided was inaccurate, not here to criticize or defame anyone so you can now come off the high horse you placed yourself on.

@Anonymous wrote:
Sully, I wrote a 20,000 word guide to settling debt to help people. I'm not here to split hairs about the nitty gritty of pre chharge off vs post. YES, most every creditor will settle before it charges off, and for that matter, ive settled accounts that were less thhan 30 days late or current, however most creditors will not offer you very favorable settlement options at that point, which is why i recommend waiting for charge off. Almost every creditor will only offer 3 payments pre charge. For example: Chase pre-charge will almost never settle but if they do it'll be 60% in 3 payments. Post-charge in-house will be 40-55% in up to 12. If they go to an agency like Monarch recovery, i can get 25% in up to 14 pays. Please take your nitpicking elsewhere and if you have something to contribute, dont be rude about it.

Re: Ultimate guide to settling by professional debt negotiator

Headpin2010 — Tue, 27 Sep 2016 21:21:24 GMT

As a former employee with Chase who collected on their credit cards i can attest to what jjnels is saying. Settlement is possible 75% of the time with Chase pre-chargeoff but not as low as post charge off. Plus post charge off you can spread out the payments more.

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Tue, 27 Sep 2016 21:44:11 GMT

@gsully00 wrote:
@Anonymous wrote:
@gsully00 wrote:
@Anonymous wrote:
Robert, charge off is discussed in the thread. It has to charge off before most creditors will negate a settlement. For Pre-charge off accounts, the creditors will only settle in up to 3 payments and at way higher percentages if they settle at all. Settling IS dealing with the charge off and unfortunately there's no way around it.
This is totally false, a creditor will settle the account as low as 60 days past due but at a higher % of the balance. Waiting 180 days till CO likely will get you sued (depending on creditor). Companies or attorney based models take the easy way out and tell you that it needs to go to 3rd party because they know they get better settlements from them as they buy the debt for pennies on the dollar.

Simply put, if you have the ability to save money before contacting the creditor and want to settle on your own then the creditor wants their money right away and if it's a larger amount of settlement they will typically give you 3 months max to make payments (holds true for debt being with OC).
Actually, thats exactly what jjnels says above.
No it doesn't, the statement highlighted is incorrect and therefore what I'm disputing. You can settle the debt with the original creditor and doesn't have to go to 3rd party collections.

gsully00 - please reread what you both have written - the blue highlights. You are stating it as an absolute, that EVERY creditor will settle an account before its charged off. That simply is not true - a given creditor MAY or MAY NOT settle an account before CO, but in no way is it a sure thing. OTOH, jjnels writes "most creditors" which is NOT an absolute. He continues on the say EXACTLY what you said, in that they will only do so at a higher percentage, and within three months.

The only point of contention here is that you are stating outright that EVERY creditor will do this, while jjnels is sayin they may or may not.

Sorry bro, but I'm simply gonna have to give this one to jjnels

Now PLAY NICE, both of you. LOL.

Re: Ultimate guide to settling by professional debt negotiator

MauiMan85297 — Wed, 28 Sep 2016 02:24:14 GMT

Not to beat a dead horse here ( and believe me, nothing but carcass here) but what I've said is a creditor will settle a debt even less than 60 past due rather than waiting more than 180 past for it to go to CO status (some creditors are finicky, i.e. Discover, Amex and quick to sue) and now you have 2 derogs on CR.

The wording might be off when I said a creditor will settle when I was responding to OP and know that a creditor doesn't have to settle at all. I don't know a creditor that won't settle unless it's a debt backed by the Feds or it's a credit union debt that consumer also has a secured loan as they will cross collaterize the debt.

I'm out on this subject 😀

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Wed, 28 Sep 2016 15:06:22 GMT

@gsully00 wrote:
Not to beat a dead horse here ( and believe me, nothing but carcass here) but what I've said is a creditor will settle a debt even less than 60 past due rather than waiting more than 180 past for it to go to CO status (some creditors are finicky, i.e. Discover, Amex and quick to sue) and now you have 2 derogs on CR.

The wording might be off when I said a creditor will settle when I was responding to OP and know that a creditor doesn't have to settle at all. I don't know a creditor that won't settle unless it's a debt backed by the Feds or it's a credit union debt that consumer also has a secured loan as they will cross collaterize the debt.

I'm out on this subject 😀

Yes, you are correct that you may end up with more derog info as result - but note that the post was a "guide to settling" not a guide to rehabbing your scores. With that in mind, the OP's advice to wait for the CO to get a better settlement deal seems quite appropriate.

Re: Ultimate guide to settling by professional debt negotiator

Anonymous — Wed, 28 Sep 2016 16:06:50 GMT

JJnels,

I think this is SO helpful. And thankfully, I do not need to use this advice, but I'm sure many others will very much appreciate it as a guide.

I think that we all agree that there are no absolutes, and, as always, YMMV as with almost everything.

So THANK YOU.

(On a side note, I noticed that your info next to USAA info was blank. I have a charge off with them (actually beyond the SOL and to come off my report in 30 days). They never turned the account over to collections. I have read a lot from other users, and it seems that they do not turn their accounts over to anyone, and rarely sue. They do however blacklist forever unless they are paid off. )