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Ultimate guide to settling by professional debt negotiator

Frequent Contributor

Ultimate guide to settling by professional debt negotiator

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

Message 1 of 22
21 REPLIES
Frequent Contributor

Re: Ultimate guide to settling by professional debt negotiator

See parameters and people to look for or avoid below

 

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

 

Original creditors:

 NamePercentageNotes
 JPMorgan Chase25%-40% in 12 PaysCHASE IS MOST LIKELY TO DISCHARGE. SETTLE THEM LAST
 Bank of America35%-50% in 12-24 PaysTHEY ARE STICKLERS FOR HARDSHIP AND FINANCIALS. 
 Wells Fargo60% in 12 PaysWill not move off this
 Citi25%-45% in 12 paysthey will mail you the settlement letters.
 PNC35% in 12 PaysEasy
 American Express70% in 1Litigious - likely to sue
 DiscoverSee BelowVery likely to sue
 SynchronySee BelowNot very likely to sue.
 Barclays35-50% in up to 12they typically charge off early
 USAA50-80% in up to 12 
 Capital One50% in up to 24% 
 US Bank50% in up to 14They will try to play games
 Elan Financial50% in up to 14They will try to play games
 

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------------------------------------------------------------------COLLECTIONS AGENCIES---------------------------------------------------
 NameParameterNote
 Second roundSee BelowMostly synchrony accounts
 URS/Alltran40%-60% in 12 paysaim low to start
 MRS10%-30% in up to 24 paysPrimarily chase. settle an account if it is placed here.
 Monarch recovery25% in 12 payments 
 LTD FinancialSee BelowPretty easy to work with.
 Phillips & Cohen40% in 1 / 43% in 8 paysSet Parameter
 Icon Equities (Affiliated CS)20%-45% in up to 24 Paysvery flexible. especially with chase.
 Gatestone & Co40%-50% in up to 24mostly boa
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----------------------------------------------------------------------------------------------------LAW FIRMS-----------------------------------------------------------------------
 NameParameterNotes
    
 Cooling & Winter  
 Rausch, Sturm, Israel, Enerson & Hornik50% in 12 paysVery easy to work with
 Blatt, Hasenmiller, Liebsker & Moore50%-75% in 12 
 Meyer & Njus65%-80%Aggressive
 Zwicker & AssociatesSee belowCommonly only synchrony or discover.
 Zarzaur & Schwartz60%-70% in up to 12 
 Zakheim & Lavrar65%-80% in up to 6 
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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!

Message 2 of 22
Regular Contributor

Re: Ultimate guide to settling by professional debt negotiator

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.
Starting FICO 8 scores (6/22/16) Ex 528 Eq 513 Tu 501
Present FICO 8 scores (8/1/17) EX 648 EQ 667 TU 634
Message 3 of 22
Frequent Contributor

Re: Ultimate guide to settling by professional debt negotiator

Yes they are on the aggressive end. 60%-80% in 6-12. Have your hardship ready
Message 4 of 22
Established Contributor

Re: Ultimate guide to settling by professional debt negotiator

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???



Giving up on the images for now

Stepped out of the garden 10/9/16

Message 5 of 22
Member

Re: Ultimate guide to settling by professional debt negotiator

Any feedback on Portfolio Recovery. Also in general where do u start with medical collections?
Message 6 of 22
Community Leader
Legendary Contributor

Re: Ultimate guide to settling by professional debt negotiator

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

Message 7 of 22
Frequent Contributor

Re: Ultimate guide to settling by professional debt negotiator

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.
Message 8 of 22
Valued Member

Re: Ultimate guide to settling by professional debt negotiator

Thank you for this! Book marking it..

Gardening Till 1/1/17...
.... Actually still gardening ( Today : 1/1/18 )
Message 9 of 22
Established Contributor

Re: Ultimate guide to settling by professional debt negotiator


jjnels 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).

" EX 687 EQ 701 TU 695 MMS 695"
Message 10 of 22