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outlook7777's Achievements


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  1. I've been speaking with Navy Federal Credit Union over the phone about settling my vehicle loan and credit card debt. They only reason I did it over the phone is because I've read on here that it is ok to deal with OC over the phone. The combined debt for the 2 was roughly $25,000. They agreed to settle for $7,000 on both loans. They are sending me a letter stating that we are settling for a lesser amount owed and the balance will be zero. They said they couldn't remove the items from my Credit Report or mark them as "paid in full". I guess the only thing I'm worried about is the remaining balance of the debt being sold to a third party collection agency, but like I said earlier, I've read on here that the Original Creditors are more trustworthy then the CA. I've also sent out 4 settlement letters to Collection agencies with the debt for each CA averaging around $1,700. In the letters I stated that I would settle for roughly 30%-35%. I'll post when/if I head back from them.
  2. I have been reading these forums and haven't found this anywhere. I have sent a couple payments to a law firm collecting on behalf of Bank of America and I was wondering if I am still able to sent a DV letter to them? I've talked to them on the phone and agreed on $100/month payments. I didn't know about validating debt before I sent them the payments.
  3. Before you send any money, draft up the contract that they proposed in writing and send it to them to sign and return to you, stating everything that was said.
  4. There is new information on this debt. I guess the lawfirm sued Navy Federal Credit Union for repossessing vehicles illegally, so from what I've gathered so far I don't owe this debt anymore. Does anyone know anything about this? My wife talked with the lady from the lawfirm so the details are a little sketchy, at least until I can talk with them and verify what was said. The vehicle that was repoed had a balance of around $20,000. It's kind of hard to believe that this debt would be just wiped away like this.
  5. There is no judgement against me, I talked with the Credit Union and they sent my 2 debts with them to a CA, but said I can deal directly with them. I'll make them an offer of 25% of the debt on this vehicle and the credit card I have with them, and negotiate it being marked as either "paid in full" or getting it deleted from my credit. I just wasn't sure if I could negotiate a settlement on a "secured" loan or not.
  6. He wasn't my friend, my wife is just too nice and let him use it, and no he didn't give us a dime. He couldn't even pay his rent and was talking about bankruptcy, so I wouldn't have gotten anything from him if i took him to court. Coachway- I also have a credit card through Navy Fed that I haven't paid on in a few years. I'm in the process of trying to settle with them now. I haven't given them a offer yet, I just called them a couple of days ago to get the balance, it's around $12,000
  7. my wife let our neighbor take it to the store who was uninsured and had no license, so it wasn't covered. I wasn't too happy about it....
  8. Has anyone tried to settle with Navy Federal Credit Union? I have a vehicle loan for $10,400 that was totaled 3 years ago and hasn't been paid on since and a credit card with a balance of $12,000 that hasn't been paid on for 3-4 years. I was wondering how likely they will be to settle. They sent the debt to a CA but said I can deal directly with them. Thank you, Brandon
  9. I read that you typically cannot settle a secured loan because you have property or a vehicle as collateral. My wife let a friend borrow our car and he totaled it and he was uninsured, so I don't technically have a vehicle as collateral anymore. In this situation am I able to settle for a negotiated amount on this debt? I believe the amount owed is somewhere around $10,400 and I haven't made a payment on it for 3-4 years.
  10. I called my OC for 3 loans today and 2 of them were sent out to CA but I can still deal directly with the OC, but the 3rd (a repossessed vehicle) was sent to an attorney for a class action lawsuit around Oct 2010. Am I still able to settle for a negotiated amount on that debt also? I tried calling the attorney but had to leave a message. Thank you, Brandon
  11. They you all very much for the responses.
  12. If I settled my debt with a creditor for a fraction of the total and send them the money order for the negotiated amount, what do I do to ensure they don't just cash the money order and continue to try to get me to pay the full amount? Is there a document I should send them and have them sign or do I write "paid in full" on the money order? Thank you, Brandon
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