How can I get the best settlement offer from an old credit card that has gone

Tips and Deals Forums Consumer Credit Credit Cards How can I get the best settlement offer from an old credit card that has gone

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 8 years, 5 months ago.

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    Anonymous

    to collections? I’m 26 now and when I was a dumb, 19-year-old college student, I got a Chase credit card with a $2,800 limit. I maxed it out and couldn’t make payments, so I just stopped paying and ceased contact with them. Yeah..Really dumb move. A collections company finally threatened wage garnishment about a year-and-a-half ago. By that time, the balance was up to more than $8,000 with fees and interest. I was scared and started making payments of $175. I’ve paid a total of $2,800 since then (the amount I actually put on the card). They’re offering me a $4,000 settlement on the remaining balance, which I know is not a good offer, because with the $2,800 I’ve already paid that would mean I would have given them almost the full amount. FYI, I have virtually nothing saved have a take-home income of about $2,500 a month. What should I offer them? How can I get the best settlement offer? Does anyone know of a ballpark amount that they will accept? I realize I got myself into this situation by being extremely irresponsible. Now I am just trying to get myself out of this hole.

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