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About ioalot

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  1. ioalot

    Here i go

    I would sit tight. Settlements these days dont seem to be what they were a year or two ago, it seem the creditors are raising their settlements across the board, but I think you could do better with Chase closer to Charge off and much better "if" you wait till after CO.
  2. 1. Chase-after charge off they will soften. I would move any money out of Chase accounts yesterday. 2. Cap1 Sony Card. Had one of these, stopped paying when Chase owned it, then the entire Sony credit cards where sold to Crap1. Crap 1 held it for a year, the best I could do was 65% of an 8k balance. 3. Cap1 Business card-so much easier than the personal card, 50% at 4 months overdue.
  3. Was in a similar situation as you, struggled for years, then lost employment. I was unable to do a BK due to the equity in my home and crappy homestead exemptions in my state. I could no longer afford credit card payments so I started researching settlements. What I did before I stopped paying was to get a google voice # and updated EVERY account I had with the google voice #. I then cancelled my landline phone and got Netalk (like Majic Jack), saved me $70 a month. This was a saving grace in this fiasco, no phone ringing off the wall. We settled all of our cards, except one which we are current with a 3.99 int rate. We were able to settle 90k for about 37%, no law suites, although Amex sent a 36k card to a local atty which we settled with. Our credit scores are crap, but we sleep better now. Good luck.
  4. If I had received this, I would think it is acceptable, however, there seem to be many here who are more knowledgeable in this aspect. It is probably a form letter but does seem to state, once they receive the 1k it is settled.
  5. ALL of your 401k is counted as well as any surrender value of life insurance. If you are filing jointly, then her assets and debts go on there too. I used Turbo Tax for 3 1099s. Was insolvent on the first 2 but not the last. You have to manually add the Form 982 and worksheet on the TT software. Dont forget the worksheet, they will come looking for it if you forget.
  6. Yeah, but at lease the IRS is somewhat reasonable, they will take that pound of flesh in ounces over time:)
  7. 65 percent of an 8k bal after a year with them. Was a Chase card, missed 2 payments with Chase, Chase then sold the card to Cap1, just my luck. I think the only reason Cap 1 held onto it for a year is they had it listed as medical hardship. It was my wifes card, when I sopke to them to explain my unemployment, I also mentioned my wife could not find full time employment due to a high risk pregnancy, they classified it as medical hardship. They do not consider unemployment a hardship. They started at 80 percent at about 6 months and stayed there till we settled at 65%. Tried my hardest for 50% in a lump sum payment, ended up with 65% over 6 months, If I recall correctly, I could have spread it to a year. They dont care, they have this reputation of not settling reasonably, and quite frankly it works for them. They either get what they want or will sue. Research from many different forums have anywhere from 50% to 85% settlements. It had already charged off and I didnt want a law suite, I had assets they could attach to.
  8. Leave the 401k money alone, if you do eventually have to file for BK, its safe. If its the phone calls are bothering you, they wont stop by the way, ditch your home phone, get a VOIP line for your use, give n one this number other than family/friends. Also get a google voice # and give that to the collection agencies and everyone else for that matter. Always call the collection agencies via the google voice number as well. Saved me a lot of anxiety that way, my credit reports now show the GV as my phone number.
  9. I would like to see willingtocope's take on this. How do you get the OC to talk to you? I had an amex with a CA, tried to call amex, the gave me some story that they could only provide me with the CA info and that they could not even document the call as it is now with a CA (assigned to a CA, not sold.)
  10. Why bother, it will fall off your credit report soon, by end of this year or early next.
  11. I am referring to the agreement in writing, they usually say the once you have a verbal agreement in place and the payments are set up, ie auto draft from a checking account, they will mail the agreement. Some insist on having the agreement in their hands first, whatever works for you, but in any event, unless you have an acceptable agreement in writing, you have no deal. So, I setup the first payment to be drafted 10 days later so I would receive the agreement in writing BEFORE they got their first payment. I had a separate checking account for settlements, so if I did not receive the agreement, I would not fund the account.
  12. That sounds like Chase, I settled 3 with them, all at about 90 days late, 1 for 35%, the other 2 for 30%. Wait them out a bit longer. Also, it is 4 payments over 90 days, dont know if that will help you. They will tell you that they will send the settlement agreement once the payments are set up, so I set the first payment 10 days out so I had time to receive it before I funded my settlement checking account. Good luck.
  13. Thats good news, 25% is pretty good for Amex. How long was it overdue?
  14. First source is a bunch of morons! I settled a Cap1 business card through first source. Actually first source called and Cap1 got on the phone and setup the settlement. A few days after they received the final payment, I all of a sudden started getting collection calls from first source, they even called a relative to find me. The excuse first source and Cap1 gave was that the account still had 3 weeks to cycle and that it was in fact settled. Bull S^&*, I gave them a verbal a$$ whopping, they had to manually look for my sister to call, she is not on the account nor does she live with me. Cap1 apologized and the calls did stop and the account is listed as settled on my CR. Hopefully its just that the settlement did not update yet.