Should I settle or wait???

[humrc]

thank you for your help. This one of my biggest problems to filing. I dont want to involve my mom.

This si my first month of missed payments and i guess i may have figure something out ...dont want them going after my mom

[catleg]

I am trying to settle each of them and avoid the BK altogether. AMEX settled for $5,000 on $13,000. BOA settled for $7,000 on $23,000 and now all I have is the big one with Citi. Their latest offer is $12,000. If I can get it reduced by waiting to see how this toxic debt bailout plan will work then I will be better off, but if they sell the debt to some company looking for 80% then I am screwed. Any advice?

The toxic asset stuff is all aimed at mortgages, if I understand correctly.

I don't think the impact of credit card defaults is even on their radar yet.

The problem you'll have down the road is that by settling with everyone else, the threat of BK is not so credible anymore. I

I just saw a note on another board saying they got settlement offers of 40% after 120 days from Citi. How late are you with them?

[crazychristo]

8 months, I got a letter faxed to me agreeing to settle for about 43% of the original amount. I guess I will pay it and be done, that will leave me with a house payment that I am not upside down on, one car payment, and a fairly large amount of student loans.

[OhioFiler]

8 months, I got a letter faxed to me agreeing to settle for about 43% of the original amount. I guess I will pay it and be done, that will leave me with a house payment that I am not upside down on, one car payment, and a fairly large amount of student loans.

Offer them 20%.