roardebt

Advice on Debt Settlement

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I have two accounts currently that I am trying to settle by myself. I stopped paying these accounts on December 1st so we are basically getting into what I'm told is prime settlement time.

The first account is a Chase Credit Card account that I believe is currently at 4,500 or so (slightly more maybe say 4,700 is possible). I was a member of Chase which generally paid on time since 2004.

The second account is a Citicard account which last statement I got was 5,879. The statement by the way is asking for payment in pull but they haven't sent me a letter saying pay us in full by May 1st or else yet. I also was a member with Citicard since 2004 with a fairly good history.

Anyhow, I have gotten settlement offers in the mail for both (none in a few months for citi) but both were very high, I'd say it was 70% of the balance. I realize this isn't last year when banks were looking to settle for what they could get basically but I'm looking settle far closer to 30 or 40% than 70 or 80.

In not paying these over the past 4 months and gaining new employment, I've built up a decent bit of money to settle. Should I call directly in and talk with them on the phone regarding this? I've read on the board where some people seem to write while others seem to call.

Being that I'm now 5 months or so beyond when do I need to settle this to make sure they do not sue? Is 30% a realistic number to expect to settle that or is that a thing of the past now that banks have regained their footing? Also, is there any chance of getting the banks to settle off the original number the debt was at 5 months ago without all the penalties added on?

Really any help anyone can add here would be great. I've been reading up a ton here the past few days and hope to start a dialogue with the two companies sometime in the next week. Just want to be prepared to do it.

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IMO, you might exepct to settle with each for 50%. But frankly, if you have csh and really desire to get on with your life, don't worry about getting the last word. Get it over with and live free from debt,

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IMO, you might exepct to settle with each for 50%. But frankly, if you have csh and really desire to get on with your life, don't worry about getting the last word. Get it over with and live free from debt,

Actually already settled with both. 25% for city and 30% for Chase so thankfully I got below 50%.

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just curious how many days past due chase was before they took 30%? i am at 60 days now and they are offering 30%.

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I have read all the details of your case and found it very complex.i suggest your see any expert who would guide you to accurately. I wish you best of luck.

Did you read the post? He already settled.

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