stinkinlincoln

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  1. also this is encouraging for a business amex settlement if you guys have a minute to read. http://www.loansafe.org/forum/threads/settled-with-american-express.89080/#post-520440
  2. the amex card is TRUE EARNINGS BUSINESS COSTCO. lll see if i can dig up the agreement...online maybe? but i believe its a business only card. the Utilties, phone satelite and electric are business in nature. heres the cardmember agreeement i found online, looks like they will pay for mediation, atleast thats how i read it. https://web.aexp-static.com/us/content/pdf/cardmember-agreements/trueearnings-business/TrueEarningsBusinessCard.pdf
  3. okay so in laymans terms (if i spelled that right). how do i get to ARB? also if i have 8-10 non cc debts (utilities, direct tv) and i have room on a personal card, should i wipe out as much as i can so that i have less creditors to deal with? and then stop paying on that personal card. cause it is current. thanks
  4. in regards to that, should i close the personal chase account ( because its really not important)? or use the remaining balance to wash out some small debts i have with the old business... BK lawyer is concerned with equity. He recommends getting a 2nd mortgage, getting equity down into exempt range, and use the 2nd to buy upgrades for the house like solar, hardwood floors etc. and then after a few months, discharge the 2nd. And as crazy as any of that sounds, a consultant for bk (ex court appointed trustee) said that would fly in a court of law. anyways, sounds good and all but im havin trouble finding a bank to refi my house. now with that being said, i want to try to avoid bankruptcy because of my wives career and to fight and use bk as a last resort. but i have 20+....you heard me correctly...20+ creditors amounting to 100k of course i probably should seek a 2nd opinion.
  5. i know this is months old. did u ever settle with gatestone? how old is the debt before they sent this to you?
  6. I have Recieved a letter from GATESTONE regarding my AMEX debt of 6,XXX. i have confirmed it is the correct amount owed. the letter states: "your account has been placed with Gatestone & co international. a collection agency. this communication from a debt collector is an attempt to collect a debt...yada yada yada. unless you notify us in 30 days that you dispute the validity, we assume the debt as valid. balance may increase due to addition of accrued interest."​
  7. im assuming because of the fraudulent activity, the court penalized the creditor.
  8. i considered a chapter 7 & 13, but i have 150k equity in the home. only 70,000 is protected in californias homestead. filing, the trustee would likely look at that equity. not filing would likely get creditors to fantasize about the equity. i guess im worred about a forced sale. my situ is kind of unique in that, ive tryed to exhaust the equity to prevent that, but i cant get a loan because im subject to 2 yr short sale waiting periods (modification in 2014). only option, in regards to my house, is to sell (unless you guys have a better idea). i was hoping for a cash out 2nd...maybe ill try a higher interest portfolio 2nd?
  9. If anyone has peeked at my other post, http://www.creditinfocenter.com/community/topic/326900-who-is-smart-could-get-me-started-in-my-path-to-california-settlements/ i had 2 failed businesses & racked up 100k in debt i intend to fight & settle. -i have stopped paying on all the business cards and accounts and intend to settle with them down the road. -i have 1 personal card that is still active & current. They haven't cancelled it yet but i intended to keep it unless it will cause issues. & correct me if im wrong, but personal and sole prop debt is viewed as all personal. MY QUESTION IS: Will having a personal, active, current, cc account "chase" on my credit report with a 3000 balance (that i intend to keep current), effect in a negative way future settlements/ lawsuits or anything else? I'm just assuming at some point they might be viewing my credit report & see, ok he has a mortgage, hes current & paying, he has a credit card, hes current and paying. Why isnt he paying us? truth is, theres no way in hell i could pay them especially since minimum payments equate to over 3000 a month & of course the business, that paid the debts, is now insolvent, closed and no more. thanks for your input
  10. bump is there a different course i should take in trying to settle seeing as tho my debts are business incurred? how does my chances at success change from a settlement/ judgement standpoint. Do i have any protections or "advocate groups" who protect my rights(if any) on fraudulent collection practices for sole proprietor debt? this debt equates to around 100,000 and if i have no hope in settling, maybe bankruptcy is my best bet. i really dont wanna lose my home please help.
