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hard_times

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  1. 3 years ago I was laid off and was unable to find work. I went through my savings to survive and it was tough. I was finding some freelance work from time to time but eventually I had to default my credit cards last year. I received an offer from AMEX recently but I am laid off at the moment and barely keeping afloat with the rent and basic living expenses. There's no way I can accept any offer but I do hope to make a settlement offer in the future when I have the funds. How does Amex usually work? We are talking over $20,000 defaulted on this card. Do they usually make a few offers over the years and then sell of the debt? Do they usually sue? Should I contact them and make them aware of my situation and ask them to be patient? If I do ask for more time does that reset the SOL? Thanks for any advice.
  2. How about this situation. I am contacting once daily by a collection company. Sometimes they leave a message, othertimes they hang up. I have all calls logged with time and date and saved the messages. This has been going on for the last month and I am sure it will advance to more harassment over time. My attorney has sent them C&D twice now. Any contact needs to be made through the attorney and not me. Since I am represented I will NOT talk to them myself. If I am not mistaken each call they make is a violation and they could be liable $1,000 per call?????
  3. Hello all. My first posting and I hope it's a good one and hasn't been asked.......... The SOL in my state is 4 years. My debt is less than a year since last payment. If I choose to lay low and wait 3 more years with no legal action then another 3 more years everything goes away (7 years total). If I work out a settlement, for example, 3 years after last payment, then I reset the 7 year clock and the total time on the credit report is 10 years. Now, not only does a settlement reset the 7 year clock I also have to deal with the IRS for the forgiven amount. So that begs the question. If I don’t settle and just leave it alone, does anything get reported to the IRS? If both those are correct then isn't it unfair that someone who chooses try settle old debts to the best of their ability suffer the longest/hardest? Why is trying to do the right things works poorly in your favor? I must say that not paying my debts as agreed wasn't my intention. As many others I fell on hard times and spent all my savings to survive. Thanks for the answers.
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