When to Call About Settlement

[Anonymous]

I plan to settle two of my charge-offs in Feb and the rest of them in July (annual bonus time).  For planning purposes, I'd love to know how much they'll agree to settle for.  Is it too soon to call now, or should I wait until I have the payment ready to send?

[gdale6]

I would not poke the bear until I had the cash on hand to settle. Rule of thumb for amounts of settlement are 75% if still in SOL, outside SOL 30-50% though some wont budge for much even past SOL.

[Anonymous]

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@gdale6 wrote:

I would not poke the bear until I had the cash on hand to settle. Rule of thumb for amounts of settlement are 75% if still in SOL, outside SOL 30-50% though some wont budge for much even past SOL.

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What is SOL?

[OmarGB9]

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@Anonymous wrote:

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@gdale6 wrote:

I would not poke the bear until I had the cash on hand to settle. Rule of thumb for amounts of settlement are 75% if still in SOL, outside SOL 30-50% though some wont budge for much even past SOL.

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What is SOL?

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Statute of Limitations. The time period during which creditors may sue you to collect. It differs by state.

[satio]

+ 1 on don't poke the bear until you are ready. You can practice your negotiating tactics leading up to the events.

If you share the creditors and the age of them in terms of charge off date,  the membership here may be able to share experiences as to what may be possible but gdale6 has given fair estimates.