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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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not sure if this is the right category. I declared bankruptcy

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not sure if this is the right category.

I declared bankruptcy 10 years ago. My mortgage is a Daily Simple Interest loan from CitiFinancial. 16 years ago it was for $30K. Currently for $27K.

Other than the obvious fact that this has been a ripoff (started at 20%+ ... now 11%) I want to settle it for less than the $27K due.

What is a typical number of "pennies on the dollar" offer in a case like this?
Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

Typically, a good starting point is 30 cents on the dollar if you are offering a lump sum. But if you offering to make payments, most creditors like Citi Financial as i have experience with will not consider installments for less than 40 cents on the dollar.
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