brownsfan12

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About brownsfan12

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  1. Also, I forgot to mention... I have the following additional monthly expenses: Groceries - $310 Insurance (Health, Life & Car) - $394 Gas - $300 Internet & Phone - $210 Electric & Heating - $185 For a total living expense per month of $1,399 per month and debt expense of $6,636.81 for a total monthly expense of $8,035.81 My total monthly take home pay is $7,120.00 I also have $18,500 in my savings account. I am planning on using this amount to Settle the Prosper amount ($7,695) in full and eliminate that $641.25 payment per month, but I want to really try and get a settlement amount of around $10k for the Lending Club debt, that would free up $1445.78 per month and I would be able to make all payment plus have some extra available to use for my debt snowball. Any advice on how to get a settlement from Lending Club for 10k??? Do I just let it go to third party collections and deal with them?? Thanks for all of your help!!
  2. Hello all, I have a dire situation that I have created through my gambling addiction. I have gotten help with my addiction and am clean for 85 days now. I have stopped most of my payments since November of 2016 and have therefore been able to negotiate these terms in the past 2 weeks, please review and any feedback on the negotiated rates or amounts is appreciated. Here is a summary of my debt: Creditor Name Current Balance Monthly Payment Notes Disover Card $2,333.33 $42.00 - Negotiated a 5 year payment plan @ .99% at $42.00 per month (was $65.00 a Month @ 23.24%) Chase Card 0872 $2,640.41 $53.00 - Negotiated a 5 year payment plan @ 6.00% at $53.00 per month (was $56.00 a month @ 15.24%) Chase Card 6214 $3,006.80 $60.00 - Negotiated a 5 year payment plan @ 6.00% at $60.00 per month (was $69.00 a month @ 18.24%) Care Credit $3,500.00 $90.00 - 0% interest for 18 months Paypal Credit $3,500.00 $100.00 - 0% interest for 12 months CitiCard 0534 $7,214.54 $123.00 - Negotiated a 5 year payment plan @ 0.00% at $123.00 per month (was $176.00 a month @ 28.99%) CitiCard 1857 $8,305.54 $141.00 - Negotiated a 5 year payment plan @ 0.00% at $141.00 per month (was $192.00 a month @ 28.24%) Bremer Bank $8,110.83 $155.00 - Negotiated a 5 year payment plan @ 4.90% at $155.00 per month (was $190.00 a month @ 24.24%) OneMain Financial $8,984.48 $157.51 - Negotiated a 6 months payment plan @ 14.28% at $157.51 (was $314.89 a month @ 21.94%) Wells Fargo $13,042.56 $339.28 - No Option to negotiate - Car Blue Book Value is $9,670.00 Lending Club $16,779.00 $804.53 - I have a settlement off of $12,812.53 (I have declined this offer - account is 80 days past due) Prosper $17,050.84 $641.25 - I have accepted a settlement off of $641.25 per month for 12 months ($7,695.00) or approx 45% settlement. Bank of America $25,552.67 $539.14 - No Option to negotiate - Truck Blue Book Value is $18,560.00 SoFi $33,810.86 $604.56 - No Option to negotiate - Terms are 10.88% for 72 months Freedom Mortgage $189,114.01 $1,414.92 - No Option to negotiate - House appraised at approx. $210k Total: $342,945.87 $6,636.81
  3. Hello All, Just wanted to ask if anyone has any experience with settling on debts that are only 80 days past due? I have a Lending Club debt with a balance of &16,800.00 and I was curious what my chances were of settling that debt for 12k to 14k with it being only 80 days past due? Thanks,
  4. Thank you, I will do... Aaahhh the freedom of being free from the Gambling, and a plan to resolve this debt is exhilarating!!
  5. Hello All, Huge THANK YOU to all that have responded, the overall consensus that I got was to see a BK lawyer and I just finished doing a free consultation and it was great, here is what I have decided to do, in this order: 1. Being that I am upside down by 8.7k on my F-150 and 4.8k on the car I am going to call each creditor and surrender both vehicles. 2. I will then buy (1) 4 x 4 SUV for 7k and (1) car for 4k paying cash for both (using our 11k in savings) 3. I will then file for Chapter 13 BK, being that 4k is exempt for each vehicle I will only have to figure 3k as equity instead of 11k, plus I now have (2) vehicles that are paid for! 4. I will have a Chapter 13 monthly payment for approx. $1,700 for 5 years for a total amount of $99,000 (102,000 - 3,000 for lawyer fees) paying off debt of $123,000.00 which isn't a huge difference but having the peace of mind that I'm not going to get sued or wages garnished and harassed by creditors is worth it, in my opinion but what do you guys think? I have one final question: I am currently late on (7) of the (11) unsecured debt by 20 days, is it in my best interest to be current on these debts even if I file for chapter 13? I know that Chapter 13 will damage my credit report but I would rather just have (1) bad report rather than (7) additional "late" reports, but I wasn't sure how that is reported. Thanks for your help!
