Mcstiggens Posted April 14, 2009 Report Share Posted April 14, 2009 I am currently 60 + days behind and planning on soloing a settlement. I want to keep on decent terms with my cc companies in order to get the best settlement. They are trying to work with me and keep pressuring me to sign up in their "hardship" program. It seems like a good move and will lower my rates and all that. I just wonder if that would make it more difficult to settle if they have me commit to the program. Although, even if I sign up, I still won't be able to pay (because I'm saving for the settlement of course). Any opinion on this is appreciated. Thanks, Mcstiggens Link to comment Share on other sites More sharing options...
astiman Posted April 14, 2009 Report Share Posted April 14, 2009 Why would you sign up for the 'hardship' programme if you can't afford to pay it?All you would be is pi**ing them off even more....if you can't pay them, what's the point? Link to comment Share on other sites More sharing options...
Mcstiggens Posted April 14, 2009 Author Report Share Posted April 14, 2009 Well the idea being that I'm at least trying to work with them. If I don't even try to work with them then it looks like I don't care. Its just a token action you see. Not only that, the pressure from them to join such a program is pretty heavy. If I keep saying "no" then it looks like I'm not trying. Link to comment Share on other sites More sharing options...
looksbothways Posted April 15, 2009 Report Share Posted April 15, 2009 Why don't you sign up for the hardship program and actually participate in it? Why choose to instead refuse all payments on the gamble that they'll settle with you for an amount you actually have? Link to comment Share on other sites More sharing options...
Mcstiggens Posted April 16, 2009 Author Report Share Posted April 16, 2009 Well gosh Looksbothways......if I have to tell you........Maybe you haven't yet noticed but there are LOTS of people these days who are trying to get out from under their debt burdon by settling their debt. It happens all the time. You only have to play your cards right. If you do some research you'll find that the chances are very good for some and not as good for others (to settle). I happen to be an ideal candidate for settlement thats why I'm on here searching for the info that I need to make sure I go about the process correctly. Why would I want to actually use their hardship program if it means I'll still have 6 more years of debt when I could settle and be done with it in less that a year. As I said, I only considered the hardship program as a token gesture. I just wondered what knowledgable folks though about it as a way to (temporarily) appease them. Does that make any sense? Thanks to everyone,Mcstiggens Link to comment Share on other sites More sharing options...
astiman Posted April 16, 2009 Report Share Posted April 16, 2009 Well, then, good luck in your debt avoidance plan.Personally I'd rather stay in a hardship programme and come out the other end with a nice FICO, but once again, that's just me. Link to comment Share on other sites More sharing options...
Mcstiggens Posted April 16, 2009 Author Report Share Posted April 16, 2009 Lookit, I submited my thread to the "Debt Settlement" forum (read the title, it says "tips and tricks for getting out from under all of that debt")I'm OBVIOUSLY looking to SETTLE my debt. If you want to fool around and be a debt slave for years to come with your squeeky FICO, thats fine FOR YOU! I am choosing to go the settlement route because I want to get all this behind me FAST. (maybe I have more debt than you) I'm obviously not too concerned with my FICO since I plan on settling and besides, in a couple of years my FICO will be squeeky too.Anyway, I think your reading the wrong forum. This one is for folks who are looking to settle their debt and get on with their lives, not stay under the slavery/debt system, playing by the rules of some "bankster" crooks.Have fun with that hardship program. Meanwhile, move to a different forum that suits you better.Thanks, (I guess....)Mcstiggens Link to comment Share on other sites More sharing options...
looksbothways Posted April 16, 2009 Report Share Posted April 16, 2009 You don't have to get all defensive about it. You chose to play with the "bankster" crooks when you opened the cards to start with. You can't really get all up in arms about their tactics now that they're asking you to fulfill your part of an agreement you were all too happy to enter into. Do what you want. Just bear in mind that your debt will likely continue to accrue interest and fees while you avoid the creditors and stockpile money, so in the end that fractional settlement may not be all that much less than what you currently owe. You also run the risk of them suing you for the full amount plus costs and attorney fees (if allowable). What will your defense be? Link to comment Share on other sites More sharing options...
astiman Posted April 16, 2009 Report Share Posted April 16, 2009 Good Luck, Mac....just try to not attack those of us who have been here a while and who really ARE trying to help you out.Have a nice settlement! Link to comment Share on other sites More sharing options...
