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Multiple questions.


bagleyb
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sorry, posted this in the wrong forum (collections) earlier.

I've been lurking around here and other sites for a couple months now, and am about ready to get started.

Here's my situation. I filed bankruptcy in June of '96 and it was discharged in October of '96. It's still showing up, is there anyway to get this removed? I've disputed it w/ the CR, but I'm sure it will come back.

I also have 3 or 4 collections showing as a result of my ex-wife when we were married. I've disputed those, and expect those to be removed soon since they are hers for medical bills soon after our bankruptcy, but before our divorce.

OK, now for the biggie.

I've got 10 accounts, with 5 showing positive, and 5 negative. The 5 negatives include 2 CC's with Capital One, and 2 CC's with Providian as well as 1 CA on one of the Providian accounts. The SOL has run (or will later this month) on every account. One of the CC's w/ Capital One I actually settled with in '2000. The others total about $5000, more than half of which are over the limit or late charges.

I have a house at under 5% (gotta love having a mother who is a banker), but it's on a baloon that's about to come due. If I can get rid of these accounts, I should have a fico of over 700 and be fine on refinancing.

I have found form letters to send with an offer, and I have the ability to

pay $2500 in settlement. I could probably come up with more, but I don't want to pay the over the limit fees. So, here are my questions...

A. What is the likelihood they will accept a settlement offer since the SOL has run? In reading, I see that they are both hard @sses.

B. What do I need to do to protect myself from starting a new SOL when I do make a payment if the accept?

C. If they do accept, what is the process for having it removed? I know you ask them to send a letter back, do you just fax a copy of that to the CR along w/ a copy of the Cashier Check?

Thanks in advance.

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  • 4 weeks later...
A. What is the likelihood they will accept a settlement offer since the SOL has run? In reading, I see that they are both hard @sses.

B. What do I need to do to protect myself from starting a new SOL when I do make a payment if the accept?

C. If they do accept, what is the process for having it removed? I know you ask them to send a letter back, do you just fax a copy of that to the CR along w/ a copy of the Cashier Check?

My first suggestion would be to read this one thread:

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=13386

A - Everything is negotiable. However, you have to have money in your hand and be fully prepared to cut a deal right on the spot, because that is exactly what you are going to tell these outfits. But your biggest challenge will be that you have to find the right person of the right department to talk to. It will take a lot of effort to locate that person.

B - Look below at C since they are actually about the same question.

C - The conventional wisdom is that you get EVERYTHING in writing. And that means EVERYTHING. You can agree to anything but EVERYTHING has to be in writing. Once you get the terms in writing, THEN you can send over your payment. And yes, use something like a registered check or cashiers check. And then you can forward that to the CRAs.

But one more piece of advice. I would strongly suggest that you surf through all the posts and threads here on this forum. Yeah, it is a big pain in the [EXPLETIVE DELETED] but it will be worth it. There are a lot of success stories here as well as lot of experience. If you devote several hours to reading up to what other people have done, it will be worth it.

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