  6. Thank you for your insight, I really appreciate it! Thank you for this feedback, I agree that I need to donate more of my time and less of my money... My Utilities do not include Cable or satellite, but it does include $280.00 for Verizon (1 line ($151) is the grandfathered unlimited data plan that we use for our home internet, as we do not have other viable internet options and I need it for my work).. Here is a further breakdown. Utilities Verizon Wireless (Internet) $151.38 Verizon Wireless (Phone) $129.72 Electric $150.00 Culligan $43.77 Kimble (Trash) $13.10 TMK (Propane) $14.00 Yes, Transportation is definitely a YIKES! Here is a breakdown showing the "upside down" value on both vehicles, I have been contemplating using the $11k in savings to pay down on both and try and sell, I think I can sell some "Stuff" and have a garage sale and come up with an additional 3k for a total of 14k, but I will need to have money to cash off a beater car/truck so that I have transportation.... Category Name Original Loan Amount Current Balance Monthly Payment Current Blue Book Value Difference Transportation Bank of America (Car) $31,360.31 $26,714.81 $539.14 $18,000.00 -$8,714.81 Wells Fargo (Truck) $19,727.25 $13,824.37 $339.28 $9,000.00 -$4,824.37 Gas Truck $175.00 Gas Car $140.00 Travelers Insurance $109.67 Vehicle Maintenance $50.00 I really appreciate your feedback!
  7. Hello All, I have made some extremely stupid decisions this past 2-3 years and it has left me in a huge hole that looks impossible to get out of and I am looking for advice or any suggestions on what to do. I have been a gambling addict for the past 2-3 years and as of 2 weeks ago have finally confessed to this and I am now seeking help and have been free for 18 days now, this is my current financial situation: Creditor Name Payment Due Date Original Loan Amount Current Balance Monthly Payment Percentage of Debt Interest Rate Loan Term (Months) Disover Card 2nd $0.00 $2,334.20 $69.00 2.11% 23.24% N/A Chase Card 0872 15th $0.00 $2,630.00 $26.00 2.38% 15.24% N/A Chase Card 6214 24th $0.00 $3,002.00 $30.00 2.71% 18.24% N/A Paypal Credit ? $0.00 $3,500.00 $0.00 3.16% ? N/A CitiCard 0534 1st $0.00 $6,923.74 $101.00 6.26% 28.99% N/A CitiCard 1857 17th $0.00 $7,995.00 $119.00 7.22% 28.24% N/A Bremer Bank 1st $0.00 $8,036.83 $164.00 7.26% 24.24% N/A OneMain Financial 1st $10,000.00 $8,825.51 $314.89 7.98% 21.94% 48 Lending Club 1st $20,000.00 $16,779.0 $804.54 15.16% 25.88% 36 Prosper 1st $20,000.00 $17,088.9 $697.33 15.44% 15.41% 36 SoFi 1st $35,000.00 $33,543.5 $589.58 30.31% 10.88% 84 This is a breakdown of my monthly Living Expenses: Item: Monthly Expense Charity $240.00 Housing $1,414.92 Utilities $501.97 Food $306.00 Transportation $1,353.09 Clothing $50.00 Medical $290.00 Personal $280.00 Misc. Items $75.00 TOTAL: $2,915.34 INCOME: $5,766.00 Monthly Take home pay. As you can see I have a total monthly debt/expenses of $7,437.92 with only an income of $5,766.00. I have $11,000.00 in savings, and I am debating between using this 11k to pay off some of this debt, but even if I do I still cannot meet the monthly min. payments. So I am also considering to stop all of the payments on my unsecured loans and save approx. $1,600 ea month and use this and the 11k as a potential settlement 6-9 months down the road once these accounts go to collections. My other option (I think) is to file for Chapter 13 Bankruptcy, but I'm not sure that I would qualify because of my income. Any help or suggestions would be greatly appreciated. Thanks!
  8. Update: I'm a Daddy now!! . On May 31st we were blessed with a 3lb 6oz Baby Boy named Kevin. He was 7 weeks premature and we had an extensive hospital stay of 25 days in NICU. Lucky for me I got a raise(5k a year) a month before and decided to buy health insurance with that extra income and I am REALLY greatful that I did as our Hospital bill is 60k. I am still current on all of my CC payments with a combined balance of 25k. I think we'll be able to make it without filing for Bankruptcy, we will continue making extra payments on all of my CC and try and pay off these cards the old fashioned way. Thanks to all for your suggestions and comments!
