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I have 6 charge offs on my credit report. Everything else on the report is listed current. I figure as I have some extra money I should try to settle those 6 accounts first and then go after the rest of my debt. My question is does anyone know the "typical" settlement amount for the following creditors?

Spring Leaf (former American General)
HSBC (Financial Recovery Services C.A.)
Cap One Credit Card (Client Services C.A.)
Law office of Joe Pezzuto (they purchased my cap one loan)
BOA (still with BOA, hired a C.A.- I disputed and the C.A. dropped it)
Prosper (they have never tried to collect but shows on my credit report)

I am currently on a payment plan with the first four companies. I am not paying anything to BOA and Prosper currently.

Any insight would be much appreciated.

HSBC would go as low as 60-70%cap one around 60
boa 50-60

Again, a lot depends on your negotiation skills :)

Sub: #1 posted on Mon, 05/16/2011 - 07:10


I've had a loan with Springleaf Financial (American General) since 2003. I've probably paid back TRIPLE what I've owned. In the last year, it was very difficult to keep up with payments, so I made a 50% offer on the balance, about $1,350, to settle.

I wrote to the Brooklyn, NY office, which holds my account. After a couple of days, I got a declination letter with no counter offer. After some internet research, I found the name of of the Chairman of Springleaf Financial and wrote directly to him, but I don't know if that was the right person (Geissinger) or not.

Still no response two weeks later. I don't want to actually talk with these people, preferring to deal with them in writing only.

Does anyone have any good contact information for the Springleaf, since they have changed their name. And any information on the company itself? I thought my offer was fair and after paying over $15,000 on a $5,000 loan, I think that's more than enough profit for them.


Sub: #2 posted on Sat, 06/04/2011 - 03:01


I did finally get a letter from a law firm representing Springleaf Financial agreeing to a $1500 settlement from a $2,666.30 balance. I was asking to settle for $1,350. They want $150 more than I wanted to pay, but I guess I shouldn't complain.

How'd I do it?

I looked up the head of Springleaf and sent letters to the CEO and the EVP of Branch Operations. I think the last letter to the EVP made the difference.

I have to pay by the end of June. Now I need to come up with the $1500. *LOL* Or get them to delay a week until I get paid again.

Keep trying to negotiate! You can get them to work with you if you keep working on it.

Sub: #3 posted on Wed, 06/15/2011 - 00:52


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