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  1. I am brand new to this forum. I am also new to this area of debt, finances, and what I should do about my situation. Currently, we are current on all payments, cards, etc. We have an approx total amount of $25,000 with credit cards and a student loan. We have excellent credit as well. I want to eliminate this debt as soon and as fast as I can. Should I hire a debt settlement company that is reputable? Or do credit counseling? Or do I really have the opportunity and ability to settle them myself? I understand, that only when you get behind, can you enter into settlement. I have lots of
  2. How important is it to sequence debt settlement? I just negotiated 2 debts and dont have any money for my 3rd. I am worried that this 3rd creditor will see I settled the other 2 and no that Bk isnt really an option. Anyone with thoughts on how this plays out ? ? ?
  3. I am looking for some advice and some things to consider about debt settlement. I've done quite a bit of credit repair so far and this is by far my worst baddie. We got into a deal on a 2004 vehicle from GMAC. Shortly after, my wife lost her job and our income went in half. We then went into credit card hell. We have been working hard on that. So consequently, we got about two months behind and thought the best thing to do was just to give up the vehicle and deal with the credit cards. Yeah, I know, hindsight is 20 - 20. So we were contacted by them and set up a payment arrangement. I don't k
  4. Hello everyone, I am looking for some expertise and I think this may be the place to get it. Well here is my story. In 2003 I went delinquent on about 6 CC's and hired a debt settlement firm to help me clear them up. Well needless to say I didn't like the first one I hired so I being stupid hired another that was in 2005 and this one was a little more help than the last one. What happened is while in the program I got served and so I went a looking for monies. I was able to cash in on my house through a equity loan and able to settle. I had a few extra $'s left over so I put the settlement co
  5. In December of last year I stopped making my credit card payments and I had $133,000 in credit card debt that was growing monthly at 29.99% interest with late fees and overlimit fees. I was more than panicked with many sleepless nights and the phone ringing off the wall. I'm happy to say that with the right planning; I borrowed from my 401k, received money from family, cut back on my expenses and sold personal possessions - I was able to come up with enough money to settle my accounts. I had the following results: BOA - 38% at 90 days delinquent Chase - 45% at 120 days delinquent Citi - 38%
  6. I would to start negotiating with my 4 credit cards and I've heard conflicting responses about making payments during the process. Here's my situation in a nutshell: I got credit cards without my husband's knowledge and proceeded to charge up $32k over the course of the last 7 years. Now I cannot make the payments and interest rates have been hiked and I'm hitting the credit limit (over on a couple) due to interest and late fees. I've tried the credit counseling and cannot keep up those payments for the length of time they require so I was going to change to a debt settlement company. Ju
  7. This forum provides a wealth of knowledge for those people that want to go about cleaning up their finances but for those of you that are still considering contracting with a debt settlement company......please be very careful. Recently, another forum had rave reviews about James Lombardo, aka Sifxpert & Debtxpert and then all of a sudden, the man and the company basically dissapeared and closed down his forum because too many of his clients were comparing notes and gathering information about his deceptive practices and criminal activities. He asked people to set up special accounts and
  8. Okay here we go. I've been with Lawgistix in Florida since 2004. I signed up with three cards. Two have since been settled so I thought all was well. That was until this past Friday. My Captiol One went to another collection agency and they needed my contact information to Lawgistix. I told them I'd get back to them with the information. Well I can't get nothing but dis-connected numbers. Has this comapny gone out of business, or what? I can't find my login username to get onto the website (My Last Puter had that info on it and it crashed and no I didn;t have the files backed up). They use a
  9. Hello, everyone...thank you for taking the time to read through my posting...I sincerely appreciate any help. I could seriously use some advice on how to go about the debt settlement process…I have read a LOT of great information on here…learned so much from you all, but I bite my nails all the time wanting to make sure I am taking the right steps and hoping to get personal advice from you all who can tell me EXACTLY what I need to do. (I’m sure most or all of you have felt the same.) I first heard about debt settlement by calling one of the companies that advertised on the radio…but was advi
  10. Hello, So I went through a third party debt settlement company a few years ago concerning this debt. After a couple offers, we finally agreed on a Final offer with the CA this past week. The agreed offer would be $9,000. I just received the final settlement letter that originated from the CA, as it shows the CA's letterhead(name of company and address) and it only states that I am settling for $2,000! The debt settlement and/or CA made a HUGE mistake! It is in writing and agrees to a full and final payment along with reporting this info to the credit bureau(s). It also references the OC
  11. Let me tell you guys my situation. Me and my wife have about 60K in debt. It was all originated from the 0% balance transfer. I started to cash those 0% APR balance transfer checks into my checking account and use them un-wisely one year ago. I thought I could pay them off before the 0% APR ends but I lost my job at the end of last year. I don't think I will be able to pay anymore. I did some research on my own and found 1 good debt settlement company under the the so called "Better Business Bereau"?. It's called the "Solve Debts". Has anyone have any experience with this company? When they
  12. I provide info for people in debt and mortgage trouble, at ... and I am looking for someone to interview who has been through credit card debt settlement and doesn't mind talking about it. If you've been through it yourself, or you help others, great. I'd love to talk to you. I don't want to violate the TOS on this forum so perhaps just reply here or PM me if that works, or I'm at support at ... Mods: if I am screwing up, please let me know! Thanks --Richard
  13. Hi everyone, I made arrangments to settle my debt with some creditors. I will be sending each creditor a letter to sign this agreement, and a deletion on my credit report. I read about sending the signed letter of the agreement to the credit bureaus. Has anyone used this approach? I appreciate the help
  14. Can someone here recommend me a good debt settlement? I have someone helped me to settle Discover for me a year ago. I would like to settle my other account but unfortunately he wasnt very responsive in occasions. Sometimes he will not answer my emails for a long time so I will get worry. I finally have a decent job that pays pretty well now and would like to definitely get back on track with the remaining three accounts I have (Sears - about 7000, Chase - 2000 and Citibank - 30000). Thanks!
