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  1. Short backstory, I fell into severe depression and completely neglected my accounts. phone harassment by debt collectors only made me feel worse. I ended up leaving the country for 2 years to be with family and receive treatment. I'm back now, feeling a lot better but my debt has ballooned and I have no clue how to proceed. I really need advice if I can impose on your time. In what order should I pay them? Should I settle any or not? If so, what amount/percentage should I settle for? What is the best course to repair my credit? How much extra it would cost VS. settling? Debt management VS debt
  2. I'm hoping to be able to settle some debt this year, and have been reading up on how to fill out the Insolvency Worksheet. I've always done my own taxes, but will probably get an accountant to do them next year, but I'm trying to prepare myself. My main question is about including my spouse's debts/assets, if I am the only one 1099'd? The other question is about 401k. No matter how much I've read, I'm still I put the value that I can get a loan from it (50%)? The full value the day before the debt settlement? It is confusing, because the full amount isn't available to me, unl
  3. Received a call from a CA trying to collect a debt that went unverified by the OC three years ago and will by year end meet SOL in California. My CR indicates this CA pulled a CR on me last month. The debt reported by the OC is still "charged off". I am currently litigating another CC debt in court and going to trial in a couple of months. I am retired and rely on disability insurance checks. However, because of the stress and being a cardiac patient with an extended lease on life, I picked up the phone when it continued ringing for a few days and thought what the heck, I'll listen to what th
  4. I recently got in contact with Sallie Mae to begin paying off a late school loan. Sallie Mae informed me that they had recently sold my private loan to the collection agencies (Creditors Interchange) and gave me the phone number AND directly connected me to the agency. I spoke with Creditors Interchange and they said they were willing to settle my remaining balance with Sallie Mae for a payment of 50% of the remainder. I was curious as to what types of proof I could request from the collection agency to verify that this agreement is legit. I asked for a written email stating the terms but am
  5. I have two accounts from NCO,MADC collectors. I want to settle both amounts. My question is how do i get a letter stating if I pay the debt settlement they will remove it from my credit report? The reason I ask is because I had a 3rd creditor remove the account once I paid in full without asking. I want to make sure I have something emailed or faxed before I send payment. I appreciate your help. : )
  6. Hi, I'm buried in serious debts... I'm thinking to enter into debt settlement program. Despite the fact that there are some negative comments about these type of companies, I don't think I can handle on my own. Recently, I came across this company "Donaldson Williams". Do any of you know about it? I appreciate any input and advise. thanks.
  7. I am about 3 months past due on my credit cards. When should I try to work out a full settlement on the cards? Family may be able to help me with some settlements. I have looked everywhere for a timeline but dont see anything. Some people say 4 months,,,,some say 5 past due. I have chase and I see people setting for 20-30% and wonder what their timeline was for being past due. I am getting frequent calls but not able to respond/answer so not sure how no response to them affects me either. Any thoughts appreciated!
  8. In writing a settlement offer/pay for delete, should you give information about your finances that might make them more likely to settle with you? For example, if someone has made below poverty-level income for the past few years, has no real estate or garnishable assets, and is possibly even judgment-proof, does he put that info in his settlement offer in hopes that the creditor will be more likely to settle?
  9. I have an account with Credit First NA (original creditor) that has been charged off nearly 2 years ago. I owe $1,072 and last month they sent me a letter saying they would settle it for 50%. I then sent them a settlement offer letter (this is the first contact I've had with them in 2 yrs) offering $125 and requesting they remove it from the credit reporting agencies. They sent me a letter back confirming the 50% settlement offer and stated that "upon receipt of the payment, we will notify the credit bureaus that your account has been paid in full as a charged off account". Although the le
  10. Just wanted to offer some hope to those of you out there struggling with what seems like an overwhelming amount of credit card debt, wondering how you will EVER get out from under it. You WILL have to make some sacrafices, but it you are willing to do it for a short period of time, you can clean up the mess you've made & create a better financial future for your family. 2 years ago my wife and I were $109K in credit card debt. All the major credit card issuers (i.e Chase, Capital One, AMEX, Bank of America, etc), we had one if not 2 cards with them. We were on the treadmill of paying all
  11. I have been doing a debt management plan with my 15 creditors thru a CCCS for 6mths now. Took a couple months to get all on it cause they wanted more money each month to the point I can barely afford it. Now my savings is gone and I couldnt pay in December. I can pay in January but will probably miss February unless I dont get groceries, etc. I cant keep doing this but not sure what to expect. I would like to try and offer a settlement but prob too early. Its all credit card debt. Plus if I stop paying & wait then lots of fees & interest will be added too. Any suggestions? I am thinkin
  12. Hi all, I am debating doing debt settlement for $50k+ debt that I accumulated over the years as a pay cut and medical bills for kids has made minimum payments impossible. At the same time I am looking for a better paying job and may have something interesting in the next 1-3 months. I am current, though maxed across multiple cards, credit score is already down to 575. I have a few concerns: I work for one of the banks I would look to settle with (though completely separate businesses), and also have my checking acct there. I assume it would be smart to open an acct elsewhere to be safe. I
  13. I need some advice. I signed up with Debt Settlement USA about 3 years ago. i had two credit card accounts (Citi and HSBC) with them. They were able to settle my Citi account for 60% about 18 months ago. They also settled the HSBC account in July 2011 for about 40%. This was to be paid in equal payments over 6 months. A payment is withdrawn from my checking account on the 30th of each month and the last payment will be made on Dec 30, 2011. Here's my issue. I never received a letter or email from Debt Settlement USA with the settlement offer. They said they were going to send me one
  14. I have about $40k in credit card debt and am considering settling it on my own rather than using the services of a debt settlement company. It seems that a majority of debt settlement companies charge their clients fees every month and don't actually settle any accounts. Is there any advice anyone can give me on how to go about doing this? Is it a difficult process? I'd really rather do it myself and not have to pay thousands of dollars to some company, it just doesn't make any sense.
