shoeguy

Members
  • Content Count

    24
  • Joined

  • Last visited

Community Reputation

11 Good

About shoeguy

  • Rank
    Newbie

Profile Fields

  • Location
    Ohio
  1. shoeguy

    Here i go

    Thanks for the advice everyone. I jsut received my letter in the mail from CHASE that says my credit report will say "Settled in Full". I called them and they accepted a 35% offer on the then $27K plus change. I can now close that chapter with Chase and set my targets on the other balances. I have been chipping away at the other balances so basically I have onyl the credit union loand at $1,800 and the Citibank which is in the $10,500 neigborhood. I did my studying on Chase so now I need to read the stories on Citi to see if that will be a harder road to hoe. Thanks again for all the encouragement and advice. Shoeguy
  2. shoeguy

    Here i go

    I haven't heard one thing from Chase since November. I sent a DV back in November and they sent me a copy of all my statements and that was all. Since then I haven't seen anything except monthly statements. I'm clearly over the 150 mark now. Should I write a letter to them or call? Last offer they gave me was roughly 65% of balance which I didn't take. Thanks for your time. Shoeguy
  3. Antiquedave, Yes my letter has the same type of language on the bank.
  4. I have received the same letter last Friday and haven't responded yet. I'm wondering if I should contact Chase or answer one of the phone calls from Allied. DebtJublilee, since the original post is a few months old would you mind giving an update to your situation and course of action? I seem to be in the same boat you were in and courious to where oyu stand today. Thanks for your time. Shoeguy
  5. shoeguy

    Here i go

    Well i guess Chase didn't want to go any lower. I received a letter from Allied Interstate. I haven't answered the phone from them yet but they call 4 times a day. So I haven't read about CA's and how do deal with them. Would it still help to Call Chase and try and deal with them again or just give up on chase and deal with Allied? thanks for your thoughts/post.
  6. shoeguy

    Here i go

    Thanks Willing, I calc I'm sitting about 110 days pst due. The offer of 65% they sent me in the mail expires today. I'll let it expire and sit tight. Jan 1 would mean I'm about the 171 days outstanding. I doubt I can hold on that long but we will see. I'd really like to get this behind me. I haven't talked to Chase since the end of August. I talked for about 30 or 45 minutes and told them I could pay them $7K right then and they refuse the offer. I told them I was $300 underwater and their monthly payment is about $500 so it was a simple math/choice for me to quit paying. I told them what had happened and been straight forward and honest with them. I'm current on the other cards but my score took a nose dive of about 80 points. I've been living frugal and put the cash in a account I've never paid them from. I know not to worry about my credit score but something inherent in me makes me think about it often. You guys are very helpful and I appreciate the time you give me when you write your replies. Damn the torpedoes, full steam ahead! Take care, Shoeguy.
  7. shoeguy

    Here i go

    I beleive I'll sit tight for a little more. Maybe I can hold off until Jan 1 and then the taxes on the settled amount will be due in 2014 instead of 2013. Does anyone know Chase's charge off date? 150 or 180 days? I'd prefer to settle prior to them charging it off. Thanks
  8. shoeguy

    Here i go

    UPDATE: I received a letter from Chase in the mail saying they would accept 64% payoff and I have until 11/1 to accept. I have the cash to accept the offer but wondering if I hold tight until Jan 1 I might get a better deal plus the taxes would be due 4/2014. I'm roughly 90 days past due right now. That would get me in the 150 days. From what i've read that is in danger zone of it being past to a CA which I would like to avoid. Any opinions? Take to deal or sit tight? Thanks shoeguy
  9. Thanks for the reply. Right nwo I have had a conversation with them and explained my situation. I was probably to open with them but basically told them I have run out of money. I talked to a credit counseling company that confirmaed I'm over extended every month and my cash reserve is bascially done. They asked if I could send any money and I said I could borrow from my family/parents and 401K and settle for $7K which was 27%. She talked to a different department which came back with 90% to which I kindly told them we were way far apart and didn't know where to go from here. She suggested I call my other cards and see if they could give me breaks on the monthly payments so I could afford theirs. I was supposed to call them back but I never did. That was about 30 days agao and I see the same woman is starting to call me again. I suppose in a week or two I'll pick up the phone and call them back and tell them nothing has changed. I got the first letter that said my rates will be 29.99% Nov.1. I suppose there will be more where that one came from. I think now I'm more like 80 days past due. The last time we talked I was only 51. Hopefully something changes and they decide they can settle. I'm wondering how long that will be and how much interest and late charges will rack up by then. I can settle today for 50% but not sure if that is what I should tell them.
  10. shoeguy

