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  1. I posted earlier about I problem that I was having. Quick recap. I have three credit cards two with citibank and one with chase. I was using a debt settlement service to help me settle. Since January that have not done anything really to help me. Last week I got a letter from one of the citibank accounts and it said that they were getting ready to send my account to a CA and put it as a charge off. MY husband and myself are trying to buy a home and trying to get credit alot better by NOV. THE GOOD NEWS is that I called the Debt service company and told them that I want to get out of the program and I thought there would be a penalty --but there isn't YEAH, so now this is where I need your help or anybody who can give me advice. I read all the topics posted in these section I was not able to view the old topics from the other website so I still need some help. So I have $8000 that I can work with right now, all three accounts are still with the OC ( i think) I have not paid on any of these accounts since Jan. of 2003. When I enrolled in the in JAN, my account balances where citibank 8900 and the other citi 5500, and chase 8500, now since then they have increase due to late fees and interest accured. So how should I approach this HUGH and SCARY situation by myself. SInce I am dealing with the orignal creditors, do I call them or do I fax them a settlement, if so how much should I offer and will the waive all late fee and interest or just the late fees since Jan. What will my credit report say, can I request that they list it as paid in full or paid or settled, because I know how they report it on the credit report will affect my credit so I don't know what to say. I read a couple of the messages and people were talking about deletion and some other terms that I can't remeber. SO I need help there as well. I think i read somewhere to make sure that I get everything in writing by the OC as well. I was also thinking, would citibank let me settle my two accounts together or will I have to do them separatley? My goal is to improve my credit score by NOV for a mortgage so please someone give some great advice. Thanks
  2. I have 2 creditcards with them. A visa and mastercard that i have had for about 3 years or so. The past few months i was unable to make payments since i have lost my job. My minimum monthly payments got as high as $1000 for each. I figured that a debt settlement program was the way to go. However, i was offered a hardship program where if i made 3 payments of $177 on my visa and 3 payments $71 on my mastercard, then my account would be reported as current. In addition, they lowered my interest rate to around 8 percent.. Now I read in another post that an individual got a similar settlement with them. Also, he managed to negotiate for them to update his (CRA?) and eliminate any past dues on his accounts. Now how would i go about doing that as well? Where would i write to. Thanks! [Edit by Spydc on [TIME]1056419901[/TIME]]
  3. I am about to settle an account with MBNA, for 80% of the total. They are using the law offices of Wolpoff and Abramson. I've tried to deal with MBNA directly for the past two days, to no avail. What I would like to do is pay this debt but have it reported to my credit bureau as "paid in full" not, "paid less than total" Can I negotiate that as part of the settlement? We are talking about less than $4,000. Also, could someone let me know what the credit ratings are? for example, if MBNA reports to the credit bureau that the account was "paid less than total" then that would put me at an "R9" rating. Does anyone know what the rating would be for "paid in full"? thanks!
  4. Hey guys, I have an acct with Providian. They say I owe 1964. Its charged off, and has been since 1/2001. They wont talk to me, make me go through collector. I offer collect 40%. They tell me they arent authorized to go any lower that 50%, by Providians rules. Also say they are not authorized to change status on report, except to Paid for Amount Less than. They say this is all they are authorized to do. Im trying to buy a house and have been #@$%$# around with this for months. I am ready to just pay it, and take that status, because my mortgage broker requires it being paid...... I am still going to have them sign the debt settlement letter. Except I will have to remove the part about account status. Trust me, I know it sucks to pay this money and get nothing out of it. But, I have DISPUTED it like 4 times. It aint coming off. And I cant wait 5 years to buy a house. I dont know what else to do. At least 50% is decent.... Also, he said that he didnt know if Providian would send me a 1099 or not, because he didnt know what was actual charges and what was interest. So, if anyone knows of any big mistake in this, (Other than it just STINKS to not be able to negotiate a change in my credit report), let me know!!!
