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  1. For a prestigious national newspaper, I am writing an assigned story on debt settlement. I would like to interview, by telephone, folks who have had experiences settling credit card debt either on their own, with an attorney, or by hiring a firm. Looking for good experiences, bad experiences, or anywhere in between -- just looking for the facts, with the aim of helping all consumers understand the benefits and pitfalls. Interviews have to be on-the-record, meaning I have to put your name in the paper; I may also ask if we may take your photo to run along with the story. Everyone will be tr
  2. I am being sued by OC for a credit card. They are suing for just under $3000 (on a card that never had a limit of more than $800). So far in discovery they have sent one statement for about $600 and a supposed current statement. My goal in the lawsuit was always to drag it out to the point that I have the funds to try to settle. That time is fast approaching and I plan to send the following letter: On August 11, 2010 the above named lawsuit was filed against me naming <OC> as plaintiff. I continue to dispute this alleged debt. Without admitting liability and solely for the purpose of a r
  3. Hi everyone, What is the difference between debt consolidation and debt settlement?
  4. Greetings to all! I'm working with a CA (who is working on behalf of the OC and has not bought the debt from the OC) to fine-tune the wording on a Debt Settlement Letter. Somewhere in this website I had read a post that listed suggestions for how to best word the settlement payment (i.e. “Paid-settled” or “Paid as agreed” or “Paid for less than the full balance”, etc), in order from best to worst. Can someone resurrect that list? I can’t seem to find it anywhere! Also, here’s what I have so far wording that I would like to see in the letter. Any comments or suggestions? Upon completion o
  5. I am being sued by Citibank for $3220.11. The original amount when I stopped paying them was $3770.64 WHY WON'T THEY NEGOTIATE THE AMOUNT DOWN LIKE A COLLECTION AGENCY. I am going thru a debt settlement company, and paying them $580 a month $339.25 of which they keep for their fees, etc. They are not helping with the lawsuit, their suggestion is that I come up with some extra cash, which I don't have. I have been with them 8 months now and paid them $2714 in fees and they have not done anything. I HAVE TWO QUESTIONS: 1. How do I get out of this debt settlement company? 2. I have to go to arb
  6. It's come to our attention that one or more members are solicting people off of this board by offering paid services for settling debts for you. It is against the policy of this site for ANYONE to sell any member of this site debt settlement/negotiation/consolidation services for ANY reason. If this is happening, it is being done without our blessing. Please contact me via PM if someone makes you this offer. Kristy
  7. This is my first post to the site! Please be nice I currently have a credit card that is at its limit of $24,800.00 with Citi. I have excellent credit and have never been late on any payments with anything. But, now, my DH and I are in a bit of a bind. My DH has 4 cc's with a total of $25K. His job runs credit reports on staff, so we are trying our best to pay his credit and are thinking about letting mine go. My questions are this: 1- I have read on here where some of you have got a $25K debt down to 40%, 30%, or less. Was this after a few months of not paying your bill? Or did it get
  8. After doing a lot of reading here and other sites it looks as though debt settlement is last recourse. Unfortunately I found myself out of work for a bit last year, and then when I found work it was in another state. Not surprisingly my credit card debt jumped to the point where now that I have a steady job, and a lower pay, I cannot afford to pay all my bills. Before I make the final decision I had a could of questions that I hope are not too mundane. 1. I am certain my phone will start ringing off the hook as soon as the payments go late. Do I just ignore these calls until they bills get to
  9. So I am in the process of settling a debt with a collection agency and I need to know what needs to be in the debt settlement letter before I agree to pay them? Any specific language that needs to be in the debt settlement letter so I don't end up getting hosed later?
  10. My Girlfriend received a letter today from MCM stating that "If we receive payment by 5-30 in the amount of $***.** we will consider the account balance paid in full" This is 90% off the amount they say is due. She sent a validation letter over a year ago with no response. The company has kept sending more settlements letters for 20-30% off of the amount due. Any advice?
  11. I have an old debt from 07 that I need to take care of but don't know what to do at this point. I received a summons in October 09 and a court date was set for May 14th 2010. I didn't look at these papers in a while and thought it was June 14th. What steps do I need to take to resolve this 5,000 credit card debt and who do I need to contact is what I am trying to figure out. Is it Midland Funding LLC, or the lawyers they hired called Cohen & Slamowitz. Should I call Midland and offer them a 2,000 dollar settlement or their lawyers? Should they e-mail/fax me an agreement stating that 2,000
  12. People seem to be overwhelmed here, so I am just going to make a little step by step sticky. Don't be offended if it seems too elementary. People have the best success when they accomplish little tasks along the way, it gives them the feeling that a large unmanageable task is possible. It may also be beneficial to read this: Most people I talk to say something like "my situation is unique" when they begin to tell me about their situation. The good news is that they are totally wrong. The formula for dealing with debt is exactly the
  13. hello all. first of all this site rocks. i have learned alot and saved atleast 15%(of my debt) by not using one of those debt settlement co. and decided to do this on my own. i have 6 c/c to settle, one of them is chase. balance 5800 late 40 days and settle today for 2300 in 4 equal payments . this all was done in one phone call i started with 2000 and was countered 2300 and i agreed. 1 down 5 to go.
