Advice on settlement with Chase, Barclays and Capital One

I'm really glad I found this forum, and want to thank anyone in advance for their assistance. I have read through numerous posts and searched for similar situations to mine, but just would like to run my current scenario by anyone who may wish to help.
Here's what I have for my current debt:
Chase - 105 days past due - $15,716 balance - offered to settle for $8,644 (55%)
Chase - 112 days past due - $30,034 balance - offered to settle for $16,519 (55%) as long as I settle the other account
Barclays - 118 past due - $21,753 balance - first offered $10,876 (50%), then quickly offered $8,702 (40%)
Capital One - 141 past due - $27,647 balance - no offers to settle (other than the principal balance which is a little over $2,000 less than amount due).
I know, I owe alot. Went from a great situation, to a terrible one and I'm trying to recover. I fell bad about considering a settlement, but every time I talk to these companies it seems that is what they prefer. I offer to setup payment arrangements, but they still want to keep the 29.99% interest rate and are unwilling to work with me. It seems as though they are pushing me toward a settlement. I'm guessing because they wish to get the debt off their books.
Anyway, it doesn't seem I have any other viable options than going with settlements since I can't afford to pay that high of interest for years. So, I guess my questions are:
1. I've heard people getting Chase down to 25, 30, 35% - should I just throw out a number to them or do I need to wait a bit longer until they come down based on their formula of days late?
2. Barclay's seems very eager to settle since they went from 50 to 40% in a matter of 10 minutes. I will talk with them further and see about getting them a bit lower, but curious to hear others' experience with them.
3. It seems that Capital One is very difficult to settle with. They want me to pay so that I'm current (about $4,000), then I will be paying my regular monthly payments (16.99% interest) on a closed account. Is this my best option with them? They said after 6 months of current payment I can ask to lower the rate, but in reality will they do that? Is there a better way to tackle Capital One?
Thanks for listening and any advice is appreciated.

5 Answers

How did you get Barclay's to negotiate? Everyone else gets the run around and broken english from overseas?

Is the debt still within your state SOL? If so, then you have the shadow of potential legal action hanging over you. How hard you should push should be considered against how hard they might choose to push back,

You can negotiate with Chase for a lower settlement offer. If they agree to reduce the debt amount to 30-35%, then that will be great. Barclay has made an excellent settlement offer. I think you should accept the offer. Though you can negotiate with them further. Yes, Capital One seems to be difficult to deal with. I think you should get professional help regarding this matter.

Thank you very much. What do you mean by professional help with Capital One?

You should be able to do better with Chase. I would call them once a week and make your offer. Tell them that's all you can afford.

I doubt you will settle with Capital One. They are very difficult and will go to litigation. I was able to bring my account up to date within 3 payments and I now pay a monthly amount. The account is up to date. I could not settle with them and I only had a balance of about $2200. If they want you to bring the account up to date, and you can, then tell them you need to do it in several payments.

I have no experience with Barclays. I suggest making an offer and maybe they'll move close to it. I've settled with Bank of America (2), Discover, Citibank and Chase.

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