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wipedout's Achievements

CIC Member

CIC Member (4/6)



  1. Lmao, nice. Lemme know when you're around, I'll buy you a beer with the credit card that I'm about to stiff... (J/K)
  2. In my reaearch/experience, settlement talks won't even start until 90 days late. Lowering aprs is maybe 60+ days late. All banks have a "workout" option, but they won't tell you about their best options until 60-90 days late. I called a cca and went through my financials. They said that they could get bank #1 to lower apr to x%, and they could get bank #2 to lower the apr to x%, etc. Screw the middle man, I called the banks and asked if they could do that. They said yes. Unfortunately, I still couldn't afford the payments, even with the lower apr, so I didn't do a workout. I've heard that the best settlements come after 120 days late, and before 210 days late. Once it gets to a collections agency, all bets are off. Could be the same or less, or could be a sue happy ca. If you can realisticly come up with 20-50 % of what you owe, after not paying for 3-6 months, you may be a settlement candidate. Some banks are harder than others, and would rather sell off your account or sue, before they offer less than 70% settlement. If you can't come up with that much, you can do a hybrid. Plan on settling the first 2 or 3 best offers, late in the game, then when you run out of cash, start working on a payment plan with the last 1-2 creditors. You really need to sit down and do the math, and come up with your plan. For $25k in cards, I'd think you could settle for $5000-10,000 total. From what you said, you pay $1000/mo on the cards. In 5 months, you will have saved up $5k in settlement funds. Worse case scenario, you got a couple hardasses, and they won't offer reasonable settlements. Concentrate on the ones you can settle for the cheapest. Also, there are a lot of cc settlement strategists out there. Some say to completely ignore them for 5 months, then talk to them, some say to talk to them once a month, etc. There are a lot of strategy out there. However, I would caution you about the complete stiff, I.e. not even talking to them. Recently, I've seen a few people being sued when only 60-90 days late. They didn't talk to the creditors once, taking the aggressive route. That is unheard of! Unless the banks knew they had money or assets, not sure. If you decide to pull the plug, I personally would recommend answering the first call, and explain your hardship, whether it be true or false. They will act like they feel sorry for you, and "update your account". They may ask for financials, don't give them anything. Ignore their calls and answer once every 3-4 weeks, only tell them nothing has changed. (Keeping the lines of communication open). After about 90 days, they may offer a settlement, or you can inquire about one...so on and so forth until 120-150 days late. This is when you'll have a pretty good idea where they stand. Did they lower their offer 5% or 20% from the last time you talked to them? Now you will know if they are aggressively trying to settle, or if they are sitting tight. Now you can decide which ones you can settle, or want to settle, and move forward. Of course, all of this is moot if you decide to go another direction. Listen to ioalot's advice. He has experience. He wanted to settle everything and not file bk, kinda like you. Of course you could go scorched earth on them, and blow them all off....but you will need to do a lot of reading and research to prepare yourself for the lawsuits that will inevitably happen.
  3. Clue me in on the $23k reference? Oh, and coltfan, when's the last time you have visited Florida, close to Disney? Whenever you are ready for a mini vacation, all expenses paid, I'll let you know
  4. I've been in your shoes, in a way, and still am to an extent. Here are a few thoughts. 1. Is your state a community property state? If not, is most or all the debts in your spouses name? If no then yes, your spouse may be able to file bankruptcy on their own, without you. Talk to a bk attorney. 2. You have a lot of options, and creative plans to start contemplating, while your credit is good, and you are paying on time. Read into that or not, but think about it. 3. Making yourself judgment proof is not fraud. Know the rules before you break them, I.e. research the bankruptcy exemptions in your state, get free consults with bk attorneys, evaluate your whole financial situation, etc. Yeah, don't sell your car to your dog for sure! Instead, sell the title to a title loan place, lol. I'm not giving advice here, just brainstorming.... The bottom line is this. If you are 100% against filing bk for whatever reason, you better damn well not let anyone know that. They will feed off that, and it will be open field day for them to sue you, then garnish your wages and start hitting your assets, if you have any. I think it might work a little differently if the creditors know they are dealing with someone who dgaf, and is a walking bk ready to happen, and who will pull that card at the right time...just my guess anyway. It can be a game of chess, or a coin toss....your decision.
  5. Maybe if you put the right keywords in, you hope they will stumble upon your posts from a google search, so you can feed them crumbs...I dunno. I'm sure they will read this post of mine tomorrow...lol.
  6. Something tells me that if someone had the qualifications you have listed below, that I wouldn't want to be laundering money for them with my checking account.
  7. I think I've had my own bank accounts since I was 18 years old, and I had 0 credit, if not worse, when I was 18. When did good or bad credit have anything to do with being able to open a checking account?
