Trying to settle with CU

[Anonymous]

Hi there ... I have an CC account with a CU.  The balance is over $30k at this point and I am well past 6 months past due with them.  I have tried very hard to settle this account with funds borrowed from family and friends but I have not been successful in getting anyone there to accept or counter an offer.  Has anyone else been able to settle with a CU?  If so, how did it go?  

I am in genuine need of help and this one credit union is very hard to negotiate with. 

I felt this was better than filing for ch7 or ch 13.  

Any advice is greatly appreciated.  

[zerofire]

First of all which CU is this? There are many of them and each one has their own processes. What I can say though is that it is highly unlikely that you will be able to settle for less than owed with a CU as they have members in charge and not investors. If the CU takes a loss then people like you will get to suffer. If anything they will want every penny back even if they have to wait some time. Also CU's usually have a cross collateral clause where any assets in the CU can be used to pay your debt without asking you including the checking and share account. Also many CU's will not take kindly to being left unpaid.