What is the name of your state? Wisconsin
I have been reading the messages posted since we looked up Wolpoff & Abramson on your site. We have all the paperwork done for our bankruptcy, but I am wondering if people reading this thought we had a chance to negotiate down what we owe. As I was reading some postings I see some people have had success with negotiating down the balances owed with the credit card companies. We owe MBNA a good chunk of $ ($33,000). My husband spoke with someone with MBNA and told him we were ready to file. MBNA talked about us paying 40% of the monies owed. We cannot afford to do that. My husband told them we might be able to swing 20% of the balance. The MBNA person said they don’t do that anymore, but he would check with the top people. He requested that we send him our budget so he could show the people that we could not afford to pay more. We fax him our budget. Shortly after that we started receiving letters from Wolpoff and Abramson. It has been about 6 months since we paid on the credit cards. I would think they would rather have some money instead of having us file and get no money. Do companies ever settle for 20%? At this point is it worth a letter to MBNA or W & A to negotiate a 20% payoff? Has anyone heard of credit card companies settle for 20% and taking off negative info. on credit reports? Or should we just file and be done with it?
Thank you in advance for taking the time to read this and answer!
I have been reading the messages posted since we looked up Wolpoff & Abramson on your site. We have all the paperwork done for our bankruptcy, but I am wondering if people reading this thought we had a chance to negotiate down what we owe. As I was reading some postings I see some people have had success with negotiating down the balances owed with the credit card companies. We owe MBNA a good chunk of $ ($33,000). My husband spoke with someone with MBNA and told him we were ready to file. MBNA talked about us paying 40% of the monies owed. We cannot afford to do that. My husband told them we might be able to swing 20% of the balance. The MBNA person said they don’t do that anymore, but he would check with the top people. He requested that we send him our budget so he could show the people that we could not afford to pay more. We fax him our budget. Shortly after that we started receiving letters from Wolpoff and Abramson. It has been about 6 months since we paid on the credit cards. I would think they would rather have some money instead of having us file and get no money. Do companies ever settle for 20%? At this point is it worth a letter to MBNA or W & A to negotiate a 20% payoff? Has anyone heard of credit card companies settle for 20% and taking off negative info. on credit reports? Or should we just file and be done with it?
Thank you in advance for taking the time to read this and answer!