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Settlement percentage

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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

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


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


        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"