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Found 286 results

  1. Can anyone post and address for sending debt settlement offers with AMEX. I am hoping they will accept a 50% reduction to be paid off in 6 months. TIA TG!
  2. I have $80,00 in credit card debt and everyone I speak to tells me their program is the only solution for me and every other program is a scam. I just read on this site that all debt settlement companies are scams. Who do I believe?
  3. I'm dealing with a credit card debt settlement. Using the letter templates and info from the site I requested the credit card company delete the account from my credit report in exchange for me agreeing to the debt settlement offer. Today they called and left me a message requesting I call them back to talk about the letter. Any suggestions or tips for when I talk to them. In my letter to them, I requested that they send their response in writting. I don't like to talke to these people on the phone and am trying to get everything in writing.
  4. This is something new. I heard some of the debt settlement companies are filling for their bankruptcy. Now what are their options? Are they going for debt settlement or something else? Well what I think of them is that they are just some entrepreneur who didn’t understand the business full enough and got in to business, which basically lead them to elimination.
  5. I've banked with BofA since I was 18 (12 years now). I am going through the debt settlement process right now (am approx 15 days late at this point with my creditors), and planning to settle all fo them with the Original Creditor (I have a good sum of money stashed away from tax return and a repayment of a loan to a family member, plus what I can save while not paying cards). Pretty sure I can come up with 40% of post interest & late-fee balances by the 6 month mark (although I've heard discover takes longer). Total debt is ~45k. BofA owns 25K of it on 2 cards Chase 3k discover 10k citi - 8k So the question is, do I continue to bank with BofA during this process. Or do I open an account somewhere else? I'm not sure how much these inter-departments communicate and how that may influence a settlement. I'm storing the cash for settlement separate and have already closed my savings account with bofa. Only keeping balance necessary to clear monthly bills in it (everything is autodraft). Any advice would be appreciated. Thanks! Justin
  6. Hello Everyone! This is my first post to this forum. Although I have read many useful threads, I figured I would put up my own story to see if I am planning the right thing. For starters, I am a Realtor and so is my live in girlfriend so, obviously, our incomes are not what they used to be. I have roughly $50k in debt as follows- (all cards are maxed) $11k B of A 12% $235 min $11k Chase (was 0%) 19.24% Unknown (was 209) $6500 Citi Cards 11.24% 125 $5000 Citibank LOC (bank account overdraft) 15% 150 $4000 Comerica 20% 100 $4500 Wells Fargo 13% 95 $10k AMEX 1040 My issues are that AMEX was to be paid in full at the end of each month. I racked up $20k when my income was cut to nothing. I was put into a "CARE" program, which is basically their repayment thing for people who get into situations like mine. I have been kicked out of it twice now due to computer glitches and, as of last month, it showed up on my credit as a KD and "possibly negative"... thus dropping my credit score from around 700 to 650. Amex wants me to pay $1040 a month, which needless to say- is quite a task in this economy. My girlfriend and I have taken many lifestyle changes in order to accomodate this debt, but after my credit got hit- I am really considering just saying F-it! I bank with B of A now, but I am considering opening with Wells Fargo checking account and keeping that as my one open credit card. I have good auto credit and just leased a new car so I should be good with making large purchases for the next while. Repairing my credit is very important to me. I have never had bad credit in my life, so this is all very new to me. My current income is commission based and I havent seen more than $5k per month so far. I always anticipate better months to come, but I need to keep food on our table. With our housing payment, car payments, insurance, and CC- I dont have enough for much in groceries. I obviously need a house, insurance, and car so.... Is this the best option for me? Can I fix my credit after I am done settling? Do these companies settle easily? How long is my credit going to be shot? Please help. Thank you very much, this is a very tender situation for me.
  7. I often hear advertisements from debt settlement companies stating that if you have over 10000.00 you have some sort of advantage? What would be the advantage or is this just some kind of sales gimmick?