  15. Does anyone know if BofA and/or Citi have used Email during the Debt Settlement process including the agreement letter during negotiations? It sure would be better than the phone or US Mail. They could be sent back and forth in PDF formant and printed and signed.
  16. Has anyone been contacted by Juliet from the Law Offices of Marvin S. C. Dang? I've been submitting debt settlement letters to them and asked them to write instead of calling. They are adamant.
  17. What is with these jerks delaying time sending debt settlement agreement letters? since its not sent CMRR, could one fight that in court and win since if you never get the agreement letter on time?
  18. so I am trying to settle out of court and we agreed on an amount verbally. I told them i wanted ieverything in writing and to send the debt settlement agreement letter to me. However, it seems they still have not sent the letter for me to sign, its been over two weeks already, and its due pretty soon at the end of month. a verbal agreement is not binding right? they would have to send me the letter for me to sign and date it for it to be legally binding on both parties right? without the letter, could they still sue me for the full amount if not paid by certain date that we agreed on verb
  19. I went through a divorce and basically I got stuck with paying for an underwater mortage. After a few months of paying the mortgage and child support I decided to let the house go. I assumed all the credit card debt from the marriage which equaled out to $28,000. I made this deal in order to keep my retirement from the military. For the last two years my the short sales have been denied and have been in foreclosure proceedings. I am in arrears on my mortage upwards of $60,000 however I am current on my credit cards. My short sale is likely to go through within the month which I am shocke
  20. I might try settling with the OC. I admit the debt, should I start with a DV anyway? Does anyone have contact info for Citi's 'debt settlement' dept.? Thanks
  21. I have two accounts currently that I am trying to settle by myself. I stopped paying these accounts on December 1st so we are basically getting into what I'm told is prime settlement time. The first account is a Chase Credit Card account that I believe is currently at 4,500 or so (slightly more maybe say 4,700 is possible). I was a member of Chase which generally paid on time since 2004. The second account is a Citicard account which last statement I got was 5,879. The statement by the way is asking for payment in pull but they haven't sent me a letter saying pay us in full by May 1st or el
  22. I have found several threads about debt settlement but nothing that quite answers my question so figured I'd make my own post. My wife, before I met her, had a default judgment on a credit card debt for (At the time) $1700 with lawyer fees and a 3.4% annual interest. Since then they have never garnished her wages, nor have the collected any money at all. We are at a point in our lives where we would like to get our ducks in a row so we can look into getting a house of our own, etc, and that is really the only thing left to settle. We live in Utah and the Utah SoL is 8 years on a judgment, and
  23. hey gang, I've been in a DMP program for the past year (and have made on-time payments). Currently I have about 4 years left at $1700 monthly payments. I currently have about $65k in debt that is in the DMP that I am considering trying to settle. The majoirty of the debt is almost equally divided with Discover, Citibank, Sunturst and Capital one. I am really tempted to attempt to settle with these companies as I could potentially be debt free in 2 years vs 4 years with the DMP. We have had to make serious lifestlye change to pay our monthly $1700 but we are's just very hard and t
  24. I am confused about settling a debt and getting it deleted from the credit reporting services. i have an "alledged" 20,000 plus debt with amex that has now been turned over to zwicker. the amex account was opened over 20 years ago... i stopped making payments about a year ago. zwicker contacted me, but i didn't have any money to offer to settle. i did request in writing validation of the debt, i disputed it, and asked for the cardmember agreement. once i disputed the debt, zwicker called me to confirm that i was disputing the debt and when i said yes, she said "have a good day" and hung up. th