Debt Negotiations with Chase, Discover, Citi, Capital One, GE Money Bank

[optimistic1]

lol, that sounds like an idea.

[OhioFiler]

Let's say I get several of the lenders to agree to a reduced payoff. Once I have their agreements in hand can I then file Chapter 13 using the lowered amounts as the balances due?

[catleg]

As BB said it's like herding cats. Getting them all to deal is remote. I am 90-120 days late on most of them. Citi mails offers for 60% of balance (40% off) in letters with chess pieces on them saying "your move". The rest I have found by checking on the cards websites, www.cardmemberassistance.com is Discover, they're offering either 50% or 80% of balance on 2 cards. Had 35% of balance offer from Wamu on their site which is now gone.

Settlement is really not an option unless you have just one or two cards. No way to sync them up, if you file BK anyway it's just like putting money in the shredder.

[optimistic1]

Chase, Citi, and Capital, 5 months later from delinquent, have sent me absoultely nothing in terms of settlement offers. Even with the threat of bankruptcy.

[ready2puke]

Yes they were the ones that offered.. I NEVER talk to any of them. I just dont answer the phone unless its my area code.
BofA left me a voice mail with the offer and Chase sent it to me in a letter.
Last payment was made Aug. 08
Hope that helps. I really dont think telling them your plans is a good idea IMHO I think that would speed up any process they have in mind...
Hope that helps some. good luck

[strugglingda]

Ready, did they initiate the offer? How long since you stopped paying on the cards, which I assume is what had happened? Did you tell them you were filing for BK?

[ready2puke]

BofA recently offered me 30% and Chase offered approx. 45%...Not worth it for me to pay the income taxes.. If I had about 50k then I'd do it for sure...

[strugglingda]

What is the best way to get them to settle with you? Is it the threat of bankruptcy? Say I stop paying. They call to harass. I let this go on for a couple of months. Would this be the time to try to settle with the threat of ch 13 or ch 7? What if it's an empty threat? Would that work in general? If they do offer to settle, what % of the debt would they usually be willing to accept? Sorry for all the questions. Thanks.

[BigJohn]

Each creditor made offers to me. I think the trick is getting them all to agree to agreements at the same time.

[ArizonaCh13]

Has anyone had any recent debt settlement negotiations with any of these credit cards to reduce their balance and accept as paid in full for a lump sum payment?