DebtSettlementJourney

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DebtSettlementJourney last won the day on December 26 2019

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  1. I just wanted to give an update. I ended up settling this for 45% split over payments over the next year. Not ideal, but close enough to avoid the headache. Thanks again!
  2. Sure. I’m out and about right now but I’ll do it within a couple hours. Is an image okay for you?
  3. Thanks! Given that, do you still think I should go arb or trial? Of course I’d still be trying to negotiate settlement either way... I figured arbitration wouldn’t get me out clean, especially given the amount ($20k). I can actually afford the 40% figure originally proposed to me now, although I wouldn’t want to pay that much. Ideally I’d love to get closer to 30% (given I have other creditors that I’m dealing with) I heard their desire to negotiate generally goes down once you are served, but.... I’m hoping I can turn some screws by having my Veritas attorney call them and threaten them with arb. At that point they’d have to know default judgment just isn’t going to happen. Reasonable or am I dreaming?
  4. Hi. First time I've needed some expertise here. I've been catalouging my debt settlement journey on this site and after many successful settlements (averaging around 30%) I have finally gotten sued.... FYI when I first start trying to deal with this debt (well before I found out about this forum and even arbitration) I signed up for the Veritas Legal Debt Relief Plan. So in theory I have an attorney I can go to, although they may want to fight in court more than arbitration. https://www.veritaslegalplan.com/Blog/LegalPlan/DebtReliefPlan 1. Who is the named plaintiff in the suit? SunTrust/Lightstream 2. What is the name of the law firm handling the suit? (should be listed at the top of the complaint.) Vinci Law Office (they've been trying to collect for a few months as well) 3. How much are you being sued for? ~20k 4. Who is the original creditor? (if not the Plaintiff) SunTrust/LightStream 5. How do you know you are being sued? (You were served, right?) Served 6. How were you served? (Mail, In person, Notice on door) In Person 7. Was the service legal as required by your state? Yes Process Service Requirements by State - Summons Complaint 8. What was your correspondence (if any) with the people suing you before you think you were being sued? High level negotiations with SunTrust, their best offer was 40%. I spoke with Vinci over the last few months, best offer 45%. I couldn't afford either at the time. I haven't spoken to Vinci in a couple months 9. What state and county do you live in? Davis, UT 10. When is the last time you paid on this account? (looking to establish if you are outside of the statute of limitations) late 2018 11. When did you open the account (looking to establish what card agreement may be applicable)? early 2018 12. What is the SOL on the debt? To find out: NA 13. What is the status of your case? Suit served? Motions filed? You can find this by a) calling the court or looking it up online (many states have this information posted - when you find the online court site, search by case number or your name). Just got served today. I have 21 days to answer 14. Have you disputed the debt with the credit bureaus (both the original creditor and the collection agency?) No 15. Did you request debt validation before the suit was filed? Note: if you haven't sent a debt validation request before being sued, it likely won't help create FDCPA violations, but disputing after being sued could be useful to show the court that you dispute the debt ('account stated' vs. 'breach of contract'). No 16. How long do you have to respond to the suit? (This should be in your paperwork). If you don't respond to the lawsuit notice you will lose automatically. In 99% of the cases, they will require you to answer the summons, and each point they are claiming. We need to know what the "charges" are. Please post what they are claiming. Did you receive an interrogatory (questionnaire) regarding the lawsuit? 21 days 17. What evidence did they send with the summons? An affidavit? Statements from the OC? Contract? List anything else they attached as exhibits. Loaned agreement (that I signed). I just checked and their is an arb provision (with JAMS). Some info that I filled out initially when I got the loan (where I worked, how much I made, etc). My payment history with them 18. How did you find out about this site? Google
  5. Bunch of updates here: I settled with BestEgg for about 27.5%. They said they were going to sell it to a JDB and gave me a few options. Lump, or spread out over a few months (at a higher percentage). I took lump A Citi account was sent to Calvary. It was a smaller amount and I ended up settling for 40%. They started much higher so it was a tougher negotiation. I wanted to get this done this year for tax reasons. The citizens bank account got sent to LVNV. THis was a larger amount, think 5 figures. I ended up settling for about 32.5% spread out over 3 months. They werent as tough as Calvary Now for the bad part. I just got served by Suntrust/Lightstream (via Vinci Law). Vinci has been working the account. Suntrust actually offered 40% when they were working it...but I just didn't have the funds. Ever since Vinci took over the lowest they'd go is 45%. I really didn't have the funds then either. So now I need to come up with the plan to fight it. Arbitration is #1 tool although I will try to settle first. This is a 5 figure balance as well. I also subscribe to the Veritas Legal Debt Plan so I have an attorney at the ready.