  14. The best debt settlement isn't the one sealed in glass hanging on a wall--it's the one you send.
  15. Ive been in a debt settlement program for 1 year w/premier debt relief. First year payments basically only go to them which equaled $2k. Then every month there is a $75 fee. lost job now back in school for new skills, etc. Now that ive caught wind of this site/info, looks like thats a bad deal, right? Ive got 3 chase accounts and credit union account=$30k Most report as charged off/profit-loss writeoff. have not paid over 1 yr. Im thinking I should just back out of the debt settlement now, save money on my own and possibly try to settle with OC down the road, now that the accounts are in this
  16. I financed with HSBC Retail Services for a Yamaha purchase and deployed shortly thereafter. I had no payments for three months and by the time my payments started I was already out of the country. Somehow my automatic payments never went through and I never received any notice of this nor a statement via mail. By the time I returned a and saw what was happening there was not much I could do. I called HSBC at the time and told them my situation and they froze the account as a bad debt. After my last deployment I just returned from I have the funds to settle and I'm looking for some advice on ho
  17. I have a debt that is about to be charged off so I called GE money and they gave me the number for Penncro and associates. I spoke to them and got a debt settlement for 30%, so i asked for the settlement to be faxed to me and I have not received anything yet since I called them this morning. Has anyone dealt with penncro because I have read about some shady things, but I think it is ok since the rep from GE money gave me their number. I also told them that i did not have the money so he said if I paid $258 it would keep the account from going delinquent and I could settle next month in 3 paym
  18. My Name My address My Phone number American Express Risk Management P.O. Box 981540, El Paso, TX 79998-1540 November 9, 2009 Dear Madhushree Goenka, Re: Account Number: XXXXX....... This letter is to send you a proposal regarding settlement of my debt in full. I have tried to contact American Express numerous times via telephone to deal/settle my debt, but no one can help me. I feel that United Recovery Systems, Inc. will not handle this in a professional manner and since the debt is still owned by American Express, that is who I will be sending the check to. There is no law that
  19. You'll love this one.
  20. I just made my first call to Citi to offer a settlement. I owe $3069.22 and offered $1000.00 over a three month period. The gentleman I spoke to was very courteous and helpful to talk to. He would not accept my offer but counteroffered with $1700.00 made over a three month period of $560.00 a month. While it's a tempting offer, right now I just don't have that much money so I told him I couldn't do it. Has anyone else gotten a settlement for less than 55% with Citi? (I am getting close to the 120 day mark.) For those newbies trying debt settlement, it really wasn't hard at all and even
  21. I have been reading the Admins steps to debt settlement. And I have been taking it slow, giving it time to sink in and plan my next step. I just sent off two DV's to two different CA's for two different AMEX cards. What should be my next steps? I know what we can afford over the next year or so to get us out of debt, if we settle. I was thinking that I could call our lender for our car and see if they can do anything to help us. I know we pay 4.9% on the interest and we are upside down on. Could we do our own 'crunch down' instead of having a lawyer do it? Or do any of you know what som
  22. . I don't work for a debt reduction company, I work in an Attorney Office as a legal assistant. The reason for my post is just want to get the facts straight about 3rd party Debt Reduction. I have seen it actually helps out people, though it is mind boggling the number of people that don't know how to manage their money. By you doing yourself - a lower settlement with your credit cards, you probably saved a few bucks - congrats you did what many others can't do. Here's the scoop on Debt Settlement for others to read. If you can negotiate a lower settlement with your revolving debt, the dow
  23. I know that you get a 1099c when you settle debts grater than $600. You don't have to list the 1099c if you can prove insolvency at the time of the debt settlement. We have about 73K in CC debt. So if I owe $500,000 on my house but it's only worth $345,000, wouldn't that be enough to prove I'm insolvent? And no, I don't own a Picasso, or a Lamborghini, or a house in the Swiss Alps. I have a simple home that if furnished with the basics. Probably our most expensive thing I own is our bed, which we bought 4 years ago for 5k. Our car is worth about $23k, but we owe $28k on it. By doing th
  24. Got a letter in the mail from who knows who and they said the could modify my Mortgage under the new Obama act.....I did a lot of prying, they are just a debt settlement company. They were trying to talk me into a 4 year plan on my unsecured debt....UM.....The SOL is 3 years in AZ, why would I pay for a 4 year plan??? The guy on the other end couldn't answer that...Silly scam artist! But I wouldn't know any of this if i hadn't found this site! I'm so excited to start my new life cleaning up my debt and doing it with all of your support! Thanks again!
  25. About $35K in cc debt. Been looking at debt settlement companies, not sure about these. Also talked with Credit Counseling Service (gov sponsored?) who couldn't offer a plan that required less than a $700 a month payment. Question, if I could negotiate a debt settlement, what if I don't have the cash to pay one lump sum especially when there are 5 cc involved. Also, does debt settlement include negotiating a low interest rate and payments you can afford to pay off the card or is that something entirely different? Right now, I'm just paralized in knowing what to do other than paying my medica