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  1. Hello All, I have made some extremely stupid decisions this past 2-3 years and it has left me in a huge hole that looks impossible to get out of and I am looking for advice or any suggestions on what to do. I have been a gambling addict for the past 2-3 years and as of 2 weeks ago have finally confessed to this and I am now seeking help and have been free for 18 days now, this is my current financial situation: Creditor Name Payment Due Date Original Loan Amount Current Balance Monthly Payment Percentage of Debt
  2. I recently received a letter from an attorney's office in Princeton NJ (Schachtner Portney LLC) for a debt bought by Calvary Portfolio Services. The OC is Citibank. The attorney sent back the last credit card statements from Citibank as well as the documents proving that CPS purchased my debt as part of a bundle of junk debt. At this point, I am planning to send a letter to begin settlement negotiation. The amount of the debt is $3,000.00 and the SOL doesn't end until Sept. 2018. My initial settlement offer will be 20%, which is $600.00. Based on reading other posts, I have been checking my co
  3. A year ago, I settled some credit card debt by agreeing to pay a lesser amount which resulted in those accounts being closed, of course. How long does this hurt my credit score? And by how much? In other words, I've been on some sites that have a simulator that allows you to enter some changes to see what you can do to improve your credit score and by how much. One of those is to pay down your debt. My question is, what is my incentive to pay down debt - for the purpose of raising my credit score - if the debt settlement will hold it down for 7 years (or whatever the period is)?
  4. Hello, I fell far behind on my bills a few months ago. And was living in my car. While this was happening, the car loan was written off as noncollectable. I am now trying to repair my credit. I've joined the us military and have a steady income. The auto loan provider called me a few days ago and said that they are willing to do a debt settlement at about $7500. I owe ~$10,000 on the car. The car is worth $8000. They also said that they would be willing help me sell the car. Alternatively, they said I can pay them about $350.00 a month until the car is paid off. At this
  5. Question: Can I call them to start the conversation and indicate that I want to settle? Understanding that all must be in writing from them before payment/etc. Texas resident. I am trying to figure out my best next steps. I have two accounts in collections from 2013/14 when I was unemployed. I let my fear and shame rule me, so I did not talk to my creditors at the time, and have since then been at a complete loss as to how to proceed. I am now determined to get ahead of these. My finances are now back to where I can make payments and can Dave Ramsey-style pay off all my credit card
  6. I apologize in advance if proper procedure to post for help isn't followed ... After researching so many forums, I'm quite lost. So here goes ... We currently have several credit cards that are in default approximately 18 months. Really wanted to not do a BK, but looking into it just in case. Had wanted to settle the debts. but with different creditors, sold to multiple JDB, this is well, overwhelming! Recently was served notice of request for judgement from Portfolio Recovery Associates for a Citibank/Sears account. 1- filing was not in proper county of residence against us. - As such, we
  7. Today I received a letter for the remainder of an unpaid medical bill from National Patient Account Services (NPAS, LLC). I just checked my credit reports and the collection has not yet reported to the CRAs, and of course, I don’t want it to. I have the thirty days to dispute, etc. Should I just contact the CA to ask for a pay for deletion (under $400) or can they not report anyway because I am paying right away before the thirty days? OR, should I send the payment to the hospital and hope they accept the payment and then if it does hit my CR, dispute as previously paid? OR, should I DV them
  8. UPDATED: 2/11/15 in Post #14 I am 5 months delinquent on an AMEX card with a balance of $15K. The account has been cancelled. While I still owe AMEX the balance, they have Gatestone (the DC) contacting me for the money. Today, I let the DC know I have a settlement offer ready ($7K, one lump sum) with a 'hardship letter' (as requested) as to why I can't pay the full amount. But when I mentioned it, the DC told me she couldn't submit the offer without me first making a payment of $260. She said this was because "my account is still accruing interest." (Duh...) And that this was an AM