    Here i go

    So talked with the CC again today to talk about my current financials. Actual facts based on my credit report and paychecks is I have $300 left to pay for food and gas to get to work. They talked about payment plans which I told them i couldn't afford and would rather settle. She told me they were at 90% and I said we were really far apart that I could only give $7K or 28%. She submitted while I was on the phone and they wouldn't budge due to my last charge was only 3 months ago. We left it by saying we would talk in a few weeks. I guess it is a waiting game now. Any input would be nice. I appreciate having a place to vent and learn about my options. Shoeguy
  11. Does the credit card company want/ask for verification of income or expenses prior to offering a settlement? I've talked with bankruptcy lawyers and have a $hit ton of it gathered up but I want to get a settlement from OC instead of BK. The account rep at cahse said she wanted to talk income and expenses to see if I qualify for a settlement offer. That statement "qualify for settlement" has kind of thrown me some. She can look at my credit report for expenses but I'm not interested in talking about income with them. My credit reprot is all jacked up. lol that is what got me here in the first place.
  12. shoeguy

    Here i go

    I just got off the phone with Chase. My goal is to settle the $25K. I'm currently 51 days past due. I told them about my divorce and recently I got hit with a $3K medical bill for my kid. I said I was interested in just trying to put the past behind me and try to settle the account because I'm currently $300 under water each month. I didn't have my budget in front of me so she suggested I call her back when I have figures. She wants to input income and then expenses that show on my credit report to see if the account is available for settlement and deosn't care about other living expenses like food. WTF I'm told her I'd call her this afternoon but not sure how they determine "available for settlement". I'm assuming their other option is a judgement but not sure. Now i'm questioning why I even called since only 51 days outstanding. I was able to secure funds for a settlement and hoping I haven't jumped the gun. I haven't deposited the funds into an account yet because I read somewhere they might have the ability to check my balance somehow. I feel I'm rambling so will stop. Just wondering if you feel I made the wrong choice in calling them so early. Did I jump the gun and is there any benefit to trying to resolve for a settlement so quickly. Thanks
  13. Thanks Des, I'm a family of one. My two daughters live with their mother. I'm going to continue gathering info by talking with my creditors and with more lawyers. The first attorney said chp 13 and 100% repayment plan. He may be correct but I need more opinions on that one. I think he said 100% thinking that the creditors get all their money so they wouldn't look as closely to the budget items. Don't know but seems possible. I figure I really just get one shot at this. But feel that the longer I wait the farther in the hole I get which in turn creates the stress. Wow I just hope I can somehow turn this situation into a learning opportunity for my girls. Thanks Shoeguy
  14. I agree with seeing more attorney's. He turned me off when he heard I make a little over $100K and just said "well you are definately in 13. I can take some adjustments but there isn't any point of it." I'm tapping into some close friends to get referrals and talk to a couple more. I'm just not convinced I should file. I'm strapped badly. Eventhough I make good money after child support, mortgage payment, 401K loan and car payment I bring home $1600. After minimums on the debt, insurance and cell phone I have $650. That is to cover utilities $150/month, food /$250?, and gas for car $150/month that leaves $100 for mysefl plus girls and doesnt include dog food or household cleaning supplies. I'm negative income after that. So I can get a second job, sell the some items I took in the divorce etc. I'm personally at the crossroads of the decision. I need to call and negotiate better rates and lower mins with the credit cards companies. Maybe that will get me over the hump of 22 months until my oldest drops off CS. Or I can go into BK stop the interest and get a payment plan together. My biggest fear is the hit to the credit report and some poentioal employer excludes me from a job becasue of my credit score. I also worry about something else happening and I have a BK on my record. Those are the types of things I think about. I get stuck at these passes/ decision points and I do research and think about which way to go but this time I feel a huge amount of pressure. I have an 18 month same as cash coming due 8/24 which would take half of my emergency money of 1500. If I make the payment I save $700 in interest. I have no idea which is better to do. Make the payment and save the interest or let it pass and increase my debt by $700. Ugh. Such is life. Thanks for listening and any input. Shoeguy
  15. So went to see an attorney and it seemed like a confirmation to my research/thoughts. I'm in a 13 but becasue I make a decent salary I'm in a 100% payment plan. Really 100% the stars were aligned and I made stupid decisions during my divorce and after which was mainly buying a hud home and making it livable for me and 2 daughters when they come over. So I'm really sitting on the fence. I need to talk to another lawyer to confirm the first ones observations but if I'm at 100% repayment where does that leave me? Should I file and be donw with it all in 5 years with only two years left on my credit report? Should I call up my creditors and see if they will cut my monthly mins and reduce my interest? I have 2 years or really lean times then my oldest turns 18 and my support goes down. Then in jan 2015 my 401k loan is finished and then in another year my second child comes off support. So I'm in a jam for about 23 months before the pressure goes down a little. If I file that stops interest payments and other fees so I'd be out of debt faster but what types of horror stories would I encounter during that 7 years. Do employers not hire you if I was looking for a job? What happens if I have trouble making the BK payments? How bad does bad get? My car lease is up in 2 yrs. What happens then? ugh the questions linger. Well I'll see another attorney and see what they have to say but I know they all want you to file so they get money. Sick cycle but make sense to me. Thanks Shoeguy