brokeanddesparate

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About brokeanddesparate

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    florida
  1. i also owed a large sum to chase, 32k, right before charge off i got a letter from them telling me their in house attorneys would be taking action up to and including a lawsuit, i offered to settle at 15percent, they told me 55percent was it, i talked bankruptcy possibility and unemployment, and told them between a relative and some exempt funds i could do 20percent, they got approval to go as low as 30 or wait for legal options, i decided to settle at 30, which for chase seems to be good, they are not as lenient as last year, and there was just an article in paper about chase keeping in house
  2. ok, i have found citi the hardest one to settle, one account 20k. charges off in 7 days, final offer they gave me is 40percent (can't do) or 5 year payments of 350 mo, or 1 payment of 350 to delay charge off by 30 days. If i make the 350 payment should not that set the charge off clock back to 6 months? Rep said it would just delay by 30 days. Please give your thoughts. Edit/Delete Message
  3. ok, i have found citi the hardest one to settle, one account 20k. charges off in 7 days, final offer they gave me is 40percent (can't do) or 5 year payments of 350 mo, or 1 payment of 350 to delay charge off by 30 days. The one you let go to CA, how did you get that 15percent settlement? Did you get taken to court? i have always heard settling is harder after charge off. Please give your thoughts.
  4. Ok, so now citi account charges of april 1, approximately 21k owed, final offer is 40percent or approx $8400, i had offered 15percent, they will not offer less, they tell me once it charges off i have other options, he won't say what they are but probably will not be lower through collection, is all that true? They offer 5 year payment plan of $350 month, which is under 10percent interest, i have no job and unemployment comp ended 6 months ago, i know bk is an option but i have reasons to not want, they tell me if i pay 1 payment of 350 they will delay charge off for 30 days, does that mean if
  5. Last year bank of america settled with me at 15 percent, chase seemed to be playing much harder ball, just read in paper chase in florida is being more aggressive in suing and got a demand letter to pay in full on account that is about to charge off or face lawsuit. I had been trying to settle at 20 percent as i heard chase was much harder. I had told them 15 percent was best i could do. I called today and they dropped from 55 to 30 percent and they told me this was final offer, i fell for it and accepted. Has anyone recently settled for less with chase? Did i cave to soon? In house legal was
  6. Ok, i have only missed 2 payments of my $20,000 past due credit card. Already they have offered me a settlement of $13,000. I was on a program for a year with them after missing payments over a year ago, where i was on zero interest and a reduced payment, but now my unemployment comp has run out, i could no longer pay even the small payment, but it expired and went back to double the payment, i called them, they offered me the zero interest again and small payment, but now with no unemployment check i told them its not possible and i may have to file BK. I can't pay the settlement, but can i e
  7. you mention its 5 credit card companies, do you mean 5 differnt banks? how much is on 1 biggest bank? Remember, if you are headed to chapter 7 bankruptcy and have a bk lawyer on retainer(even a $100 retainer) and you mention to cc company when discussing settlement, they know they are likely to get 0 if you bk, so let them know that is something you are considering, but that if you can afford you would rather settle, don't have them deal with your bk attorney, he wants you to bk, negotiate on your own. At my final offer i got of 15%, they wanted to call attorney's office just to verify he was
  8. i am under the impression the 1099 i will be getting includes all interest and late fee's, not the smaller amount, if anyone knows different please post. Also if equity in home or any money in 401k or IRA exceeds the forgiven amount, than filing insolvency form with IRS will not do away with 1099 obligation, i would assume committing a federal crime of filing for insolvency falsely would be easily caught by IRS since various early withdrawals from ira also generate paper, and even having ira generates paper with irs, so be careful about trying to absolve 1099 with a insolvency form to irs. A
  9. Even if they eventually settle for 40% of origiinal debt, the amount they will report on a 1099 will be the increased charges minus the actual settlement, you will owe income tax on that amount, so while the settlement may be smaller, it could result in a large tax bill to irs unless you are insolvent on date of settlement.
  10. call the clerk of court and verify lawsuit dropped, they may be hoping you don't show up and they can get a default judgment.
  11. always answer, never let them have default judgment, go to court and sk hem to prove to judge they own the debt if they are a collection agency.
  12. Has anyone have any recent experience settling credit card with chase? i just finished settling with bank of america for 15%, anyone knowwhat to expect with 30,000 from chase? Edit/Delete Message
  13. Has anyone have any recent experience settling credit card with citi? i just finished settling with bank of america for 15%, anyone knowwhat to expect with 20,000 from citi?
  14. Unless it shows up on your credit report, which it should not, UNLESS YOU MAKE A PAYMENT, they will be in violation. DO NOT MAKE A PAYMENT OF EVEN 1 CENT or you restart SOL, if you are outside of SOL and it's not on credit report, if they do sue, remember to answer and show up at court date, use SOL defense. if you don't show up they will win a judgment and despite fact that it was outside of SOL, they will win and you will have a collectible judgement. Do not restart statute by making a payment.
  15. Did you let checks cash? is it over or do they want more now?