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Urgent - Am I Too Late??? Already Talked On The Phone


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Aw Geez, I wish I had found this site earlier...

I went through a divorce, and several cards have sat dormant with balances since June 2004...

Our house just sold and closed escrow..

Long story short, I was pushed into negotiating before doing my research...

I spoke with several entities over the phone...

I made verbal agreements on settlement amounts...

Naturally, the current balance is about double the original principle, so many of my negotiations are right around their original principle amounts..

One had gone to court, and a judgment was issued...

Another is with one attorney,

and yet another is with another attorney...

The last attorney has a court date requesting a judgment, scheduled for 3/16/07... In order to avoid the increased court costs, I negotiated over the phone and sent faxes... The original debt was about $16,900... The current balance on the court request with attorneys fees is $24,900... I negotiated for $14,500... THIS IS THE ONLY CASE IN WICH I WAS FAXED AN "AGREEMENT" AND SIGNED, AND FAXED BACK...

A couple of other entities sent me faxes outlining the negotiations, but did not require signatures or faxes back to them...


I imagine I have to honor the agreement I signed... but what about the other negotiations???

Fortunately, there are two or three biggies I did not even contact yet, so I will be implementing the advice here...


Can I use the charge-off amounts submitted by the OC as a basis for payment???


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For those you've already signed, it may be possible later to renegotiate with them using the threat of BK. For now, I would try to adhere to the agreement and concentrate on scoring other credit victories. Certainly fight it in court if you've been served. Don't permit a default judgement to be entered against you. A sympathetic judge might be inclined to give you a break if you plead, but your Honor this is all I can afford to pay and my only alternative seems to be BK.

For those you did not sign a settlement, but talked with them over the phone, DV them and dispute with the CRAs. Since you want to have as much evidence to support you as you can, I would recommend you go ahead and dispute these debts with the CRAs in writing and via CMRRR. Also, send the DV by Fedex to ensure they'll accept it. They might reject your CMRRR letter.

For those you did not sign a settlement, DV them and dispute with the CRAs.

Use the 1-2 punch.


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