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    Settlement percentage

    Hit hard times, death in the family, lost job. Didn't pay mortgage for 1 year. Was about to get forclosed on, till I finally snapped out of it and got back to work. I was in a bad depression.

    1 year after death, I got my mortgage on track, and my car loan current.
    here I am 2 1/2 years later and working on settling my un-secured credit cards and personal loans. I've got about 40k worth of this.

    Question is, after 2 1/2 to 3 years later, how much of a percentage settlement rate should I shoot for?

    10k credit union loan, 30k credit cards

    Thank you all

    #2
    Has the debt been sold to collections?
    If so, they paid about 10 cents or less on the dollar for it.
    Brian

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      #3
      Several years ago I settled my Mom's 30K in credit card debt for an $18K lump sum pay off.

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        #4
        The biggest question is if it's already in collections. If not, the credit union and credit cards won't accept a settlement. If it's in collections, you can shoot for 25%-50% for a settlement. As stated, collectors typically only pay 10-20% on the dollar for your bad debts.

        Glad you got your finances back on track.
        "Praestantia per minutus" ... "Acta non verba"

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