  9. I came across this site while searching for answers to my problem. I am hoping someone can point me in the right direction. Yesterday I got a call from an attorney's office, looking to collect on a debt that I knew nothing about. Turns out it is for a family member who I cosigned a student loan with a few years ago. They defaulted (unknowing) to me, so this attorney company is looking to collect from me. They told me that I was responsible for it now that the other person didn't pay. This particular loan isn't on my credit report, but, under the law, am I legally responsible for it? W
  10. Hi Everyone New here and been lurking for awhile. Great info. After plunging off a cliff (figuratively) I'm starting to pull my life back together. Just brought my 1st mortgage current after falling 6 months behind. Now that that is taken care of I can address my pile of credit card debts. For 30 years I've paid my bills on time even if it meant dipping into my retirement account which is now depleted. After a few years of substantially reduced income, a client who owed six figures told me they can't pay. Suing will take years to resolve not to mention the cost. Sent me off the cliff. I
  11. Hello, I am in need of some serious help. I have never checked my credit report in my entire life until two days ago when a collection agency called me and informed me that i had student loans in my name. *this is sadly a case of family fraud but i did attend school so I'm dealing with that, it only prompted me to check my credit report to see what else may have happened. I did credit karma (transition) and to be safe got the experian report as well. I am going through all this information still as it has been pretty overwhelming but have noticed a few pretty serious concerns already.
  12. Last month I made a written offer to settle a debt claimed that I owe by Credit Control, a collection agency acting on behalf of JH Portfolio Debt Equities, a JDB that had apparently purchased debt from a charged off Chase account. I received a response in writing from Credit Control stating that they were authorized to agree to my offer and that once my payments were complete, the account would be settled in full. They also sent me the complete agreed upon payment schedule and stated that my first payment must be received "on or before" November 29th by check, check by phone, debit or cre
  13. On Feb 2nd I received a letter in the mail from DA (Debt Arbitrators) saying that they can reduce my CC Debt of 20k to 11k (See attached) I took out all the personal info for obvious reasons. Included with the letter was a "winter catalog" not sure what the purpose is if that. On Feb. 6th I received another letter very similar to the first on only on it was Pink and some dates changed. So I decided to called them on Saturday (Feb. 9th) and talked with a Laurie from Debt Arbitrators and she was really nice and persuasive explaining the basic process of how it works and convinced me to sig
  14. I became delinquent with payments on one of my credit cards (owed about $7000 on it) and it went into collections with CACH, LLC after 4 or 5 months of missed payments. Because I was delinquent on this particular card, the amount owed ballooned up to over $10k. Cach, LLC is being represented by the law offices of Harold E Scherr, and gave me a settlement offer today over the phone at roughly 45% of what is owed. They also emailed me a copy of this settlement offer. Of course the woman on the phone (who was polite) wanted to rush me into accepting and paying this amount asap, otherwise the offe
  15. Hello Everyone, I just came across this forum 2 days ago and it has been the best information gatherer out there. I have a major decision to make and would love anyone’s input or opinions! Me and my wife have been struggling with paying our minimum CC payment for the last year, but so far we have not missed one payment and are up to date on all of our accounts. Here is a summary of the accounts: Bank Name Min. Payment Balance Interest Citi Card I $93.00 $6,238.85 17.90% Citi Card II $26.88 $3,196.28 24.50% Chase I $37.0
  16. I have student loan for the amount 1250.00 I paid only 10.00 on it because I had to show my previous employer a current payment for them to hire me. So the last time I spoke and touched the collection agency was back in Febuary of 2012, I haven't gotten as many calls...maybe 2-3 times a week? before it was crazy.....I feel like they've almost given up.....the loan was sent to the collection agency from the community college in 2009. I know I should've paid it off but have had hardships...we all do, Now I wanna get a financed for a car and would like to take this off my credit report before I a
