Negotiating Debt? (Don't know what this is called)

[ForumReader]

I'm a Chapter 13 and I'd like to avoid BK

I am a little confused. Isn't filing CH 13 defined as declaring BK?

Hope it works out to get your debt settled to your favor.

[flyinbroke]

Yeah, no one is going to settle as long as you are making timely payments. You have to bite the bullet and take the ding on the credit. Even then, you may not get them wanting to settle. I am going on 4 months with three of them and they have not sent any settlement offers. One has violated the TCPA by robodialing my cell phone repeatedly after getting a "stop calling" letter and I am thinking of going for settlement money thru them...(evil grin)

[moe]

So you basically have to stop paying back your credit cards? There is no way to do this without ruining your credit? That kind of sucks.

[keepmine]

You can do this yourself.
At about the 150 day mark of default, I got an unsolicted settlement offer from Cap1 for 50% of the account balance and from Chase at 45%.
Maybe you can wheel and deal and get 'em lower.

[LALADY]

You can negotiate yourself instead of someone else doing it.

Check out the collections forum for great advice from members who do it themselves and how they do it.

[moe]

I came into about $10,000.

We have about $85,000 in debt. I am the only one who can declare. I have $45,000 in debt.

My attorney knows I do not want to declare bk.

She said that she could try to get the cards to take the $10,000 in some kind of negotiated settlement.

Yes, I know I have to pay taxes on it.

Has anyone done this?

Is it a bad idea?

What could I expect?

She says she'll charge about $600--I am thinking her fees might be around $900...since she's $300 an hour.

I like her personally. I don't know if she is experienced at this.

I'd rather get the debt down and pay it off. It is not pay-offable at this point.

I'm a Chapter 13 and I'd like to avoid BK