Gettinout

Examples of actual settlements with major CCs

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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

My sister owes 18,000 to MBNA. The account was 4 or 5 months behind, but they talked her into letting them draw payments from her bank account for the last 3 months. They are no longer going to be able to make those payments ($400/month). I'm going to help them out if we can get a good settlement. You refer above, that if you talk to the right people you can settle for 25%. Can you give me the contact and dept? Also is it best to call or send a written offer and do we need to stop paying all together for a few months before we offer?

I tried to pm my email but it wouldn't let me, it rbmarla@yahoo.com.

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hi...i saw your post and i was wondering if you still have the information regarding settling with mbna. i have one account with them for $6400. do you have any suggestions on what i should say in the phone call or letter? do you recommend calling over a written letter? were you able to negotiate with them to have the listing deleted from your credit report? i have several accounts i would like to reconcile (with Citi, Discover, MBNA, and collectors), so any information you can provide would be greatly appreciated!

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This is an excellent thread. My experience with MBNA has mirrored what others are saying. I got a 35% settlement over paid monthly over 6 months on an original debt of about 9K and was deliquent about 5 months. Didn't have luck with Compass, they lowered interest rate, that was about it. They said I could call for a settlement after 3 months of paying. Dont' know if that'll work or not. Citi - original amount was 7500K, was deliquent about 5 months. Didn't get it settled but got them to wave all of the late fees and drop the interest rate to 7%. We've almost paid that one off, card is in good standing now.

My question has to do with my biggest and baddest debt, Chase. I was waiting for the charge off warning letters, etc from them but they never arrived. That's what I did with the others. I know they aren't legally obligated or anything but most credit cards make an attempt to collect first, at least from my experience. Anyway, they just sent the bill normally with a "Have you forgotten to pay?" friendly reminder. Then got a letter and a few phone calls in Late january. Then in early February, got call from Viking Collection Services. They are the CA (didnt' buy the debt). I haven't talked to them at all. Last payment on this account was June/July of 2006. I tried calling Chase's recovery department a few times and they won't speak to me. My question is how difficult will it be to get Viking to settle? Because of serious illnesses in my family (daughter and wife), we have run into this problem. Before I stopped paying, I called all my credit cards to beg them to lower the rate so I wouldn't default (they jacked me up to 30% even though at the time my credit was fine, the reason they said was b/c I had too much debt and debt to credit ratio was bad).

Any advice on how to proceed with a settlement w/ Viking or Chase? Anybody have any experience w/ a CA that is collecting for Chase? Really all I can afford at this point is 6K-7K but paid over 6 months. I can't even lump sum it. I live in Texas where they can't garnish wages and can't come after my home. Would i have better luck trying to do this with Chase directly, and if so, how do I go about doing this? They just tell me to call Viking.

Thanks in advance.

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Don't do anything until you DV the CA and dispute it with the CRA. If Viking doesn't validate, then you can start negotiating with Chase. Keep it with the OC, if at all possible.

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Hi someonesomewhere, thanks for the info. I'm afraid it may be too late to DV the CA. I believe I got the written notice just over 30 days ago. If they do not validate, Chase is forced to work with me?

I was thinking of calling Chase again and just moving up the supervisor chain to see if they will work with me. I guess bottom line is workign with Viking, the CA, will be pointless? I thought about trying but haven't worked up the courage yet. From what I understand on all these forums, as logn as the debt was not sold, Chase CAN work with me if they choose, is that correct? Are most OC's reluctant to do this? I figure I'd tell them I will not work with Viking as they have broken a few of the regulations (calling 3rd parties multiple times, letting them know why they are calling, etc) and see if they'll work with me. I trust Chase much more than the CA obviously.

If anybody has any tips/phone numbers on how to get Chase to work with me, please let me know. I tried calling before, spoke to a few reps and they wouldn't budge. They were friendly enough but just said to speak with Viking, they are trust worthy, blah blah blah.

Does anybody know how sue happy they (Chase) are for a consumer in Texas? I figure they would have sued by now, not saying they won't in the future, but I figure they might give it more time before going down that route. Is it correct to assume if the CA is still calling me (they are not a law firm), that they aren't going to sue in the immediate future? Or is this a bad assumption? I figure the time to worry would be when the calls stop.

Thanks for this site and all the help its given me. I've worked down a lot of my credit cards but unfortunately have this rather large one left (around 20K). I unfortunately let it go too long and they assigned it to a CA. I waited of course because I had no money to do much of anything in terms of settlement or pay even monthly payments.

