Sears just called...

[Brookamy]

They offered to reduce what I owe by 50%. $1200 to $600. Is it common for cards to do that? I told him that I was filing BK. He said okay and they will want name and number of BK lawer.

[magyar123]

If you really intend to file don't accept their offer.

[bcvw]

They called me last Friday with the same type of offer.

[Brookamy]

Yeah, I didn't accept. I still couldn't pay my debt off even if they all offered the same thing....

I've committed to filing 7.

[liz417]

They offered to reduce what I owe by 50%. $1200 to $600. Is it common for cards to do that? I told him that I was filing BK. He said okay and they will want name and number of BK lawer.

Yes, it is common for cards to do that. I think the 'standard' is to offer 50% off and then the longer you wait the more it goes down. There are some people who pay pennies on the dollar for their debt instead of filing for BK; although I don't understand why? After waiting out their debts, their credit is in the dumps because of the late fees, charge-offs etc.

Good Luck!

[WoodSprite]

They offered to reduce what I owe by 50%. Is it common for cards to do that?

Yep. Nice of them, isn't it?

In my case this magnanimous offer came a few months after someone who enjoyed her job way too much had demanded not a penny less than $3,000, to be paid INSTANTANEOUSLY via online check. When I told her I didn't have $3,000 (it would have taken me months to earn $3,000!), but could scrape up $200, she wasn't having it.

"Borrow it from a family member."

"I have no family."

"EVERYONE has family!"

"Yes, well, mine have all died."

"You expect me to believe that?"

Oh, yes, they're very kind to offer to cut your debt in half. I'll be you've already paid them twice what you borrowed...

[AngelinaCatHub]

We got that one too from Sears. They discounted us 2/3rds but it had to be now, and it was over the weekend. I told him I was going bk and that I would talk to my lawyer Monday. He said the offer was now or never and Monday would be to late. That tipped me off. If I had payed him anything, that would be a preferential payment and screwed up my bk. 'Hub

[pa308]

It seems to me that unless you are able to pay all creditors, it wont be worth your time to pay the 50% to just one. You will still be in the same boat without a paddle

Not that it would matter to you, but I would think if you did have the money to pay them and then filed on everyone else the trustee would just take the money back from them and split it up amongst all your creditors as a preferential payment.

[Reddrocket07]

I might be wrong, but I was informed that they couldnt take money that you paid if it was under $500.00? But regardless, having one less creditor on your BK wont help you in the long run. I would save your money for post BK.

[leftyf]

I had almost all of them offering deals...a day late and a $100K or so short. Goofballs, all of us.