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Everything posted by DebtSettlementJourney

  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 the
  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. 1. Who is the named plaintiff in
  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
  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 recomme
  7. Here is their website... 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 diff
  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
  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.
  15. My Velocity/CKS plan is probably wait until the end of the month, give them a ring and reoffer the 32.5%. Since this is a Upgrade/Webbank loan I think there is an arbitration clause (I'm an idiot and do not have my original docs...once it got sold I lost access to my Upgrade account)... So as a last ditch effort I may 'threaten' arbitration and bump my offer up to 35%. And if they do not accept that then I'll see what their next move is and see if they are bluffing. If they aren't then that is why I have the legal protection (and potentially arbitration) in place. This is a larger b
  16. Hi All. I've lurked for awhile (learned a lot), and now I'd like to share my journey. It is ongoing but hopefully other reads can learn something...and perhaps I can get some feedback when I hit rough patches Basically I had 15 accounts with 11 creditors, totaling 275k. Due to a failed business, major family health issues, and other personal problems the debt piled up over a handful of years. I was literally depleting all my savings paying monthly payments and it got to the point where it was obvious the well was going to run dry. I didn't want to file bankruptcy (I still do