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  1. #1
    Join Date
    Jun 2010
    Posts
    1

    Default How to Settle a $20K Debt to a Bank

    My question involves collection proceedings in the State of: CA

    Looking for some guidance from someone who has experience dealing with US Bank. I have a ~$20K credit card balance that I stopped paying in February 2010, I have been in contact with someone at US Bank trying to negotiate a debt settlement of $6,000 (=30%) but they will not take it saying that I have to be at least 12 months delinquent for them to even negotiate with me and that they are going to refer my account to litigation at the end of next month. I have 2 questions: is US Bank a credit instituation that normally refers to litigation for $20K of credit card debt, and if not what does US Bank normally take for a settlement (%) once it has been referred to collections? Any insight into this is very appreciated.

  2. #2
    Join Date
    Nov 2007
    Location
    Officially across the country from where I've been all my life
    Posts
    4,494

    Default Re: ~$20k Us Bank- Debt Settlement

    I can tell you that without a doubt, US Bank will sue you for a 20k debt. Shoot, I've seen them sue people for a 5k debt. 20k, and you can GUARANTEE they'll see you in court.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: How to Settle a $20K Debt to a Bank

    Agree, many creditors sue for a "small" amount of debt.

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