B Ball Joe

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  1. You must get a settlement letter. Without it, they very well might just apply it to you account. Those look like pretty good numbers with 3 months still remaining before CO. If they want to settle, they will send a letter. Like is said, mine was set up about 10 out so their letter could reach me before they took any money. Don't be in a hurry and see if they come lower. Maybe offer them 3 grand total for both in a week or two. If they don't take it say "thanks, but I can't do any more. And my dad said that if I can't get a letter he will not give me the money." Then wait a few weeks and try again.
  2. I had a second Chase card that was assigned to MRS Collections. Same as the first, Chase wouldn't take 40% before Charge Off, but I settled at 30% (of final balance) within a couple of weeks.
  3. Yes, taxes are assessed on the amount of debt that is forgiven as regular income. I haven't figured all of it out yet. Search around, there are threads on different forums that explain what IRS Forms need to be completed to show insolvency.
  4. Consumer Recovery Network. Check out their web site. They guide you thru the process, but you have to do the work. And most importantly you have to have the money to be able to settle. Estimate high and save all the money you were paying monthly, plus more. Cut back on things and save, save, save. Also read thru all of the info on this, and other, forums. It's worth the time and effort. I almost signed with a Debt Settlement company, so glad I didn't. Those companies seem to take too long and take a huge amount of money. Now I need to do the paperwork to show that I'm insolvant or next year there will be a very big tax bill.
  5. I had a seperate account that I only put the funds in a day or two before it was to be taken out. That's all it's been used for the last 6 months. I did my BofA settlement over the phone. 4 payments over 90 days. At that time I gave them my bank info and we set the first payment (smaller amount, only a few hundred dollars) to taken out in 10 days or 2 weeks. This gave time for the settlement letter to get mailed to me. If it handn't arrived, I wouldn't have put the money in the account. I haven't done this all by myself. I have paid a company a small monthly fee. I could have done most of what was needed the right way from what I learned on the internet and all the great forums. But it's been worth it. Don't go paying anyone a percentage of your debt or savings.
  6. No funds to make a payment on the account. When you get to settlement talks - Say that your parents/brother/whoever will help you out. "They will only give me XXXX, if we can get this taken care of and done with. They won't help me if there's going to be any payments." They will say "how about using that to get the account current and then making monthly payments." Tell them your source will only help if we can settle the account.
  7. When we talked I just told them my story about what got me to the point of not being able to pay (major reduction in salary, kids medical bills). "If I could make a payment, I would. But I just don't have it. Having a hard time with the morgt. and untilities." Not sure if the DV will hurt you or not. Lots of good info on the net and lots of incorrect info. From what worked for me and with you wanting to settle quickly, I think you should call them. Let them know your story. Don't offer a settlement again right away, you still have time. They might offer one to you, since you wrote them one. Try to find out (without being too obvious) when the CO date is. My goal was 30%, so I never offered much for a few months. First offer was 15% and there's was 60%. We went back and forth until the very end. You started at 25%, so I'd hold hard at that, and you might get 30%. Just a guess. My BofA account was settled a day or two before CO. Paid $4500 on original balance of $16,500 and grew to almost $18K.
  8. 1) NEVER TALK ON THE PHONE It depends on what your goal is. Do you want to try to never pay any money? Then have to deal with collections people and fixing credit reports on and off for years. That's what some people want, good for them. I wanted to get it done quickly, while paying 30 to 50%. Some people think this is stupid. So far I'm very happy with how things have worked out. I did use the money and I know that I owe - It's validated by me. It's been about 8 months since I first missed a payment. I've settled 4 of 5 cards (haven't gotten very far with Crap One) at less than 30% of Orignial Balances (40K) before late fees where added (that be about 25%). I talked to them on the phone at least once every month. Never communicated by mail. In the first 2-3 months, they called a lot! They just wanted a payment, I didn't have it. By the 5th month, most of them were talking settlement. 2 were settled just before Charge Off and 2 right after, with a collection agency. My credit score tanked, but it has started to move back up a little because the huge balances are are gone from my utilization. Thanks to all the people that respond on the Forum. Different people use different methods to try and get out the huge credit debt they're in. Do what works best for you.
  9. Anyone have any updates for their Cap One accounts? Mine just left their Pre-Legal Dept. Don't know what will happend next.
  10. Their letter is good, covers what's needed. Says settled for less, I'm not fighting that part. Just good have it done and move on. Thanks to those that help out around here.
  11. Was able to settle, rather quickly, at about 30%.
  12. My Cap One charged off about a month ago. They still have it, but not getting anywhere with settling. They've offered an amount just below the balance when I started to fall behind. I'd like to settle this rather than dragging it out forever. Should I just keep with offering what I can afford and wait to see if they come down?
  13. It was assigned to Viking, which seems like it might be a good thing. They started pretty low, so I'll see if they go any lower then try to settle with them.
  14. I have a Chase CC that has recently Charged Off. Has anyone recently had success with them after CO? Will they keep it or move it to a Collection Agency right away? I've been able to settle couple other cards, but Chase wouldn't go below 45%. Thanks