  8. A total of 623,399 U.S. bankruptcies were filed in the first three quarters of 2007, representing a 40.16 percent increase over the 444,789 cases filed in the same period in 2006. There's worse news in the Midwest; specifically in Detroit. Through October 2007, the number of Chapter 7 personal bankruptcies filed in Detroit's federal bankruptcy court jumped 63 percent compared with the first 10 months of last year. Unfortunately, this news is not surprising; after all, foreclosures are at an all-time high throughout the country and credit card debt is skyrocketing. If you find yourself in a situation where you're barely able to keep your head above water, yet have a strong desire to avoid bankruptcy, you may be considering debt settlement. Prior to making a final decision, however, it's important that you review the following information regarding this form of debt relief. What is Debt Settlement? Debt settlement is a process utilized by individuals (or professional firms representing those individuals) in which they negotiate with their creditors to pay their credit card debt in full for less than the balance (typically 50% or less). Who Should Consider Debt Settlement? If your debt is out of control, and you're losing sleep at night you're very likely a good candidate for debt settlement. This is especially true if you find yourself borrowing from one credit card to pay another or you're having a tough time avoiding the dreaded bounced check. Please keep in mind, however, if you should choose debt settlement you must have some type of funding available to pay your creditors when a negotiated settlement is reached. Many people have accessed a home equity line of credit or retirement fund. Others have been fortunate enough to borrow from friends and family, or simply set aside a certain amount of money each month to go toward future negotiated settlements. ----------------------------
  9. This is a debt of mine that was charged off in 12/07 and I just received a letter directly from American Express today saying they would like to settle with me. It's not for much $291. Basically they said that I was recently contacted by an Outside Collections Agency regarding this debt and that it has gone unanswered by me. However they said they are willing to work directly with me to resolve this debt. They said if I paid in full today, it will improve my credit standing with American Express, potentially improving my overall credit bureau rating and I may be able to regain American Express Card Membership. From reading things in this forum, isn't the only way it's going to improve my credit is if they change my status from "Charged Off" to "Paid Satisfactory"? Should I send them a letter offering to pay if they mark it positively? Also do you think they are serious about regaining Card Membership? Should I just pay this off and be done with it, or is there something else I could do to improve my situation? I have another charge off with them with another card which is significantly more (10K) in which I'd like to settle also. Hopefully for a lot less. I'd love to hear from everyone. I'm closing on a new condo I just purchased and one of the caveats of the loan is that I settle with both these debts before closing once my unit is completed in the summer. Thanks, Sean
  10. Some Americans are so overburdened by debt that they see no way to pay it all back and eliminate debt for good. Many seek credit card debt settlement from experienced companies like the Loans store. Do you owe IRS tax debt that you can’t repay? Is it taking years and still no end in sight? Then you need an easy IRS tax debt help from the Loans Store. Our IRS tax relief loan specialists will help you overcome this hurdle.
  11. So i would like to say this site has alot of knowledge .... i ve been doing some reading the past several days. Im just overwelmed by the debt that i have. We have put our home up for sale so it doesnt foreclose we are trying a short sale and have an offer already so we are in a waiting game now with the 2 lenders i have a 1st and 2nd mortgage. I have 67,000 (21 creditors) dollars in unsecured debt im between 30 and 50 days past due on most of them and i dont know were to start, ive had meetings with attorneys for bankruptcy and we make to much money , i ve talk to debt settlement co. and i never had a good feeling about them and so i see from reading info on this site--- im a commisioned sales person and its so hard to make a budget my industry is terrible i just need some advice. thank you guys very much
  12. Hi All, I'm currently unemployed, and I owe $9,000 to Capital One and it is about 160 days delinquent. I got a letter the other day with the below statement in the letter: "Your seriously delinquent account now meets our guidelines for legal action if it charges off We have not made a decision to file a lawsuit, so there is time for you to work with us resolving this matter. We prefer to resolve this situation without litigation. If we cant get this matter resolved soon and your account charges off, we may be forced to take legal action". My question is two fold. 1. Has anybody had any success in negotiating a reduced debt settlement with Capital One, and if so what percentages. I'm aiming for ~50% or less (I have the funds for a lump sum payout) 2. Are the statements in this letter more of a scare tactic, or is Capital One quick to Sue? Thank You for all your help -Regis
  13. I'll try to explain my situation really quickly. I gave my car to my mother because she needed it for the family. In return she was supposed to pay the rest of the loan. She didn't, the loan defaulted with the OC and then moved to the CA. I didn't know about this and now I'm trying to get a loan so I can have money in the summer so I can get myself a car and live until I start my career in the Army. Unfortunately because of the reports from the OC and CA, I can't get the loan until I at least get the CA one removed if possible. That's what the people at USAA tell me should be enough. When I looked at my free report in November, the CA amount owed showed $722.00 but it also had the status of Closed Potentially Negative. I disputed with EX and when I got the investigation results back, the account was verified and showed $726.00. So first of all, I don't know if there is something I can possibly do with that. If the account is closed, why did I get charged $2 dollars for the next two months? Can they do that? So obviously it must be open, but how can they charge me for more than what I owe? My credit report shows that my last balance owed to the OC was around $473 dollars, so how did it jump up to $700 something in the first place? Second, I'm getting my extra financial aid money soon, and I'm opting to do the Payment for Delete method, and I hope that will be enough, but I really need some advice from people who have been in my same situation. If someone knows if I can do something with the first mentioned problem, please let me know. Thanks. Note: Just realized that I put this in the wrong forum. If a mod could please move this to the debt settlement forum I would greatly appreciate it.