  15. Hi, I found this site a few days ago, and it's great - a wealth of information. I have a few questions about debt settlment. We are in the process of getting a home equity loan, but it's not enough to cover all the cc 's bills - unfortunately, we've way too many from built up debt over 20+ years. On one of the accounts, Household Bank, I was offered a 30% settlement in a back in May. It's quite a large balance and didn't have the means to settle the account then. It is now on my credit report as a write off. I also have a couple of other accounts that are late. One of the accounts, Fleet
  16. Hi! I've made the personal decision to settle a couple debts that are listed on my CR. I've spent the day soaking up as much info as I can concerning the debt settlement process. Nonetheless... For all you settlement experts I have a question for ya: in your settlement letter did you insist that the CA/JDB/OC not sell the remaining portion of the debt? I'm under the impression that if you don't state this clause in your settlement agreement the CA has the ability to sell the remaining portion off to a new CA or JDB. For FYI purposes, the 2 CAs I will be dealing with are some of the most dislik
  17. I've read that in California if you send the CA a full certified letter explaining that you'll be sending a check in 15 days for a settlement amount and then in 15 days if they cash the check with the restrictive endorsement on the back with similar verbiage that legally they have to consider the account paid-in-full and not respond to any CRAs. Apparently if this is done and proof can be shown then it's legally binding. Does anyone have experience with this type of debt settlement technique? As discussed: http://www.creditinfocenter.com/forms/sampleletter3.shtml
  18. I have an apartment collection from the time I used to live there with my soon-to-be ex wife. The balance was $600 first reported in August 2007 (almost a year ago), and since both of our names were on the lease, the collection was on both of our credit reports. I sent the following letter to the collection agency along with the Debt Settlement letter found on this website: ------------------------ I'm writing you regarding the account mentioned above. I have had (and continue to have) many financial hardships. I'm going through a divorce at the moment, which is making it very difficult for me
  19. I am going to use the sample letter from this site to negotiate my debt with a ca and have the negative listing completely removed from my reports. On my credit report it shows the oc with a "charged off as bad debt" and also shows the ca with a listing of "collection account". Should I be dealing with the ca or oc? If I get the ca to agree to a settlement and delete the negative listing then what about the oc's original negative report? I want to wipe them both clean, any advice? Thank you.
  20. I spent about a half hour on the phone today with the IRS regarding cancelled debt and reporting it as income. She told me that many people do not realize that if your liabilities exceed your income you are considerd insolvent. We discussed only individual situations, not business or corporate. She advised that I must fill out the 982 form and include with that a balance sheet including Assets and Liabilites, those might include: Assets: Savings Checking 401K Real estate value Vehicle value Personal property value Jewelry value Any other assets Liabilities: Real Estate Loans Car Loans Pers
  21. An article posted answering the question.. (link removed)
  22. I have decided I can't handle the amount of credit card debt and I have decided to do debt settlement. Amex already referred my debt of about $17500 to a lawyer although it is only 2 months delinquent. I had faxed letter to OC offering to settle for $1700 based on New York's exemptions and what I could afford. Any advise on negotiating would be appreciated?
  23. This is my situation-my wife and I earn over 100,000 a year. We have been stupid and we are 50,000 in debt to credit card companies along with owing 40,000 to our retirement fund which automatically comes out of our salaries. Right now we are current with our credit card companies but it is beginning to be a strain and we don't seem to be paying anything off. I also have to pay taxes since we own nothing and I will probably have to pay 6,000 this year which I may have to borrow from our TDA. It is a non-ending cycle. The bills are out of sight and due to our income we are paying stuff off.
  24. Hello I have been reading some of the post on the forum, and I am hoping some one can give me some advice on my situation. I am 25 yrs old with $55,000 in debt. $12,000 in cc, $23,000 in personal loans and $20,000 in school loans. I am current on all of my payments, but I live pay check to pay check. As I make my payments on my cc I use it to buy groceries, gas and what ever necessities I need. I am at a point where I feel as though I will never catch up. I called a debt settlement company to see if they can assist me, but as I was reading on the forum, they are worthless. Also I was re
  25. Hi every body I am a new commer to this forum and I like some advise regarding debt settlement. I am currently in credit couselling services and will get lay off in 5 weeks, I will not have any money to continue my debt counselling services starting from this month on. My best laternative is to settle my debt on my own, question is can I start sending settlement letter to my creditors right now or need to drop all credotor from credit counselling fisrt. Any advise will be appriciated.