Settlement percentage

[pcazares]

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

[bjl584]

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

[Fishindude77]

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

[kork13]

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.