  14. Hi, I got a debt for about 30K, and for some reason, I can not pay this in on time again so what happend if I stop paying this debt yes I know this will go default and most likely they will go to debt collector etc2 and I know most likely the debt will grow by interest late payment etc but for few year I might not able to do the debt settlement so here is my question, basically when people settle for 30% etc, this is from the latest debt which most likely is double or maybe triple their original debt, is this right ? and what happend if I keep doing nothing until I got some cash to do the settlement ? I got nothing in my name, and I'm out of country during most of the time so they may not able to harass me when I settle the debt I know it will stay for about 7 years or so, but if I do nothing, do they will go expired (maybe 10 years or so) or they will stay on my record all the time ? please help thanks
  15. Anyone has any success stories to share in their settlements? I'll start! I have about $50,000.00 worth of consumer debt (8 credit cards), I signed up with a debt settlement company associated with a law firm and they've been doing wonders for my debt accounts. Out of 8 accounts registered with my debt settlement company, 5 of them were settled within the last 5 weeks, the settlement performances are: 1) Cavalry - 8000 settled for 2800 2) LHR - 4000 settled for 1600 3) Midland - 7300 settled for 3300 4) Discover - 1800 settled for 1000 5) US Bank - 11000 settled for 3100 My remaining 3 creditors are: 1) Capital One - 9000 2) Bank of Amer - 1400 3) American Express - 9000 Things that worked in my favor: 1) I have a great stable income now 2) All my debt accounts had been charged off for years = creditors are desperate to settle I'm very pleased with the performance that my debt settlement company had done for me and my debts. Looking forward to be debt free by the end of February! Anyone else with success stories?
  16. By a lawyer:
  17. Has anyone on this forum had any success or experience settling debts with original creditors or collection agencies after voluntary ch 13 dismissal?
  18. I think what I 'm looking for is a reputable company to work with on debt consolidation, not necessarily debt settlement. Are there any reputable companies to work with?
  19. drowning in unpaid bills and desperatly looking for a way out, sometimes i'll see something like this "for a fee a debt settlement company will help you rid of your debt for half the amount you owe", how do i know it isn't a scam, have you heard of, or some other company let me know
  20. Hello Everyone, I spoke with Kristy this am after learning about her from another source. Wanted to say thanks for your time Kristy, I appreciate it. I thought I would post on the board to keep a record of where I am at with my situation and also gain help from others and hopefully help others in the same situation as myself. Long story short, I have one house going into foreclosure (tried short selling, bank wouldnt accept), I have another house I will be trying to short sell and will let it foreclose if they dont accept (the bank was WAMU btw, worst experience in customer service I have ever dealt with). I have some credit card debt as well. Prior to all of this I had excellent credit, always paid on time since I was 18 or so and had a credit score of almost 800. With the housing problem going on I got in way over my head and thus it all started with that. Anyway on to the credit card debt. I have debt with WAMU (this is current as of right now still making payments on it but will probably stop soon), CITI 12k of debt, late on payments and Discover 4k of debt , late on payments. I also have a line of credit with BOA for 47k approx that I am one month late on and another card with BOA for 5k that I am late one month on as well. So it goes as follows: Citi - 12k Very late on payments Discover 4k Very late on payments WAMU 3k approx - current on payments but ready to stop paying BOA - 47k approx - one month late on payments BOA - 5k - one month late on payments Quick rundown as to what has happened thus far. As mentioned I had awesome credit, took a chance bought some homes, market crashed and I am throwing good money after bad, time to start over and rebuild my credit/financial life. Discover card barely called me I just stopped answering the phone and they sent me something in the mail offering 50% and they would be happy. I didnt respond. Citi called me quite a bit and I know it has gone to collections or some other agency because they are getting very rude and making accusations and said they were filing a judgement