Am I on the right track or just CRAZY??????

[iowealot]

I have about 40k on 5 cards (900,3k,10k,10k,15k) that have been charged off/sold to another lender. On my CR I have 14 closed accts in good standing, 3 accounts paid never late $0 balance and the 3 open accounts in good standing below:

Trailer mort 2K over value. 29000owed vs 27000v

Car is 1k under value - 3000owed vs 4000v

Other acct is 10k unsecured

I am trying to bide my time until the SOL runs out(12 months on all of the Sold/CO accounts) to try and negoatiate pay 4 delete.

My plan is to wait until SOL passes and then to offer about 35% pay for delete to each entity(3 largest were sold & 2 smallest at a CO) as the money becomes available.

In the mean time, if ONE tries to sue, I will offer the 35% P4D in order to avoid litigation. I have a backer that will help me come up with the money for around 4k but only to avoid litigation.

If all sue, then BK7 would be my only option...let's hope it doesn't come to that!

1 other CRAZY idea that I have had in order to avoid any possible litigation before the SOL runs out in 12 months is to purposely fall behind 1-2 months on the 3 outstanding balance accounts so that when the JDB(s) & CO(s) check my CR they will sense that I am a lost cause. I would save the money that I would have paid in order to catchup any past due balances if foreclosure or reposession becomes an issue.

FYI - I have studied my state laws and this site extenstively but I have a few questions for the gurus that post here espec. # 3 & #4

1) What pitfalls to do see in laying low until DEC 2005?

2) What do you think about the CRAZY idea?

3)As for the pay for delete on the sold accounts, what do I request happen to the OC tradeline? Seems like the OC tradeline would be difficult to neg. since they have sold the account.

4) Since I don't to wake a sleeping giant when should I start DV'ing? SOL is up 12/22/2005.

Thanks for you input!!!!!

[luckyduck]

Don't intentionally let your current bills get behind. It'll make things worse on you for a longer period of time creditwise. It's not worth it.

Have you been threatened with lawsuit yet? Are you getting dunning letters?? Are you disputing. A lot of the time, debt buyers don't have the original documentation to prove their case, so if all of these accounts have been sold, then just bide your time, period. Or, even bide it as long as you can and start disputing when you really feel the edge. If they can't properly validate after you dispute, they can't get a judgment.

How long has it been already? Looking at your assets, and your debt, you might not be considered "prime" lawsuit material. They will be more interested in your income than your debt and assets. I'm not endorsing it, but just as a point: You'd probably be safer and better off having a low pay job than letting any current bills slide.