  6. Ideally I'm looking to settle, but in order to get the settlement in a ballpark that I feel comfortable the agency said I must provide 2 years of tax returns, 2 pay stubs, and a hardship letter. I've settled other accounts and never dealt with this. This collection agency is a "law firm" and was outsourced by the original creditor (who still owns the debt). I feel very skeptical about giving them this information as they could use that against me in court (if we ultimately don't settle). Granted I can elect JAMS, but I don't think this info is relevant to them. What would you recommend? At this point I'm thinking of just waiting it out with my current offer (25-30%) and see if they end up biting without the additional information. If they decide to sue, then elect arb. But should I take the chance of a settlement by sending them those docs?
  7. Here is their website... http://www.vincilaw.com/ One of my accounts was sent here. At this point they are just doing standard calling every once in awhile to try to collect. But I'd like to create a plan of attack based upon the experiences of others.
  8. You just have to stand your ground and get a feel for the creditor based upon research. From what I could tell with my research Discover rarely goes below 40%, and I didn't want to (and couldn't) do a 40% lump sum. So we found a way to make it happen. No interest is accruing. These aren't my numbers but here is an example... Say you owed 10k. I paid them 3k lump and then every month I give them ~$42 for the next couple years for a total payment of $4k. IMHO never do any sort of 'payment' plan that is not a true settlement (although the reporting to credit agencies is different and settlements are more damaging). The question you really have to ask yourself are you trying to settle/pay less or do you want to find a way to pay the entire amount.
  9. It has been a bit slow recently but I just finalized a settlement with Chase. Pre charge off they were offering ridiculous amounts (like 60-70%) which was a total nonstarter. After charge-off I got something in the mail for a 30% settlement. I took it. Overall it was pretty smooth
  10. I officially settled with Velocity (original Upgrade). Some background here: this was a fairly large account (>40k) that started as a loan with Upgrade. Upgrade sold it to Velocity post charge off who assigned it to CKS. Given the large size it is worth their while to go to arbitration so I was a little worried here. Plus Velocity has a reputation for suing, so I wanted to settle this one CKS was the agency assigned and they were pretty firm at 40%. I offered 30-32.5% and CKS would always come back at 40%. In fact they would play some games (at least how I perceived it) where I got passed around to "supervisors" who would then "talk to Velocity" and would always come back with 40%. This happened a few times at least. I question whether they even went to Velocity. They were generally nice though. After the last merry go round they said that Velocity told them to close the account and send it back for legal action unless I took the 40%. I told them I was willing to arb and my offer was the best I can do. Basically I called their bluff. CKS eventually closed the account to send it back to Velocity, I called Velocity the next day, and they settled right away around 32.5%. We "negotiated", they sent a letter, and I paid in the span of maybe 30 minutes tops. Honestly in hindsight I wish I started lower with Velocity, but I'm happy with where it ended.
  11. Straight with Discover. They were at the stage where they were threatening to send it to legal. The 40% was also a 'payment plan'. I paid like 60% of it up front and the rest is over equal payments over the next 23 months.
  12. FYI I settled with Discover for 40% on one account, and a little higher than that on a Gurstel account (Amex)
  13. May or may not help... but I just settled with Gurstel for about 46%... I was never served though
  14. Paid and settled the second Amex account that was sent to Gurstel. Honestly they were pretty easy to work with, although I knew pretty quickly an extreme settlement was out of the table. Ended up doing it for about 46% (was closer to 50% but the account balance grew). FYI so far everyone except BOA has emailed me the final settlement letters... so things move pretty quick.