  17. i have unsecured line of credit at 8100 past due 95 days. I have 2 other cc's with them at about 60 days, but focus on the one 95 first. I have been in contact with them every week or two to give them the same sob story how no assets, unemployed, rent went up etc. I was paying but than stopped due to hardships. They said chargeoff at around 6 months and can call to start setttlement at around 90 plus days. Well fast forward after hearing that over and over, now they are saying i won't qualify for settlement until 1 yr after last purchase which was in feb of 2012..WHAT IS THAT? is this just
  18. Link provided by Calawyer: I have seen a number of posts recently about credit counseling scams and we have also seen some CC spamming here. The following article is an excellent report prepared by NCLC on the entire industry and the law relating to credit counseling. It may be more detailed than some of you want, but I think it is a very interesting read: http://www.consumerlaw.org/initiatives/content/creditcounselingreport.pdf *** By all means first try calling your creditors to negotiate for hardship programs and reduced interest rates. If you so choose to go with a CCCS programs, then
  19. Hello, I am new to the debt settlement arena and was wondering if I could get some advice? My husband and I have several credit cards (two we are dealing with on the arbitration board) as well as quite a bit of medical debt. Most of them, if not all are in collection agency status. If we are able to settle with them via our tax refund...what is the best way to go about it? Do we call the collection agency? Original creditor? Do we ask for a particular department? Does it matter on the amount of debt? Credit cards range from $500 to $2000. Medical debt there's some smaller ($500)
  20. Hi all. Long time lurker, first time poster. I've thus far been able to negotiate 2 settlements - WF and BOA. They both negotiated right before charge off @ 50% (3k and 1k settlements, respectively). The negotiations were relatively painless compared to the other creditors, and I was hoping you guys would be able to shed some light. 1) 8k Chase Business Card. Will charge off in 14 days (10/31). Called them twice - the first time I tried to negotiate and offered 40%. They rejected it and mailed me a letter. I called them again 1 month later and tried to negotiate; they came back with s
  21. Can I add penalties to a Debt settlement letter that will make sure they remove bad reports from all 3 TransUnion -Experian - Equifax Example: if they fail to remove bad reports in 15days they have to pay me of each every day they fail after 15 days. They`ve have to pay penaltie to me of $300-1000 of each day that matchs the debt their trying to collect
  22. If you get a call from these folks please do more research than I did. Your credit will be wrecked and nothing gets settled. Come to find out logue law was just the name being used by national debt management. Now I find out Kim Gordon is the owner and owned debt restructuring of America as well and changed names. Bruce Atherton was her partner and he went to prison over his wrongdoing with that company. This is a awful mess I am left with. Thanks to the person who called me an gave me the real info on what was going on with this. Logue law is in Georgia and the phone room is in Indiana with N
  23. I have heard that a good way to settle a debt would be by a check/cashiers check or money orders and put on the memo line “By cashing this you agree to delete all information from the credit bureau” has anyone done this or have any feedback. Thank you
  24. but really it isn't. My stepdad has offered to help me pay a "lump sum" debt settlement amount with his credit card - i couldn't do it otherwise - given that it has 0% APR and we can then begin to pay that off together (I'm close to bankrupt after a divorce and moving back to the UK from the US with both my kids). Will the credit card companies - once a settlement is reached - accept a payment from someone else on my behalf? I am no longer in the country, after all. I'm just so thankful to have some help here and I'm hoping the answer is yes. If anyone can answer this, it might give us some m
  25. Hello! I decided it was time to settle my debt. However, with so many banks going *poof* over the years, I am not sure how do I contact creditors regarding my debt. I have few cards that were at the time Provedian/WaMu but since WaMu was bought by Chase, they are Chase now. However, the credit card number on my card does not match the one in my credit report. And the same problem with METRIS credit card, which is now owned by HSBC. My credit report doesn't show how much I owe, and in fact it is telling me that my credit score is 689. It shows that out of 7 in negative standing only 2 are in co