against me. I said I wanted all correspondence in writing from here on out and they really didnt budge much (havent sent them a letter yet). They also mentioned that I would be receiving something in the mail ( a judgement and as I write this I just went and checked the mail and I did receive a mail from them, they are a collection agency).. Meanwhile yesterday I received something from Citi saying they wanted to lower my debt to 4500 approx and call it good. So i knew this CA was bluffing. BOA I only receive some calls here and there, its too early in the game for much to happen. Now - my situation. IF i had extra money I think I would have settled with discover and citi, just taken the lesser payment and done it BUT I dont have extra money right now being in the situation I am in. So I just received a letter from: Client Services INC 3451 Harry Truman Blvd St Charles, MO 63301-4047 It says my account was placed with them for payment in full etc and they are a professional debt collection agency. My question to anyone knowledgeable is what do I do now? It says on the bottom of this that I have 30 days to dispute the validity of the debt etc. So I am guessing at this point I send in a debt validation letter. Is this the correct first thing to do? I wanted to post here to learn from others who are knowledgeable and also keep a journal of what I did and am doing as this "story" unfolds. I never wanted to be in "this" situation but honestly I am not really that afraid. I know that they can be beat and I am glad to have found Kristy and so many others on this forum. I realize that "s**t" happens sometimes and my financial decision of buying a few houses for investment properties didnt work out, I know I am not the only one this happened to in the US. I thank anyone in advance for the guidance and I hope others can read this as I update it and learn from it. Thanks once again, Todd
  21. I am searching for a debt settlement company that i can trust and found the Better Business Bureau of Greater Maryland had nominated (link removed) a Maryland-based debt settlement company, for the (link removed). BUT they are (link removed) . So ...... If you are familiar with this company or have used their debt settlement services, can you give me some insight or any other recommendations / resources ?
  22. I have been handling my own debt settlements for years now and I opening my own. Am I required to be licensed? and If so what states?
  23. Hi, I am having a huge loss in my business and can't pay anymore to my CC debts that I owe to Citi, BOA, Chase and Wamu totaling around 70K. After researching in this forum, I figured out I can settle the debt in and around 30% of 70K by myself. Questions to the gurus: 1. Is that something can be acheived? 2. What tactics should I follow and what to avoid in a nutshell? 3. I am in Texas. Can they put a lien in my primary residence? 4. Can they garnish my wages and seize the bank account? 5. I am banking with WAMU and I will be default with their CC, should I change the bank? 6. The difference of the settlement amount is tax deductable but I read somewhere if I go through debt settlement company it is not. Is it true and if it is why? 7. What debt settlement company is good and/or advisable? Hope somebody knowledgable will reply. Thanks, Sam.
  24. Hello all !! Here is my first post. Well I’ve been reading up on Debt Settlement and I’m not to sure how to go about it. I have little questions will just pop up here and there where I don’t exactly know how to do a search for, so excuse me if this has been asked before. So anyway, I have a few credit cards that I haven’t been paying on for the last 3 months. I was considering in BK until I found out about Debt Settlement. One of the credit cards that I have is with my primary bank, WaMu, which I have my checking and savings account. So my first question is can I still do a settlement on that WaMu CC while putting money in that saving account for the planning of the debt settlement on the other CC including the WaMu CC? Will WaMu look at the saving and checking account and deny my consideration in settling my WaMu CC debt, because they would see that I have a steady income in my other accounts? Thanks for looking.
  25. I see there are 2 sources of information that I can purchase here on the web site: 1. How to Settle Your Debts 2. Do It Yourself Online Training for Debt Settlement! Should I buy it? Do I need it? There are loads and loads of information and insights here in this forum. How much more helpful will these material and service be to me, while doing the Debt Settlement on my own? Thanks for looking