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Hi Stars79, you might not need the information anymore, but somebody else out there might, so I'll go ahead and respond. On MBNA, I called them. I spoke to the lady who called me (didn't ask for supervisor). She was pretty nice. When I called, I wasn't calling even about a settlement. I was going to try to ask for reduction in interest rate and for the late fees,charges, etc to be removed. I did have to tell her my personal situation (family illnesses) as to why I haven't been paying. Put me on hold and when she came back she said she could offer either a settlement or to reduce interest rate. I ask about the settlement and was offered 35%. I took it. I did all this over the phone. I spread out the payments over 6 months. The only downside is that they required me to auto draft the payments and to do it BEFORE I had gotten any written confirmation/agreement. I know this is a no-no and I went with my gut and the fact I was dealing with OC, decided to "risk" it and do it. But they did send me the agreement and payment schedule within 7 days. And they've kept their word, withdrawn the amount agreed to, etc. I'm halfway through the payments now. They seemed willing to work with me, weren't jerks, and the experience wasn't too unpleasant.

As for the deletes, I could not negotiate this. I tried and they wouldn't budge. My credit is already trashed so I didn't sweat it too much. After my last CC (Chase), my focus will be rebuilding my once nearly perfect credit. Amazing what family illnesses can do to you.

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I'm afraid it may be too late to DV the CA. I believe I got the written notice just over 30 days ago.

Does not matter. ALWAYS DV a CA. Many keep incredibly poor records.

Others in this forum have had success DVing debts when it was YEARS after initial contact. The CA crawled away. Before I knew better, I DVed a couple of OCs and got deletes. OCs are under no obligation to do anything with a DV, but some OCs appear to have such a fear of lawsuits one would think they respond to DV letters thinking, "Great, another CIC member. Delete this before we get sued."

Also, since you're in Texas, you have the protection of some very powerful and consumer friendly state laws that go above and beyond federal law. I'm given to understand that Texas law allows you to DV even if you're beyond the 30 day limit.

If they do not validate, Chase is forced to work with me?

If the CA does not validate, then the CA has to cease all collection efforts. No calls, no letters, no lawsuits, no judgements, and no continued reporting to the CRAs. If they do, then they are in violation, you can sue, and that's the ammo you need to negotiate a PFD.

I was thinking of calling Chase again

DON'T! At least not yet. DV the CA, and if they go away then contact Chase. Don't agree to anything over the phone. Some feel you should not even talk to the OC on the phone and should instead negotiate a PFD settlement by letter.

But, that's a bit further along. DVing should be your next step. It's perhaps the most potent weapon you have. Use it. Even if they validate, it's a good opportunity for them to screw up and violate the law. Violations give you leverage in a PFD.

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Does anyone have a good contact number for Chase to get a settlement?

I haven't heard from them in a year or a CA collecting for them.

Thanks

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I no longer can afford to make payments on all my credit cards. I have 2 amex, mbna (bank of america), discover, chase, capital one, and a credit union card. I am about 1 month behind. Today amex called about payment. I asked the rep to close my accounts and that I would call next week about payment arrangements. I can afford to pay maybe $100 a month to each card. Is it wise to ask for settlement while offering this payment arrangement, or should I stop paying altogether?

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I need some help...I have been given a court date for over a month from now for Captial One...we joined a debt settlement company almost a year ago and have between $800-900 with them at this point.

I received a letter from Capital One Services now asking to contact them to may payment arrangements...

My question is do I contact them in writing or call to try and make a settlement offer so I don't actually have to go to court? As a family, we can't afford to have my wages garnished...the debt is for $4700 now as it had been around $3500 when we joined the debt settlement company about 11 months ago.

I know if I knew we could do our own debt settlements then we wouldn't have joined the company in the first place.

Please help me on what we should do...thanks.

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I no longer can afford to make payments on all my credit cards. I have 2 amex, mbna (bank of america), discover, chase, capital one, and a credit union card. I am about 1 month behind. Today amex called about payment. I asked the rep to close my accounts and that I would call next week about payment arrangements. I can afford to pay maybe $100 a month to each card. Is it wise to ask for settlement while offering this payment arrangement, or should I stop paying altogether?

You need to start a new thread on this question. Having it buried in the back of this one, you won't get many responses.

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I need some help...I have been given a court date for over a month from now for Captial One...we joined a debt settlement company almost a year ago and have between $800-900 with them at this point.

I received a letter from Capital One Services now asking to contact them to may payment arrangements...

My question is do I contact them in writing or call to try and make a settlement offer so I don't actually have to go to court? As a family, we can't afford to have my wages garnished...the debt is for $4700 now as it had been around $3500 when we joined the debt settlement company about 11 months ago.

I know if I knew we could do our own debt settlements then we wouldn't have joined the company in the first place.

Please help me on what we should do...thanks.

You need to start a new thread on this question. Having it buried in the back of this one, you won't get many responses.

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