  11. in regards to: Is this just common knowledge they wont protect debt incurred for business expenses? because although it is for business expenses, its under personal credit since my businesses were sole proprietorships. Is this actually in their legal language. if so, I don't seem to see it in their federal trade commission text. can someone please clarify Thanks
  12. Really not trying to slow or speed up the process. I just want to settle and do it right using the experience of those that have succeeded before me. & not get trapped into the game the creditors want me to play. because i don't have the money to pay them. thanks
  13. MOE, THE FOUNDER OF LOANSAFE.COM SAYS IN TERMS OF A NO-HURRY DEBT SETTLEMENT APPROACH: YOUR THOUGHTS, STORIES, AGREEMENTS/DISSAGREEMENTS IF YOU WOULD PLEASE. 1) No more communication with them( CREDITORS), by either phone or mail. When you see your DEBT collections dept on your caller ID, do not answer the phone, and do not return any voicemail messages. 2) The debt owner is required, under the provisions of the FDCPA, to send a letter to the debtor advising them, among other things, of their right to have the debt validated. Means nothing, so forget about it. 3) When, eventually, you engage in settlement discussions , you will most likely be asked some prying questions, and be asked to disclose financials. Politely refuse to discuss these. DO NOT disclose any personal info, to include your plans, and absolutely no financial or employment info. One member posted that his attorney quipped that giving financial info to a creditor is akin to “pre-judgment discovery.” A creditor doesn’t need that stuff in order to make you an offer. As the oft repeated maxim states, “knowledge is power.” And, as in the following humorous age old buyer-seller exchange. Buyer (Borrower): “How much do you want?” Seller (Lender): “How much you got?” 4) Some key negotiation guidelines: a) Set your settlement goal, including the price and all the other conditions. Needless to say, do not share your goal with the lender. FYI, settlements are commonly achieved at prices in the range of 5-10 percent . The lowest I’ve seen is 2 percent; that settlement having been achieved via shrewd, hard-nosed bargaining by the borrower. Do not rush the settlement proceedings, to include commencing negotiation talks. Let the debt settlement department initiate the talks, which can range from a minimum of 6 months (very rare) to as long as several years. Be patient. Time is on your side and the passage of time will only strengthen you position. c) Do not behave as if you are rushed, eager, or worried at all. Instead behave in a very nonchalant manner, with a couldn’t care less attitude. Be prepared to walk away from the settlement talks at any time. Don’t worry, the debt’s not going away, and negotiations can be resumed later. Wait for the lender to initiate re-engagement in the negotiations. d) When the lender’s settlement department contacts you, most likely after many months, they will leave a voicemail implying there may be a “workout” available for you. Return that call and listen to their offer. This means that lender is now motivated to reach a reasonable settlement, and may be glad to eke out any money on this loan. e) Never accept the first offer. Instead counter the offer with a counter below your goal price. And, then off you go with your negotiations. Remember this negotiation basic. When the lender asks you to give up something, ask them what they’re willing to offer in return. f) Avoid talking much, only enough to present you offers (counter offers), and to confirm and verify the lender’s offer. No idle chit chat, and never disclose personal info. Your negotiating opponent will likely be a trained negotiator. g) While I realize this seems obvious and goes without saying, DO NOT end up negotiating with yourself. This frequently occurs when a negotiator is overly loquacious and attempts to be pleasant and polite to their negotiating opponent. The result is often giving something away, leaving something on the table. h) It’s prudent to sleep on an offer before accepting or countering it, even for one that initially looks perfectly acceptable to you. Notice about your credit: Yes, your credit will be damaged in the process, and unless your debtor agrees to credit bargain as part of the settlement, the derog can remain on the credit file for up to 7.5 years in accordance with the provisions of the FCRA.
  14. just wanted some on advice on a step 1 course of action to take....predicated toward a no hurry settlement. answer creditor calls? dont? respond by mail? wait for them to respond to me? thanks
  15. all under a DBA so essentially under my personal name & credit. i know i know... .hindsite is 20/20. as for the BK, it would be a personal bankruptcy. Lawyer says potentially my wife wont be effected, despite what california laws & community property laws state. my experienced lawyer says in 30 yrs hes never seen a spouse been targeted by creditors AS LONG AS THE DEBTS ARE SOLEY IN MY NAME and or the business. of course im not a lawyer and cant validate what a creditor or a court would do. I look at it like alot of things. theres exceptions to some rules.