Mcstiggens Posted April 16, 2009 Author Report Share Posted April 16, 2009 Your right, settlement must be a bad idea. I just can't figure out why this web site has a forum for settlement. I guess it's all a big fantasy and all the people who have negotiated a settlement are liars. And yes, I did make the mistake of entering in to an agreement with them but now that I've learned from my mistakes and have figured out how the banks really work, I'm doing what I have to do to get the shackles off.Just because I was naive enough to get involved with it does not mean I have to stay around and put up with their unethical enslavement practices.I do not feel sorry for any bank and neither should you. Again, if you disagree with the practice of settling or do not advise it, maybe you should move to a different forum. This one's for people looking to settle their debt, not be good little servants and pay back all kinds of your hard earned money as interest for money that never existed in the first place. Money created out of thin air. Money that is nothing more than 1's and 0's on a banks computer.I appreciate any help but so far all I've heard from are folks who don't seem to understand the concept of settling debt. I also get the idea that you don't understand how the banking system really works.It's EVIL! Link to comment Share on other sites More sharing options...
looksbothways Posted April 16, 2009 Report Share Posted April 16, 2009 I do understand the concept of settling, and I'm all for it when it makes sense. I don't understand the concept of willfully refusing to pay with the hope that you can eventually negotiate a settlement in your favor.In general settlement works for people who have years old outstanding debt that they haven't paid on and they're looking to clear it up. But that amount already includes all the late fees and interest for not paying. People are happy to get a settlement for 40%. Usually it's closer to 50-75% of the balance as of settlement, which may be as much as or more than the original balance.If you're not that far behind, it makes much more sense to lower the interest and stop the late fees and enter into the hardship program than to avoid payment and hope the eventual settlement is in your favor when the chances are very real that you will end up "settling" for an amount close to or even more than what you owe currently.Not to mention that, while you sit not paying and waiting on that settlement, they have every legal right to sue you for the full amount including late fees, interest, attorney fees, and collection/court costs.I am absolutely not against settlement, but I just think the risks outweigh the potential benefit when you are only 60 days behind. I think you're setting yourself up for years of financial trouble and potential lawsuits. As I said before, when X company sues you for the full amount plus interest/costs, what will your defense be?One additional thing. Its much, much, easier to deal with an original creditor than a JDB like Palisades or Asset. Link to comment Share on other sites More sharing options...
Mcstiggens Posted April 17, 2009 Author Report Share Posted April 17, 2009 I know and understand all that you've said. I also know from all my research on the issue, including right here on this site where there is a step by step how to guide for settlement, as well as numerous people who have shared their experiences with me, that it can easily be done between 90 and 120 days. (sorry for the longest sentence ever) Not years worth of delinquency. Your the first person of many people that I've heard from on the subject who feels so negatively about my case. Everyone else thinks I am a perfect candidate and I have to agree. I am also a perfect candidate for bankruptcy. Which do you think they would prefer? Also, banks would much rather write off part of the debt and be done with you than take you to court.Therefore settlement, especially when the prospect of bankruptcy comes in to play, is a real option.Mcstiggs Link to comment Share on other sites More sharing options...
astiman Posted April 17, 2009 Report Share Posted April 17, 2009 By all means then, settle.And stop attacking those who are trying to help you.Especially those (like me) who WORK at a bank, who you think "doesn't know anything about the banking system..." BTW the bank I work at isn't "Evil."We gave you good advice. You obviously want to settle.So SETTLE, then!sheesh...... Link to comment Share on other sites More sharing options...
Mcstiggens Posted April 17, 2009 Author Report Share Posted April 17, 2009 Now I see why your against settlement.I know your basic local bank isn't evil. Its the system, the debt based system and the Fed. I'm sure lots of banking employees have no concept of where our "money" actually comes from. Its backed by what? Nothing. A dollar is a debtors note, not money. How can you pay a debt with a debt?Never mind, I don't have time to make you understand and you prolly don't care anyway. This thread is pointless anymore.By the way, I was not attacking anyone. Just defending my stance and trying to make some of you understand where I'm coming from. Don't attack me about my decisions and I won't have to get defensive.Thread Closed. Link to comment Share on other sites More sharing options...
willingtocope Posted April 17, 2009 Report Share Posted April 17, 2009 Mcstiggens: First, your attitude is bordering on offensive...something we don't permit on this forum. Careful...you're walking a fine line.Second, you've miissed the point of this particular topic: this is not intended to be a primer on how to walk away from your debts, regardless of whether you were "misled" into incurring them or simply fell on hard times. This topic is about how to protect yourself from the myriad "debt fixers" who claim to have a magic way of making your debts disappear...and, how to protect yourself when an OC offers to settle for less than the full amount...and, how setlling with a CA or JDB is almost never a good idea.Third, in answer to your original question...no...entering a "hardship" program with the intent of later setlling for less the full amount is NOT a good idea. The terms and conditions of the hardship programs are quite restrictive. If you default when you're in such a program, you've opened yourself up to a whole lot of grief. And, this will in no way induce the creditors to be receptive to settling. Link to comment Share on other sites More sharing options...
Mcstiggens Posted April 17, 2009 Author Report Share Posted April 17, 2009 Thanks Willingtocope, Finally a no nonsense answer to a simple question. Who said anything about "walking away". I am simply trying to get out from under (settle, which is not walking away) an extreme amount of debt without filing bankruptcy.I'm not intending to be offensive at all. Although I was borderline offended myself.Thanks for the help, I wish you would have chimed in earlier. Now this thread can FINALLY end.M Link to comment Share on other sites More sharing options...
astiman Posted April 18, 2009 Report Share Posted April 18, 2009 Thanks for the thread closing, Mac.No offense taken. Link to comment Share on other sites More sharing options...
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