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A few debt settlement questions...


lilrowo
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I have a couple of cc acounts that have been late, and I have received letters in the past offering settlements with no specific amounts, which I couldn't do at the time. I would now like to try to settle these cc, which are still with the oc's so far. I also have other cc's that are about a month late, some are up to date.

If I were to send settlement letters, do I still validate first since they are with the oc's?

At what point will the oc's possibly consider settlement? One was almost in collections, about 6 months late. I have paid on it recently so it is still with the oc as for now. The other was not as late, but I was still sent a letter offering a possible settlement, with no specific amount. In other words, about how late would they usually have to be before they will settle? Both are over the limit, because they lowered the limits on all my cards with the decline of my credit report, and conveniently added over the limit fees at the same time.

And finally, if I were to send settlement letters what is the best percentage to offer in the first letter?

Thanks for any advice!

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You are not going to get the best settlement with the accounts being this newly gone bad. If you want to pm or email me and tell me which creditors you need to work with, I can send you some info on what to start with. You don't ever send a dv letter to an oc unless your in a state like CALI that considers the oc to be part of the fdcpa. My email is sisflomi@yahoo.com

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I have some cc companies that I would like to settle with DOLA as far back as 1/1997. I was wondering if I should wait until the expiration date to have them removed or offer a DS letter to resolve the debt. I am a newbie....

Best thing to do is start a new thread since this has nothing to do with this particular thread.

Second thing, relax and don't settle with them, don't talk to them, if a CA contacts you then send them a full C&D. This advice assumes that the DOLA was back in 1997. SOL in Maryland is 3 years for open-ended accounts. If you opened the account in another state you will want to check their SOL as well. Go to the link on top of the screen.

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