christmastrees51 Posted August 25, 2007 Report Share Posted August 25, 2007 This is my first time on this site, hope I'm in the right forum. I received a summons from Bank of America for credit card debt. I owed but could not pay. I did hire a lawyer to help me out of this mess. We did not go to court, and have spent several months trying to come up with an amount to pay. The original debt was 10,000. They want 14387, plus 9% statutory interest. I am to pay 2000. due on or before August 15th 2007 (already past) then 4 payments of 500./month Aug, Sept, Oct and Nov., 5000. due in Dec 07. Then eleven pyments of 200. each starting Jan 08 thru Nov, with a final lump sum pyment of 4055.62 in dec of 08. Their total comes to 15255. (is that the 9% statutor interest?)My lawyer wants me to sign a "stipulation of settlement" . I have recently had the good luck of selling some property in canada and I can pay off this debt, however, before I sign anything I want to have this debt (charge offs, late pymt. and all negetive remarks) deleted from my credit report. My lawyer say's it can't be done. I'm not comfortable with that statement. Something can be done and I'm pretty sure it should be in writing before I sign anything. Also, if I were to offer a lump sum amount (10,000 - 12,000) do you think the lawyers would accept this? They didn't budge an inch when we tried to negotiate. Link to comment Share on other sites More sharing options...
whocares Posted August 25, 2007 Report Share Posted August 25, 2007 I bet the lawyer would be willing to try it for a price...why do you have a shark...er lawyer anyway.Tell him you will not settle for anything less than full deletion, non transferable to another agency and if the account is listed nothing listed in derogatory...It can be doneYou can do it yourself, with the proven methods others have used.Paying them only drops blood in the water...other collectors will follow if they see a paid collection.First try for a lump sum payment, for 1/2 listed amount, see how willing they would be to accept it.You have the upper hand right now....don't give it away.A paid collection looks as bad in your report as an unpaid one...and if you pay it you renew the debt and they can continue to report you for 7 years...DON"T DO IT!!! Link to comment Share on other sites More sharing options...
christmastrees51 Posted August 26, 2007 Author Report Share Posted August 26, 2007 My lawyer said I should consult with a consumer credit specialist and see what they have to say about the deletion on my credit report. I need alittle more information about how to go about telling my lawyer how to do his job. What are the "proven methods" you speak of? Link to comment Share on other sites More sharing options...
whocares Posted August 26, 2007 Report Share Posted August 26, 2007 They are the permanent messages at the top of each page, each stickie outlines how to do specific things, like how to dispute a debt, how to validate a debt. how to remove inquiries....These are things you can do yourself...I have had alot of success following these methods, and many others have too, costs less than a lawyer and is just as effective.I wish you luck Link to comment Share on other sites More sharing options...
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