Debt settlement

I am going to try and settle some of our debts

Things are turning around finally and we are going to call WaMu, Barclaycards, Compass and Discover and see what kind of settlement we can work out. My bonus is finally on the horizon and we are ready to see if they want to work out a settlement.

Anyone have any thoughts they want to share about the companies or your own experiences in settling with them?

I’m new joining the discussion but wanted to put in my experiences. We have dealt with Capital One and found them to be reasonable, most of the time. If you get a customer service person that won’t work with you ask to speak to their Supervisor or better yet the Dept. Head.

Our experience with Discover wasn’t as successful. They are a bit more rigid and unwilling to work with the customer or at least with us anyway.

I don’t know anything about the other two companies. I wish you good luck.

Also, here is what we experienced with MBNA. We had someone going around stealing mail out of mailboxes in our neighborhood. They stole our mail and in it of course was our MBNA bill. We contacted the customer service department right away – she did not say a word after I gave her my account she switched me over to the collections department. The rep there informed me that we were past due on our payment. I explained what had happen and they sent us a new bill with a $600.00 late fee!

I talked to a friend and she referred me to a web-site – The dollar I wrote the gentlemen a letter – he referred us to the credit card section of his web – site. We decided to fire my MBNA! We were offered 3 credit cards at 0% for one year. we had to switch every year but it worked!

We now get offers from MBNA because they want us back – I just shred them! Hope this helps.

We had 2 accounts with Discover ($10,000.00 total) and got a reduced payment and reduced interest plan for 12 months on both. We also had 2 accounts with MBNA ($28,000.00 total) and were not able to make 6 consecutive payments so they called to say that they wanted some sort of solution or it would get ugly. They then offered a payment plan for 60 months or an offer to settle at 20% of the total. I countered at 15% and they accepted as long as it was closed by the end of January. I was able to settle with Wells Fargo for about 40% and Chase at about 30%. Hope that helps!

PS I did it all on my own and can only offer the advise of don’t get frustrated, keep a cool head, talk as one human in a situation to another human in a situation.

Well, I am starting my calling tonight. MBNA was up to bat first and they started out with 60% of the debt and ended at 35%. I suggested 20% and the guy said he would talk to his supervisor and call me back. So we shall see.

I am calling Providian next and then Compass and Discover. I am hoping they are willing to settle as I would really like to make some progress.

One thing I did confirm was that they would send out a 1099-C for the remaining amount. For example: if you owe 10,000 and settle for 4,000 you will get a 1099-C for 6,000.