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debt with chase


pshan
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Hi -

have read this board for a while now and tried some

of the great suggestions but nothing we have tried

has worked so we are writing now in hopes of further advice.

We had 32k and 6.5k in two cards with chase always paying on time

etc. We had a death and now a work issue that is limiting our income

and the rates on each card have now gone upwards of 30%. We can't pay

the minimums and Chase has now with late fees and finance charges raised the balances to 38.5 and 8.5k . We can not make the minimum payments but aren't sure if BK is what we should do or try to work with someone on negotiation etc?

Any help is appreciated - many thanks

Paul/Lisa

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Maybe you should contact Chase and ask them if they have some kind of hardship program that you can enter into. Explain to them your situation and that you want to keep your credit as good as you can. Tell them that the fees and interest are really hurting you right now. Maybe they will see your need and help you. It want hurt to ask. If they do have a program for you, I would make sure that you ask that everything will be reporting to the bureaus positively and not with any lates or anything. I know this is not much, but hope it helps come.

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  • 2 weeks later...
Hi -

have read this board for a while now and tried some

of the great suggestions but nothing we have tried

has worked so we are writing now in hopes of further advice.

We had 32k and 6.5k in two cards with chase always paying on time

etc. We had a death and now a work issue that is limiting our income

and the rates on each card have now gone upwards of 30%. We can't pay

the minimums and Chase has now with late fees and finance charges raised the balances to 38.5 and 8.5k . We can not make the minimum payments but aren't sure if BK is what we should do or try to work with someone on negotiation etc?

Any help is appreciated - many thanks

Paul/Lisa

Hi guys,

I'm very sorry to read about your circumstances. Unfortunately, the credit card banks lie in wait for just such situations. That is why nearly half of the CC industry's $30,000,000,000.00 profits in 2004 were from late and over-limit fees, plus interest rate increases triggered through their universal default clause. It's a racket!

Have thay doubled the minimums on you yet? If not, are you aware that by the first of the year that will happen by law?

ba0501 mentioned hardship. In order to get into a hardship program, you usually have had to miss several payments. There are other alternatives to hardship. BK (IF you qualify under the new rules... and for $38.5k?... not me). CCCS (bad), Debt settlement/negotiation (questionable), Home equity loan (moving unsecured debt to secured against your home (very questionable)), Or you could ask them if they can prove the debt under the FCBA billing dispute process... which they can't... then maybe get an arbitration claim from their little lap dog collectors/"law firm" at Mann Bracken. Then DV them and file a motion to dismiss with NAF at the same time whereby they go away and your done with it. See... wasn't that easy? BTW, I'm not joking.

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Guest sifxpert

Ummm...Hypt, I am sorry but you have half of the equation correct. Mann Bracken is part of the NAF crew like Wolpoff and yes by sending the DV once you receive the first dunning letter arbitration will not be initiate or if it is initiated you can still send your objection and DV them and get a stay. However; to think it goes away you are very naive. These accounts stay with Mann Bracken (parking lot) I like to call them and sit forever!! They sit there accrueing interest and penalties and then they are transferred out to either a JDB or a local attorney or another collectro but they do not go away. I ahve been using this trick for years trust me. They do not vanish.

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Ummm...Hypt, I am sorry but you have half of the equation correct. Mann Bracken is part of the NAF crew like Wolpoff and yes by sending the DV once you receive the first dunning letter arbitration will not be initiate or if it is initiated you can still send your objection and DV them and get a stay. However; to think it goes away you are very naive. These accounts stay with Mann Bracken (parking lot) I like to call them and sit forever!! They sit there accrueing interest and penalties and then they are transferred out to either a JDB or a local attorney or another collectro but they do not go away. I ahve been using this trick for years trust me. They do not vanish.

I understand that some folks do not have what it takes either in personal conviction or knowledge to stand up to the Banksters in a court of law... but then again, many do. In your experience, what is the ACTUAL percentage of summons issued following an NAF stay or dismissal where MB is the collector? Because that is the only real issue here... not empty and illegal threats in violation of the FDCPA. Not dings to credit reports, which you know as well as I do can be dealt with effectively by oneself or a professional in the future. I'm talking about Real World cases... not what they "could" do. And if the "debt" is shuffled off to a CA/JDB, how much of a Real cause of action do they have to successfully litigate in court anyway? Not much... I assure you. They can be dealt with effectively and in the consumer's favor. Why do people have this horror of going to court? Sometimes it feels like others promote that going to court to STAND UP FOR YOUR RIGHTS is the last thing you want to do. Around here, few ever receive a summons, much less go as far as standing in front of a judge. And if the banks ever have the guts to go that far, the vast majority of those court battles end in victory... for the consumer.

You're a professional Debt Settlement/Negotiation promoter, and I understand your dedication to that approach to debt relief. You clearly have experience in dealing with these banks. I must say, however, that I have a fundamental concern about any company or debt management approach that collects money from an alleged debtor (at whatever percentage), to pay the banks. It seems to me that those entities are, in essence, working for the banks.... One Man's Opinion.

May I ask you a simple question... Have you ever DV'd "Chaste" 8) Bank (or any other unsecured lender) for the actual GAAP underlying books and records... have you ever REALLY compelled them to prove the debt under the law? It never ceases to amaze me how they cannot. Try it sometime... you'll be amazed too.

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Guest sifxpert

I knew that by your words you knew what you were talking about but you were not very clear. The way you made it sound was DV them and it goes away. Too many people think that by sending a DV and not receiving sufficient Validation it goes away or since the calls stop they are done.

I use the DV process on a regular basis and I follow through on as many claims as possible. I have too many clients to stay on top of with disputes, however, I do know of many banks and JDB's who are flagged and sent to our dispute dept. and consistantly, I am getting $0.00 settlements and deletes. I jsut know they can never provide sufficient proof to substantiate their claims.

Regarding working for the banks....I agree....but not settlement. It is a constant war here with the creditors. CCCS on the other hand, even the IRS who recently closed the doors of yet another stated in their complaint that this CCCS was just a collector who had a 501 c3 license who was collecting for the credit card industry.

I hate the banks and I love taking money from their pockets and placing it in the pockets of my clients. My clients love it too.

Have a good day.

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