Debt Settlement and negoiating with Penfed (Pentagon Federal Credit Union)

Well... I don't have a personal experience negotiating with Penfed regarding settling of credit card debts. But as far as I know, normally, you can settle the dues for 40% - 60% of the balance amount owed to the creditor.

I have settled for 40-60% with creditors in the past but I am asking about PENFED (Pentagon Federal Credit Union) for a friend.

I have no experience dealing with Credit Unions and for some reason I remember reading somewhere that they are harder to negoiate with and some don't budge at all.

Anyone here know of PENFED settling down unsecured credit cards and unsecured line of credits?

Generally, Penfed collections reps can only settle for 85%, which is ridiculous. Anything less, they say, requires submitting an offer in writing, for review by a manager, explaining the nature of the hardship and the source of the funds used to settle. But you can call during regular business hours and ask to speak with a collections manager, and maybe you'd get a better feel as to what you should submit.

You can get useful information on Penfed from the following page:
http://www.debtconsolidationcare.com/getting-loan/broke-rule.html