Is the account with them "closed"?
i.e. Are you still receiving statements, or just a letter with the balance owing?

Thankyou average Joe for the advice, very helpful indeed. I will keep in mind for the other payments. Thanks again!

What you do is the let the existing agreement expire. When they call explain to them that you can not come up with the agreed amount. In most cases they will ask what you can come up with and if it’s reasonable the majority of the time they will accept.

This is kind of amusing that you want to settle lower after you've already agreed to a settlement. What if they wanted to settle at a higher amount after you've already had an agreement in place?

If you want to settle some of your debts in the future without filling out the financial capacity forms with the creditors offer them 50% and they will accept. If you want to settle below 50% they are going to require you’re last few years of your income tax returns, if you’re currently working and any assets you have. If you have no income, no assets and live with your parents then fill out the forms and go for under 50%.

Hello all, new to the forum. I recently made a settlement with a CIBC Visa for 70% of the remaining balance ($800). It has not been sent to collections and is still with CIBC. I did some reading around the forum and have found that that percentage is quite high. If there is a way to re-negotiate I would be interested in pursuing, but nonetheless am happier to be closer to paying it off and moving on. I was wanting to know some advice as to what steps I can take to improving this status on my credit report after completing the settlement?

I also have an older student loan that I am currently making minimum payments on, as well as using tax returns to complete the payment (now at around $4000) and another amount with ICBC I am making minimum payments with (now at around $2200), which hopefully, once I finish clearing some payments, I can pay this one off next. Thanks!