  8. Here is what they will be able to verify- your debts (by looking at your credit report). And that is it. As far as your income, who said you have to be 100% truthful? No one. Tell them what you want to tell them, just make sure it looks good. I.e., do your homework...find out what your monthly expenses, liabilities, etc. are, and "come up" with your income around those monthly obligations. Some would recommend not even discussing finances with them. However, I tend to believe that it might help. NEVER give them financial documents (bank statements, pay stubs, etc.). For example, if you have monthly living expenses of $500, and monthly debt expenses of $300, then obviously you would have to bring home $800+ per month to be able to pay all your expenses and debts, and survive. So, tell them you are only making $600/month (pay cut, reduced hours, etc.), and have to cut $200/month from your budget, which is why you stopped paying them. They might try to tell you to stop paying other bills, but unfortunately, you have to pay your light bill, car payment, etc. to survive. The above scenario is just a general idea. They will not be able to verify if you are being honest about your income or not, just stick to your story. If they ask how will you be paying the settlement, you tell them you are getting a loan from family, friend, dog, IRA, etc. and leave it at that. They will probably at some point ask you to get a loan from family, friend, dog, or IRA just to bring your account current. Tell them to pound sand, that you will consider taking a 1 time loan to settle the account, and that is it. cahse will most likely ask/offer for you to speak with a credit counseling agency, to see if they can help. Do it. Keep in mind, get your story straight before you call. After you finish talking with them, they will give you some ideas on how to get back on track again. Politely decline. Wait for the call, or call cahse a week or so after, and let them know you worked with a cca, and they weren't able to do anything for you. They should start talking settlement then. Seems like people are able to settle with them between 15% and 50%, depending on circumstances, and how close to charge off you are. As far as the 1099-C, my guess is that if someone is considering BK, their finances are probably already backwards, and they are insolvent (have more debts than assets), and they won't have to pay taxes on the forgiven amount of debt. cahse has been in a lot of trouble already, and have had their hands slapped, they won't sell the forgiven debt to any JDB's. I settled with cahse on a large balance cc, for a quarter on the dollar.
  9. I can't believe they have a ca coming after you for only 60 days late...weird. Have you completely ignored jpm or something? I owe more than twice that much, 120+ days late, and they still call me once every other day or so trying to get me to pay something. I gave them my hardship at around 2 weeks late, so I'm sure they know that idgaf, and debt is no priority of mine right now. Groceries and diapers are on my priority list. I would dv the ca. Doubt they will have any issues validating, since it is so fresh, but will keep your phone from ringing for a while. If you are interested in working something out with jpm, I would deal with them only, leave the bottom feeders out of the equasion.
  10. IMHO, if you are definitely a bankruptcy waiting to happen, they might settle with you for 20-30%, but you'll need to be patient and wait until you are very near 180 days late. So, if you think you can save up that much money over the next several months, that might be an option. If you just know you can't afford it, then there is no reason to pay anything, and just wait to see what happens. Like others have said, you still have the nuke option available, if all else fails....kaboom! When I spoke with a consumer credit counseling agency, I think they said that Chase could lower the apr to 6%, or something like that. My belief is that if a cca can negotiate something with a bank, I can do the same thing, without paying a middle man. I think its worth a call to chase to see what, if anything they could do to help you. I'm sure they have reasonable programs, but at the end of the day, you can either afford it or you can't. If your grocery budget will be affected by a "workout", then it just won't make sense to participate in that workout. Banks are heartless and only care about their bottom line. However, in my experience, if you have a valid financial hardship, or are a walking chapter 7 waiting to happen, they will work with you, but you need to be patient. Don't lose sleep over it, and good luck.
  11. I'm insolvent for the full amount, so I'm not worried about a 1099-C. The house is so far upside down and my debt is pretty big. Even if I wasn't, I'm sure the codi would be forgiven under the MDFRA, or whatever its called.
  12. Your last sentence, exactly. You have read my mind. I had previously asked that question, if I couldn't afford the settlement offer, and the response was "they will pursue you for the full amount". I think that is close, but not a slam dunk. I'll keep prying.....
  13. Lol, thanks colt. I think I may have some violations, not sure yet, but I'm keeping notes just in case. My favorite so far is how the ca, in california, gave me legal advice on my situation (to financially benefit them of course), that was totally incorrect and reckless, regarding south carolina rules of civil procedure. Also, she gave incorrect legal advise about some federal tax laws. Not sure yet if it means anything, but like I said, I'm keeping notes. Last I checked, the chic doesn't have a law degree, she smokes too much, probably buys the $7 vodka bottles and box wine, and probably has 3 cats. I guess I'll go ahead and keep the lines of communication open. I record all calls, and also make sure to put the phone on speaker, so a 3rd party can hear and record the conversation with their own device.
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