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Everything posted by thebigjdoe

  1. Ok guys thank you for the replies. First I want to clear something up. The checks were made payable to citi. Not sure if that means anything but of my 8 charged off accounts, none of them show under "collection accounts" on my credit report. All accounts were charged off (6 months overdue) between August and October of 2011,so still 2 years on SOL. I agree that I shouldn't have paid, but I think it's too late. What are the odds of those 3 coming back to haunt me? Moving forward, any new JDB will receive a DV. I believe it is too late for the others as it has been well over 30 days. Should I send DV anyways? I want advice for my next actions. The 3 checks... Is it too late? Should I run to the bank and try to cancel the checks or just pray for the 1099-c? I I am insolvent due to student loans and I don't see that changing by the end of the year. I found this forum a day late, but which stance should I take moving forward? Thanks again
  2. So I just paid 3 settlements to JDB's. Before doing much research. I have completely ignored 8 charged off accounts for 2 years, and sent out 3 cashiers checks today. Then the sweat started dripping. I have not sent any DV letters, and have stacks of letters from various CA. I have had no contact with any of them, since the accounts were charged off 2 years ago. The SOL is 4 years, and I'm not sure what to do. I think I will let the 3 settlements go through and pray the try to 1099-c me for the remaining balance instead of coming back to collect the balance and be done with those (I'm insolvent so should be non-taxable). I have 5 accounts remaining that have been charged off. Should I request DV to each of the letters in my stack from the past 2 years? Would it be better to just start requesting DV for the letters I get from here on out? I have no assets, currently self employed, and student loans as well as these 5 accounts (or 8, if they try to screw me for the remaining on the settlements sent today). I want to avoid judgement's, and take the best route moving forward. It probably was not a good idea to ignore everything for 2 years, but here I am. Would you guys start sending DV to all of CA that have mailed me letters in the past? I am willing to do all the work/reading/researching necessary so any advice or links will help. Any favorite DV letters among the group? Appreciate any help and thank you in advance
  3. Thanks for the response. A couple questions though. With a statement claiming that the account will be satisfied and closed, how can sell the remaining debt? I am worried about future employment, and how bad an outstanding balance will look. (applying for govt job) My plan is to call Citi to assure that the account is closed (They still had an up to date, amount owed, and I'm hoping next time I call they will tell me zero). I hope they 1099 me as I am insolvent, and a 1099c should be easy to have forgiven in my case. Am I safe to assume that If they take the settlement, and 1099-c me for the rest, I am clear of said debt? The SOL here is 4 years which leaves them a long time to file a lawsuit, something I can't deal with right now. I'm not sure if they would given that I own no property, a cheap car, self employed, and nothing else in my name, but not sure if I want to risk that. Do you know if its more likely for them to 1099-c me for the rest, or to try to pull a fast one and re-sell the remaining debt? Any help appreciated. Thanks for the response
  4. ============== BACKGROUND ============== I had 8 alleged credit card debts ( I know...) all charged off in early 2011. The amounts vary, and I have basically talked to none of the collection agencies since then. I have ignored all calls and letters and have just been saving to pay them in lump sums. Numerous calls have been made to the OC and they simply won't discuss settlement, insisting that I must deal with the collection agencies to come to an agreement. ============== TODAY ============== Today I decided what the hell, and decided to tackle 3 of these accounts, charged off from Citi. 2 of the accounts were with Northland Group Inc. and one with global credit & collection corp. I called Citi and got the phone numbers to the Agencies that they were sent to after charge off. First I called Northland and agreed to a lump sum settlement for both of the accounts they have. Then I called GCCC and agreed to a settlement with them. Northland emailed me 2 settlement offers, as separate PDFs, and GCCC faxed me their offer. Low on free time, on the way to work I stopped by the bank to grab the Cashiers Checks, and when to the post office to send the respective checks via overnight mail. Northland said I could call back Monday and they would send me the notice that the accounts were satisfied in full, and closed. GCCC said they would send the notice within 30 days. ============== OFFERS ============== I have attached the 3 settlement offers blacking out personal info, and would like someone experienced to take a look. It appears that once payment is received the accounts will be settled. I am more worried about the GCCC offer, but both could be sketchy, what do I know. These account for about 1/3rd of my total debt. So there is still a long road ahead, and I want to make sure that IF I made a mistake, it doesn't happen again. Let me know what you think, any help will be appriciated.