How Do I Get a Low Settlement Offer?

[sheam]

I'm starting to work toward settling old debt. Only Chase has sent me decent settlement offers around 30-40%. I feel like I keep seeing things about people settling around 20-30%. How?

 

For the ones that are still calling me, they say "the lowest I can go is [70% of balance]." The SOL will be up on most of this debt in a few months. I've mentioned discussing BK7 with an attorney. Was that a bad idea? What am I doing wrong? What magic words do I need to say in order to get them to consider a settlement less than 40%?

 

Please help.

[centex]

There is a WHOLE LOT of stuff that goes into negotiations, not the least of which is a likelihood of lawsuit and recovery and what assets someone has (or lied and claimed at application that they had).  Some also depends on the ability of an individual to be willing to actually use their phone and negotiate with the people who actually CAN make decisions. 

 

That being said, the low percentage deals are usually once the account has been sold.  When the OC still owned the paper, an offer of 30-40% is about as good as it is going to get. 

 

Mentioning BK is the QUICKEST way to get them to quit ALL negotiations. 

[sheam]

If I can settle for 40% or less, I'd like to try. If I end up getting sued, I'll probably pull the trigger on the BK7 instead. I'm out of SOL in about three months. I can try to hold off until then.

 

My income was fine at the time of application. I have since lost a majority of that income through a layoff and my spouse becoming disabled. We take home about $45k less now than we did when I opened the accounts.

 

Even the JDBs are saying they can't go lower than [30% reduction]. I'm just not getting it. I'm willing to talk, but what do I need to do to get them to understand I can't afford to settle at that amount?

 

 

[centex]

17 hours ago, sheam said:

If I can settle for 40% or less, I'd like to try. If I end up getting sued, I'll probably pull the trigger on the BK7 instead. I'm out of SOL in about three months. I can try to hold off until then.

 

My income was fine at the time of application. I have since lost a majority of that income through a layoff and my spouse becoming disabled. We take home about $45k less now than we did when I opened the accounts.

 

Even the JDBs are saying they can't go lower than [30% reduction]. I'm just not getting it. I'm willing to talk, but what do I need to do to get them to understand I can't afford to settle at that amount?

If they clank when you walk then you just sit tight for 90 days and don't tell them anything...as you know based on your post, you clearly have the nuclear option IF you get sued. 

 

If you DO get sued, then you enter a placeholder General Denial consistent with Local Rules and your State Rules of Procedure while you concurrently get the BK filed.