Debt settlement with ELAN financial

[Anonymous]

Dear All, 

I have 2 charged off credits from 2 separate ELAN financial credit cards (one credit card company was taken over by ELAN financial, besides having an original ELAN financial credit card). These loans are approx 11kand 21k.

I want to settlte the debt. Right now I am planning to offer 2.5k per credit card for settlement against the above mentioned debt, as cash in my hand is only 5k. 

Do you think this is a reasonable amount to offer (this is exactly the amount of cash I have). Any other strategy is welcome. 

Thanks

SJ2K

[CreditCuriosity]

I am far from an expert on Elan and settling although probably depends on how old these debts even if really old I highly doubt they will take that for the amount owed to them.  They still own the debt or have the sold it?  I am guessing if it is old debt it has been sold?

[Anonymous]

Actually It seems they still own the credits and had simply forgot about it After 6 years they have started to contact. I want to settle this myself as charge off statements are keeping my credit low. Any guideline on what is the best deal I can get under the circumstances ? I want to pay the minimum and get the charge off removed from my credit statement. thanks

[CreditCuriosity]

I will let others that are way more qualified on this comment on this matter.. I assume the SOL are 7 years where you live?  I assume if that is the case and they are reaching out to you they might taken action being a judgement or wage garnishment, but as stated I know nothing about how ELAN operates especially since they own the debt still.  Will watch to see what other experts say just happened to be in this section for something else hence my original post.

[RobertEG]

What is the date of your first delinquency on each account, after which you remained continuously delinquent, and what is the statute of limitations on credit card debt in your state?