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Have you ever settle for less then you originally owed? What did you owe and what did you settle for? Was the settlement offered or did you ask? And most importantly who was it with?
Is there a specific lender/CA you're wanting to know about? Because no two creditors are the same. Some are more open to negotiation than others, some don't want to negotiate at all, and some have lower thresholds on what they'll accept in a settlement.
Synchrony
Chase
Discover
Citi
Cap1
Figuring out who would be most incline to settle around 30%. Considering bankcupty but I might lose some assets(according to a lawyer) so im considering just defaulting and then trying to settle. Trying to weigh the pros and cons. Id most likely keep the ones who would least likely not want to settle. Ive defaulted on some cards in 2019 and that did affect my score but did not affect any other cards.
"Because no two creditors are the same. Some are more open to negotiation than others, some don't want to negotiate at all"
Bingo. 2017/2018 I dealt 3 or 4 collection agencies, some were willing to pay for delete with a settle at way below the original debt, some were willing to pay for delete for original cost and some were just outright scumbags and not willing to budge and threatening legal action.
Some more detail would be helpful.....If you're dealing with a reasonable CA - they will have some sort of offer and make sure you always get everything in writing, especially on the pay for deletes. Always demand receipts.
I settled with Chase in 2011. I owed $9,200 and I settled for $3,223, which is about 35%. I made the agreement when I was 180 days past due, and the account was set to charge-off the next day. Three week earlier, they were only offering a 55% settlement, so they seemed motivated to get some money out of me before charge-off.
It depends on the balances, I had multiple high balances ($8000+ each) settle for 20 percent of what I owed, while smaller amounts I owed to other companies wanted 40-45%, one creditor even demanded 60% of the balance, but it was a low balance ($1300) It helps when you can do a lump sum.
@user365735 wrote:Synchrony
Chase
Discover
Citi
Cap1
Figuring out who would be most incline to settle around 30%. Considering bankcupty but I might lose some assets(according to a lawyer) so im considering just defaulting and then trying to settle. Trying to weigh the pros and cons. Id most likely keep the ones who would least likely not want to settle. Ive defaulted on some cards in 2019 and that did affect my score but did not affect any other cards.
I settled a Discover CO (from 2017) last month. My experience may be different because I didn't settle with them directly, apparently some CA company called National Enterprise System have been managing the debt for Discover, so they instruct me to call them. So I called the CA and settled for 50% savings. So far only the balance has updated but there's no change in status. Hope this month updates.
Hello. I am currently in a debt settlement program. I have a dedicated savings account for my debt payments and an attorney that contacts my creditors and negotiates with them. When they reach a deal, my attorney emails me the offer and I have to approve or decline it. So far I have never felt the need to decline, as the offers are really great. So far, they have saved me over ten grand! I do not think I could have done this better on my own. It has been the best thing for me. They have settled with Chase, Discover, Capital One, and others, too.
Good luck in negotiating with your creditors. Hope all goes well.