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4 Collections, 2 Divorces; Life is Beautiful!


manucci
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Hello All:

I have 2 collection accounts with Unfund, both from my Citi accounts. Total $16K.

I have another one with Collect America for my MBNA CC for $10K. My Amex is $3400 charge off (SOL just passed in August 2004). They all want at least 85% of total amount. This is bad ha. Not really; keep reading.

During the past 3 years, I have gone through 2 divorces. I guess, I am no Romeo. 2 spousal supports, 4 lawyers. As I am writing this, I have a lawyer bill in one hand and a spousal support on the other hand. But nothing is 100% bad.

I have to clear these negative marks in my CR by Sep 2005. I will have a good job with far more income waiting as soon as I clear these.

My question: Can I use the divorce (2 of them) as a bargaining tool to reduce the settlements? If they don't reduce, will a judge consider that to reduce the payoff?

By the way, my divorce will be finalized this October. I have already proposed to my next bride. We can’t wait for that day :D

Bye All,

Michael

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Thank You All:

I am doing the best I can. I do not want to do BK because that will destry my chances of getting that job. Soon I will start with Amex with passed SOL. Hopefully i can convince them to reduce the debt and delete it from my CR.

Sincerely,

Michael

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Sorry, manucci, "the best you can do" is NOT get married again. You have already demonstrated that either you are a terrible husband, or you have a knack for selecting women who see dollar signs on the wedding license.

The total amount of the credit cards you've listed...about $30k is not a huge amount, but depending on your other liabilities may still warrant filing BK. If you're certain you have a well paying job waiting for you in Sept of 2005, you might want to concentrate on NOT incurring anymore liabilities (i.e., marriage number 3) between here and there and dealing with the ones you've got. If the AMEX bill is approaching SOL, letting that laspe is not going to improve your credit reports...it will still be there for 7 years. And paying the others at 85% is also not going to help your CR if is shows "paid for less than full amount". If you need to clear your report to get the job, pay in full and negotiate having the TLs deleted.

Although this might not be the case where you live, when we went to our 341 hearing, one of the other people there had three failed marriages on his record. The BK trustee said he looked on spousal support as a debt you could have avoided, and postponed making a deceision awaiting further evidence.. If there are no children involved, it may be dischargable in BK, but the trustee actually said "if you can't do the time, don't do the crime..."

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Hi Everybody:

My marriages were with 2 Russian women; I went for beauty; didn't know they were just fraud to get US status. This time is with my Ex-girlfriend whom I know for 15 years. So I know this time will be my last marriage.

I make about $72K now, and the new job starts at $120K; so I know it will be well worth it even if I have to pay the collectors at full face value, but they are not willing to change the charge off until I pay.

One thing that bugs me is Reaging my Citi accounts. I know I made my last payments to CITI on Aug. 2000; I DV's Citi, and they deleted all their entries from all CR's; Unifund has not responded to my DV yet. Is there anyway to get the true Date of Last Activity;? I don't trust Unifund.

You are all wonderful, and I appreciate your help very much.

Michael

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Found this article on Bankrate.com (from a woman, so don't get all excited ladies): :D

"Nothing can kill romance faster than the word prenup. But with about one in three of all first marriages ending in divorce, and 50 percent of second or third ones hitting the skids, a prenup is smart financial planning, legal and financial experts say.

"Think of it as a business arrangement or as an insurance policy to help remove some of the emotion that's naturally involved," says Nancy Dunnan, a New York City financial adviser and author. "Marriage is not just an emotional and physical union -- it's also a financial union. A prenup and the discussions that go with it can help ensure the financial well-being of the marriage."

A prenuptial accord is a contract between two people about to wed that spells out how assets will be distributed in the event of divorce or death. Such agreements have existed for thousands of years in some form or another, particularly in European and Far Eastern cultures, where royal families have always made provisions for protecting their wealth."

Good luck to you, Michael. Hope everything works out for you.

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Not trying to judge, Man, but if you'll take a little "dutch uncle" advice, I'd suggest you might just try living together for awhile before getting married again.

Anyway, if you've DV'd Unifund and haven't received an answer yet, then check your CR's to make sure they're listed as In Dispute...if not, get off an ITS letter to them pointing out that if they can't validate the debts and their right to collect them, they need to remove their entries from your credit reports or you'll see them in court.

(My personal opinion is if a CC has charged off your account, then the US taxpayer has reimbursed them for their loss. And the fact that they've sold the debt to someone else doesn't entitled that someone else to your money. Do a search on Unifund and look at how other people have dealt with them)

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Right, willing. Why buy when you can rent?

Manucci, you might want to consider Chap 13, to show that you are not dumping your creditors but trying to handle them in a responsible manner. If you get the job and the cash, then settle up early.

If a FICO score is driving teh job offer, I'd go BK now and work on keeping your payments and score up. And put that squirt gun back in your holster!!!

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