  5. I am confused on many things and need some help. I have been reading all the messages all day and have learned a lot, but having trouble putting it all together. Here is my background first: I have 5 cc accts. DMB-$7600, Providian-$4200, BOA-$1250, Target-$1200, Juniper-$750. I have been paying forever it seems, but getting nowhere. It always was my intentions to pay much over the minimum and pay these off fast, but you all know how that goes. I actually did pay over many times, but still would have to turn around and charge it right back up. My husband is in the military and suddenly just so many things have come up to where I cannot keep letting these accts eat me alive. We have serious problems with our home that need to be repaired asap. And serious medical problems (heart defects, tumor, etc...) with my husband and two of our children. Along with a lot of other lesser things. I do not work, am a sahm, have no assets, other than I think my name is on the title of our house but not on the mortgage, but we are already planning on taking it off. When I realized I was caught in the debt trap I looked into the debt settlement companies, but wasn't happy with their policies. So I am going to handle it myself. I have the ebook from this site, which is very helpful! But am trying to sort this all out. I finally stopped paying on my accts last month, so they are approaching the 30 day past due stage. Here is where it gets confusing to me. I have only talked to one OC so far. That was DMB. Told them I wasn't sure if or when I could pay. Since then I have not answered the phone for ANY calls. They have called many, many times every day for the past couple weeks. Lately they have slowed down from practically non stop calls to just a bunch in the morning, and then several throughout the day. The other OC just started calling. None of the 5 leave messages when my answering machine picks up, but I know it is them calling based on caller ID. The reason I haven't answered is because I am not sure what to say right now. What I am wanting to do is to settle these in the next couple months. Our van will be paid off June 1 (yippee!) and I can use the extra money for the first couple months after that (from then on I really need the money for all that we have to do here), plus Ishould be able to borrow some from family to afford up to 50% of the balances. So where do I go from here? I know I need some contact with them, but don't know when would be best, or what to say first off. Do I wait and hold off contact a bit longer and then try to settle closer to when I will have the money? Or start the process now? Will they consider settling this early? Do I not answer any of their calls, but rather initiate contact via mail? For some reason I got ahold of this idea that I should talk to them via phone at least the first time or two. When I first talk to them or write, do I tell them right up front that things have changed and that due to unforseen circ I cannot keep up paying, and send the settlement proposal in the same envelope? Do I send this to the address where payments are sent? I really appreciate any help you can give. Till this my credit was very good and my husband's still is. He will be retiring in 3 yrs and plans to start a business from home. I am studying to become a traditional midwife. With these two things it will take a while to get on our feet. We will be taking a big loss from what we make now for a while, so that is one reason I want to get these taken care of now while we have time. Thank you to all posters/regular contributors just for what I have learned already from all the other posts. This is a wonderful forum/website! God bless!
  6. I was just sent to summons by certified mail from two different lawyers that represent two different credit cards both issued from citibank. I sent a debt settlement letter to the lawyers back in December but I quess they chose to ignore it. My husband has been unemployed since June and his last Fed. extension check will be in March. I am working a full time and a part time job and am using our 401 to pay off the creditors. My plan at this point is to call citibank directly and explain my situation and see if I can get them to drop the suit and work with me, since I really don't want to deal with the lawyers. Do you have any other suggestions or help?
  7. http://www.financialrescueservice.com/index.html Anyone know anything about a company that will negotiate with your creditors for you and even field their calls? The one Financial Rescue Services charges $50 per month plus 25% of what they save you. In essence they put your monthly payments in a trust and settle with your various creditors as they can. The fees sound a bit steep - but I like that they handle all collection calls. Anyone have comments about a service like this?
  8. Has anyone been able to get a high risk loan to settle a debt? Curious in case I have to go that route. Thanks.
  9. I recently found out that there was such a thing as debt settlement, so i decided to try it. I'm going to have to say that it was terrible. It seemed like the first person you talk to is just a level 1 settlement officer and if you crack them then you talk to a level 2 and so on. I think i had success with one card, i got them to settle for 50% of the balance, and i got them to fax me a confirmation that the account has been settled, but now i wonder if they are just going to sell the remaining balance to someone else. When i asked about a receiving a 1099 she told me that i would. I have a couple of questions that i would like someone to help me with. Around what % should i expect a credit card company to settle for? How do i know that my account wont be sold to a second party? I am thinking about calling Household Bank(Credit Card Co.) every day like they do me until i can get them under the 85% that the woman on the phone today said she would die if she saw any company settle for less than that. P.S. By the way i was reading some of the posts on this board and am unfamiliar with the acronyms some people use. If you would, please make clear to me what you are talking about in your replies.
  10. My income will be increasing unexpectedly in the near future by about $200 a month. I was checking my options with debt settlement and ran into this. http://debtlegalservices.com/ Could someone who is smarter than me take a look and see if it looks better than the typical CCCS? It almost seems too good to be true which of course raises some red flags. Thanks for your help! Pan
  11. I am considering paying OC's for deletion of tradeline from cr. The accounts have all been charged off (1998). I live in South Carolina, so the SOL has run out on all of these debts. Does anyone have any experience with this? Are there any sample letters for this situation? I have seen some of the debt settlement letters that I could probably adapt to my situation.
  12. Hello everyone I am new to this board and I can tell you now that I am glad I found it I need help really bad ! Right now I am with a company by the name of The Credit Network and I really dont see much a difference with the balances on all my credit cards (7) I am about 44,000 in debt and I want to pay this off . I am not working at the time but my husband is .Is there anyone here that can give me advice on what I should do . I have been looking into debt settlement companies . I have also tried to call each creditor and work something out but they want . I am trying to get things in order because its possible that my husband will be going to Iraq in 2 weeks and I dont know what to do Please if anyone has any advice on how I should handle this please I am open to hear everyones advice . Thank you for having such a wonderful site with so much information and I am glad to know that I am not alone in issues like this . Again thank each of you in advanced
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