Gettinout

Examples of actual settlements with major CCs

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I'm preparing a counter settlement with MBNA. I dont want to offend the person on the other end. I fear an offer too low may lead to a recision of the original offer initiated by MBNA. The original offer is actually quite good, but I will have difficulty coming up with a cash payment. I was ecouraged to counter offer if necessary. I hope this isn't too good to be true.

I really would appreciate any examples of actual succesful settlements. Ideally the percentage settled for and any extenuating circumstances.

Thanks For Any Assistance,

Gettinout

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Had judgement for $7800 from Wachovia Mastercard. I was able to settle it for $1500. The default date was 1999 but the judgement was filed and recorded in 2002. I dealt with the collection agency representing Wachovia.

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You two guys got good offers. So these debt collectors didn't attempt to garnish wages? Thats what they are threatening me.

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They will threaten everything. If they sue and win a judgement, then they can and will garnish your wages first of all.

My settlements:

American Express - $5,000 for $2,500

Chase - $5,000 for $2,500

Citibank will not settle for less than 80% so we won't settle with them.

Give us an example of your extenuating circumstances. If you mean getting any sympathy from them for something, you can forget that. Good luck.

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When you settled with them, you had to make one payment? or were you able to make monthly payments to them?

We made one large payment.

You can always try. All they can say is no.

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Citibank will not settle for less than 80% so we won't settle with them.

Failure to mitigate damages, oops.

I'm sorry, I don't get it. What does that mean?

:(

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MBNA will go as low as 25% on most accounts but you have to give them a song and a dance, know what you're talking about and it has to be at the right time. I've settled MBNA accounts as low as 15%.

You must wait until the account is delinquent between 5-6 months. Wait until the last few days before the account will charge off...which is the last few days of the 5th month being delinquent and then call and offer them 25%. I guarantee if you are calling the right dept. they will accept. If you need a number and a good contact person pm me your email and I can give you all the info. you need and explain what needs to be said in the call.

Do not worry about any previous offers made. I know how they work. MBNA will normally allow you to split even 25% up into 6 payments. 3 payments is easy but you can get 6.

If you need more info. just post a reply.

SIFXPERT

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Welcome to the board sifexpert. Your knowledge is quite extensive.

I have negotiated a settlement very similar to what you described as being possible with MBNA.

I'm always leary of new members (paranoia) but your input has mirrored, quite accurately, my experiences with MBNA. I stumbled through the process, and even sometimes think that MBNA actually led me through it.

Again, Welcome and I look forward to further input.

B of A next please!

Gettinout

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There has been a lot of discussion on the board about Discover playing hardball. The consensus seems to be they will only go to 50%.

I have 2 Discover cards, both about $16K.

One went to Encore, a CA, and after making a few token payments, they called (at the end of the month) with an offer for 30%. I took it, although didnt know enough at that time to work a PFD. So obviously Discover does come down. I did have a good cordial relationship with the CA rep, so maybe I charmed them, I dont know :wink:

Second Discover card for about same amount for DW went straight to an attorney. Go figure.

So if I made an offer on the second one, would it have any impact if I showed them the other offer for 30%? That is what Id like to offer them.

And if I do offer and they only want big bucks should I just let it go to summons and then answer to buy more time to settle?

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I would definitely send them a settlement proposal and include the settlement offer on the other account for 30%. Include your hardship and tell them you are ready to settle for the same amount.

In my opinion though; they will not go for it and try to tell you that you waited too long and that was them and this is us blah blah blah.

I normally get 60% with the attorney although, I do not have many of these cases because Discover holds my accounts until we settle so I normally do not deal with anyone other than the settlement dept. at discover. I have a very good relationship with them.

They are difficult to work with but last week I helped another member with Discover and she settled for 40% directly with Discover.

Debt Co.'s negotiate with creditors much differently than consumers for the most part because we settle bulk accounts. The larger companies do at least. For example, if I call a creditor to settle $250,000 worth of accounts they are much more willing to give me 25-30% as opposed to joe-consumer with a $3000.00 account.

With that said, and knowing ERC, did you get the details of the settlement in writing and if so can you post the contents of the letter here or PM me? I have never heard of a 3rd party settling that low on a Discover account if they were representing Discover. I have 2 close friends who worked for Discover as collectors and they would settle pre-charge off accounts from time to time for 30% but it was very rare. The norm is 40-50% pre-charge off and 55-60% after CO.

If they tell you something ridiculous, DV them to stall and if you get served definitely file an answer.

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They are difficult to work with but last week I helped another member with Discover and she settled for 40% directly with Discover.

