Your Debt Position
Enter each debt below to calculate your total obligations and determine realistic settlement targets.
| Creditor | Balance | APR | Min Payment | Status |
|---|---|---|---|---|
| Chase Sapphire | $8,450 | 22.99% | $210 | |
| Citi Double Cash | $5,200 | 19.99% | $130 | |
| Discover it Card | $3,800 | 24.99% | >$95 | |
| Sallie Mae Loan | 10.25% |
Negotiation Insights
Total Balance
$30,950
Average APR
19.3%
Monthly Minimum
$585
Your Negotiation Script
"Hello, I am calling regarding account [ACCOUNT NUMBER]. Due to recent financial hardship, I am unable to continue making the minimum payments of $585 per month. I would like to discuss hardship assistance options. Based on my research, I am prepared to offer a lump sum payment of $13,928 to settle this debt in full. This is 45% of the current balance of $30,950 and represents a fair compromise for both parties. I can provide documentation of my financial situation upon request. Are you able to accept this offer?"
Important: Never send money without a written settlement agreement. Good faith settlements typically take 3-7 business days to process. Ask for the offer to be confirmed in writing via email or letter.
Hardship Program Directory
Chase Bank
Program: Chase Financial Hardship
Eligibility: 30+ days delinquent or financial hardship
Typical Settlement: 40-50%
Contact: 1-800-432-3157
Citi
Program: Citi Hardship Assistance
Eligibility: Any financial difficulty
Typical Settlement: 35-45%
Contact: 1-800-388-2288
Discover
Program: Discover Financial Hardship
Eligibility: Missed 1+ payment or hardship
Typical Settlement: 40-55%
Contact: 1-800-880-5313
Sallie Mae
Program: Student Loan Hardship
Eligibility: Income below 150% of poverty line
Typical Settlement: 30-40%
Contact: 1-800-472-5543
Before You Call Your Lender
Track Every Call
Keep a log with date, time, representative name, and what was discussed. Write down the outcome and next steps. This prevents confusion and gives you leverage if they change their story.
Have Documents Ready
Take a photo of your last 3 pay stubs, bank statements, and a list of monthly expenses. Lenders will ask for proof of hardship. Being prepared speeds up the process.
Ask About Payment Plans
If they won't settle for lump sum, ask about reduced payment plans. Some lenders will accept 20-30% of original balance over 12-24 months instead of full settlement.
Get It in Writing
Insist on a written agreement before sending any money. Email confirmation is fine, but a signed letter is best. Never rely on verbal promises alone.
Assumptions in This Workbook
This calculator uses industry averages for settlement ranges. Your actual offer may need to be higher or lower depending on your credit score, payment history, and the lender's current policies. The workbook is a starting point, not a guarantee. Always verify current hardship programs on the creditor's website before calling.