  9. Hello All, Glad to see that my forum has helped some people. Thanks for all your comments.
  10. Do NOT hire any Debt Settlement company!!!!!!!!!!!!!! you can do this yourself!
  11. Everyone! Thanks to all for the input! You have helped alot with my decision and probably saved me a lot of headaches. Before coming on here I was going to just stop paying everyone and hope for good settlement offers. Now I'm determined to liquidate some "Stuff" that I can do without, live like a hermit and pay off these stinkin CC and learn a lesson from this. If my Medical bills stay under 80k this upcoming year I think I will be able to make it. If its more I will then look at other options. Thanks again, this forum has been a blessing!
  12. Cafe & credit h, I do agree with you and am aware that prosper is a Peer 2 peer lending but having said that a majority of institutions and banks also help fund these loans... for my loan 9,000 was funded by an institution the remaining balance of 2,500 was funded by people like you and me (The total was 11,500) which none had funded more that 150.00 each. I am not looking to screw anyone here but if I cant pay the Credit cards I most certainly cant pay the prosper loan. Another thing about prosper, did you know that the lenders have no say in the matter when it comes to a delinguent loan? Prosper automatically sells it to a CA and that is all the investors get. instead of taking a settlement that is 3 times the amount of what the CA pays for the loan. Just my 2 cents..
  13. Nob4, Great information!! Thank you... I think I'm going to continue paying this account sell stuff and hopefully the bills stay small..
  14. On Feb 2nd I received a letter in the mail from DA (Debt Arbitrators) saying that they can reduce my CC Debt of 20k to 11k (See attached) I took out all the personal info for obvious reasons. Included with the letter was a "winter catalog" not sure what the purpose is if that. On Feb. 6th I received another letter very similar to the first on only on it was Pink and some dates changed. So I decided to called them on Saturday (Feb. 9th) and talked with a Laurie from Debt Arbitrators and she was really nice and persuasive explaining the basic process of how it works and convinced me to sign up Saturday using an electronic signing process that took maybe 10 min. to sign everything. The Limited Scope Legal Service Agreement (LSLSA) looked like something from a law firm and legal contract written up by ******* Law Firm, LLC (See attached LSLSA) also attached the service fee's and Savings schedule that they proposed. After I signed everything I started thinking and got a bad feeling that I had just been had. So I started googling Debt Arbitrators name and came up with very, very little (A BBB accredited rating of Not rated and looks like they were only est. on FEB. 02 of 2013) So that got me even more nervous, So I started searching for the ***** Law Firm, LLC that was on my LSLSA agreement and found a Law Firm in Texas with the exact same name as on my LSLSA form, but found on there website that they only do Family and criminal Law. I then went on the Texas State Bar association website and saw that there was only one such Law firm and the contact info matched to the ***** Law firm, LLC Website but not to the LSLSA form that I signed. So I called the **** Law Firm (real one) that I found online and left a msg. saying that I had some questions. The owner of the Firm called me back and I explained everything to her, she was astounded and said that it is was most definitely not them and that they do no such practices. I sent her a copy of my LSLSA agreement form and my letters that I received as well. She was appalled that someone was using her firm's name to make these forms look legit. After that I knew I had messed up big time, so I signed a letter for cancellation and sent it to their email but it came back as Unavailable email address, this email was on the LSLSA form and specifically said that if you want to opt out of this contract to sign so and so and send to this email.... So I tried calling with no answer. Finally I sent the Cancellation letter Certified Mail with Request Receipt. That evening Laurie left a msg on my machine saying that I had violated terms and why I sent LSLSA forms to an unidentified person and that they do NOT appreciate a Law Firm calling them with accusations, and that they are NOT a scam She was more than a little peeved. I heve since been in contact with the real ***** Law Firm and they are proceeding with suing Debt Arbitrators and they are trying to get more info on them. I was asked to be a witness. If you received a similar letter as I did, please let me know. When I was searching for this company when I came across this forum and this is the most informative forum that I have ever seen. The people on here are generous and polite (Something that is hard to find nowadays)
  15. Here is an update.. I called Citi and Chase today trying to explain my upcoming situation and if they in any way can help me. Chase pretended to care but said they cant help me for now, but if I start falling behind they want me to call back. Citi was helpful said they cant do settlements with accounts that are current but once I am 60 days past due to call back and then they will do settlement if the situation is right. They did lower my Interest rate from 24.99% to 17.24% so that is sweet! Here is my up to date information: Bank Name Min. Payment Balance Interest Citi Card I $93.00 $6,238.85 17.90% Citi Card II $26.88 $3,196.28 24.99% 17.24% Chase I $37.00 $3,821.33 18.00% Chase II $28.00 $2,836.81 19.00% Prosper Loan $395.79 $8,595.10 $8307.10 14.50% (Payment made today to stay Current) Total: $580.67 $24,400.37 Thanks to all for your input and kindness!