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I have 15K balance with US Bank. It is few day from charge off. I offered them 50% of balance for settlement. They countered 70%. What is usual amount these guys asking for settlements? I do not have enough fund to even counter -counter offer of 60%. I will appreciate your information. May be I should wait till charge-off then re-negotiate.

Are we talking U.S. Bank (a real bank that I actually use) or U.S. National Bank (a bunch of scam artists out of U.K.) If it is the second choice then they are just working you. If it is the first choice and the debt is legitimate then all you can do is try to negotiate. Make sure it is not U.S. National before you start negotiating.

If all you have access to is $7,500 to make a settlement offer then it is a take it or leave it offer. You obviously can not offer them more then what you have otherwise the deal will bust anyway. I would contact them one final time and tell them $7,500 is all you have so either they accept it or go ahead and charge off. I don't know that any creditor has a general rate they shoot for but I have seen a wide range here from 20%-80% so it is possible that you could get a better offer than 50% if you negotiate hard.

Sub: #1 posted on Tue, 07/22/2008 - 19:17

Moderators Cum Industry Expert
(Posts: 1078 | Credits: 137.97)

Perhaps you need to take a look at the thread below to make sure it isn't one in the same, before you make ANY settlement. :shock: al-bank.html

Sub: #2 posted on Tue, 07/22/2008 - 19:23

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

scott was a lombardo client so i shall guess this is the legit
US that settlement in writing?can you pay it reasonably
soon?heard some clients of his have been cut breaks because
of his dealings.

Sub: #3 posted on Tue, 07/22/2008 - 19:30

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: 1357.03)

I agree with Dollars above. If you can't offer more, tell them that you would love to be able to accept their offer, but you simply do not have the funds available and that 50% is the absolute best you can do. If they charge it off and then sell it, they are looking at a lot less than 50%.

Sub: #4 posted on Tue, 07/22/2008 - 23:24

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

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