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$110K In Unsecured Debt, with settlement offers


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Hello all,

I have a dire situation that I have created through my gambling addiction. I have gotten help with my addiction and am clean for 85 days now.

I have stopped most of my payments since November of 2016 and have therefore been able to negotiate these terms in the past 2 weeks, please review and any feedback on the negotiated rates or amounts is appreciated.

Here is a summary of my debt:

Creditor Name Current Balance Monthly Payment Notes
Disover Card $2,333.33 $42.00   - Negotiated a 5 year payment plan @ .99% at $42.00 per month (was $65.00 a Month @ 23.24%)
Chase Card 0872 $2,640.41 $53.00 - Negotiated a 5 year payment plan @ 6.00% at $53.00 per month (was $56.00 a month @ 15.24%)
Chase Card 6214 $3,006.80 $60.00 - Negotiated a 5 year payment plan @ 6.00% at $60.00 per month (was $69.00 a month @ 18.24%)
Care Credit $3,500.00 $90.00 - 0% interest for 18 months
Paypal Credit $3,500.00 $100.00 - 0% interest for 12 months
CitiCard 0534 $7,214.54 $123.00 - Negotiated a 5 year payment plan @ 0.00% at $123.00 per month (was $176.00 a month @ 28.99%)
CitiCard 1857 $8,305.54 $141.00 - Negotiated a 5 year payment plan @ 0.00% at $141.00 per month (was $192.00 a month @ 28.24%)
Bremer Bank $8,110.83 $155.00 - Negotiated a 5 year payment plan @ 4.90% at $155.00 per month (was $190.00 a month @ 24.24%)
OneMain Financial $8,984.48 $157.51 - Negotiated a 6 months payment plan @ 14.28% at $157.51 (was $314.89 a month @ 21.94%)
Wells Fargo $13,042.56 $339.28 - No Option to negotiate - Car Blue Book Value is $9,670.00
Lending Club $16,779.00 $804.53 - I have a settlement off of $12,812.53 (I have declined this offer - account is 80 days past due)
Prosper $17,050.84 $641.25 - I have accepted a settlement off of $641.25 per month for 12 months ($7,695.00) or approx 45% settlement.
Bank of America $25,552.67 $539.14 - No Option to negotiate - Truck Blue Book Value is $18,560.00
SoFi $33,810.86 $604.56 - No Option to negotiate - Terms are 10.88% for 72 months
Freedom Mortgage $189,114.01 $1,414.92 - No Option to negotiate - House appraised at approx. $210k
                                                                              Total: $342,945.87



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Also, I forgot to mention... I have the following additional monthly expenses:

  1.  Groceries - $310
  2. Insurance (Health, Life & Car) - $394
  3. Gas - $300
  4. Internet & Phone - $210
  5. Electric & Heating - $185

For a total living expense per month of $1,399 per month and debt expense of $6,636.81 for a total monthly expense of $8,035.81

My total monthly take home pay is $7,120.00

I also have $18,500 in my savings account. I am planning on using this amount to Settle the Prosper amount ($7,695) in full and eliminate that $641.25 payment per month, but I want to really try and get a settlement amount of around $10k for the Lending Club debt, that would free up $1445.78 per month and I would be able to make all payment plus have some extra available to use for my debt snowball.

Any advice on how to get a settlement from Lending Club for 10k???  Do I just let it go to third party collections and deal with them??

Thanks for all of your help!!

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  • 1 month later...

i am in a very similar situation to you - can you give me some sort of an update with your status - i have 75k of loans with sofi, 14k with wells, 29k with TD bank, 34k with discover, 33k with lightstream and 15k with prosper - only company to have worked with me so far is discover as they lowered my payment and interest rate for 12 months - everyone else will not work with me one bit so far - i have stopped paying all loans as of the last few months as i have a monthly net negative cash flow - how did you go about getting that settlement with prosper?

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