Do you know anything about settling after a judgment? I have a judgment on a Discover account and supposedly Wolpoff was the attorney for the OC, not a JDB/CA. Negotiating with Wolpoff doesnt work. Do i have to go through them or can I go to Discover directly. BTW I offered around 40-45% to settle right before court and they turned it down so now they have a judgment but they have not collected a dime and really cant( They knew all about my hardships, but they seem to be braindead). I'm not really in hurry to make things convenient for them, but I dont want to keep racking up post judgment interest if i could get rid of it.

As far as the Topic,

I did settle small accounts with Citi for 20% directly with them about 4-5 months after chargeoff. I paid $286 for a $1430 account and $169 for a $845 account. That is all I have setttled. I have received offers from most everyone from 30-70%. I am coming up on SOL and have faced a couple lawsuits, so I'm probably onl going to settle with those I have to. AMEX offered me 40% and I might endup actually paying them 100% because they sometimes offer a deal where if you pay it you will get a new card; they also blacklist. Provdian has offered me 50% in the past but they started around 70-75%...Most of mine are out of the OC hands at this point in time and they get passed around to JDBs. I really wish I knew the LAWS 2 years ago because I had some violate big time but i didnt save tapes and its too late now to do anything. The worst was a Circuit City account, they leave me alone now but they sent me to an "attorney" that violated on a daily basis. I should of made them a settlement offer to PAY ME. I think most of my accounts were with Citi, so thats probably all the different creditors i have dealt with on settlement... Oh yeah, the Citi Settlements I did 100% on my own. I was a client of Emergency Debt Relief for about 8 months but they never settled anything. dont think they were bad, just not worth paying them 18% ( unless they could get me at least 20% better than i could get myself and it wasnt happening). My Discover offer was through an attorney that charged me $200 flat but refunded since they couldnt get it done.

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Greg,

Do you live in Md. or Va.?

Wolpoff are bastards to begin with but once an account goes to Judgment it becomes even more difficult.

How long ago did they get the judgment?

Do you own property?

Are you employed or self employed?

Checking/Savings in your name?

How much is judgment for?

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Greg,

Do you live in Md. or Va.?

Wolpoff are bastards to begin with but once an account goes to Judgment it becomes even more difficult.

How long ago did they get the judgment?

Do you own property?

Are you employed or self employed?

Checking/Savings in your name?

How much is judgment for?

MD

Judgment is from around April 2004

No property

Unemployed, only Unemployment since 2004, ended this April. Some small "self-employment" amounts

CHecking in my name, but I am working on getting a new account with an out of state credit union with my account address also in another state.

Orignal amount was about $2600. I offered $1000, and then $1200. I was unemployed at the time and I basically offered them my Tax returns. they turned down all offers, Judgment with fees was about $3000. Now they claim about $3800. they sued me in a county in MD about 2 hours away frm where I lived and got default. Part of that was my fault because when I tried to hire someone to settle/defend the convined me to BK and I decided not to when it was too late to defend myelf.

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i didn't respond here cause i responded to this question on another thread.

i would ride out the dv letter with unifund. you could settle discover judgment for 60% but it will take some work. i suggest you do so soon b4 they go after your accounts.

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I recently negotiated a settlement with B of A for 50% of the balance.

Of course the balance was the principle and 29% interest for 150 days plus late and overlimit charges. Still the settlement helps.

I've settled with MBNA for 30% and B of A for 50%. I have one account left and am currently deciding whether to settle or go through a hardship program.

The key has been getting to the right person on the phone. The regular phone jockeys will scoff at the concept of settling. The right people have been polite, and when presented with my financial situation, they have gotten quick approval.

Good Luck

Gettinout

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MBNA will go as low as 25% on most accounts but you have to give them a song and a dance, know what you're talking about and it has to be at the right time. I've settled MBNA accounts as low as 15%.

You must wait until the account is delinquent between 5-6 months. Wait until the last few days before the account will charge off...which is the last few days of the 5th month being delinquent and then call and offer them 25%. I guarantee if you are calling the right dept. they will accept. If you need a number and a good contact person pm me your email and I can give you all the info. you need and explain what needs to be said in the call.

Do not worry about any previous offers made. I know how they work. MBNA will normally allow you to split even 25% up into 6 payments. 3 payments is easy but you can get 6.

If you need more info. just post a reply.

SIFXPERT

SIFXPERT,

In general, what does MBNA do with CC debts that have been discharged via Chapter 7 BK. Do they sell them, or just eat it forever since its been discharged. If my goal is to delete the tradeline completely which shows "Included In Bankruptcy" , would a PFD work? Also discharged Discover, etc(the list is probably shorter if I mention who I didn't discharge). Thanks if you could offer an opinion.

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