Credit and Debt Problems Forums http://www.debt-consolidation-credit-repair-service.com/forums/ Tips and tricks for getting out from under all of that debt. en Thu, 09 Sep 2010 14:04:20 GMT vBulletin 60 http://www.debt-consolidation-credit-repair-service.com/forums/images/styles/bluedeluxe/misc/rss.jpg Credit and Debt Problems Forums http://www.debt-consolidation-credit-repair-service.com/forums/ Where do I start? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303927&goto=newpost Thu, 09 Sep 2010 11:42:36 GMT I was basically in the same kind of situation. I was making all the minimum payments but not getting anywhere. Also, when all payment were made there... I was basically in the same kind of situation. I was making all the minimum payments but not getting anywhere. Also, when all payment were made there was nothing left for anything else. I did a lot of research and found out that i could settle all the debt myself w/o the nasty debt settlement companies. I have settled 2 of 3 accounts, one for 25% and one for 35% of the debt. One more to go, but they are being much more stubborn and won't drop below 75% (so far). You have to have the money though to make the lump sum payments when you do agree to the reduced amount. If you don't need any major purchases in the near future, it may be a good time to go ahead and default. Keep making the payments to yourself, and save up to pay them off. Good Luck! ]]> Debt Settlement kcjab http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303927 Is it finally over? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303901&goto=newpost Tue, 07 Sep 2010 03:46:01 GMT Hi All, Made the settlement payment to BOA last week and was a bit worried given the standard form letter and all the horror stories out there. I... Hi All,
Made the settlement payment to BOA last week and was a bit worried given the standard form letter and all the horror stories out there. I made the single payment anyway since I just wanted it to go away. CC info is gone from my online account and I received an Equifax update today that said the following,

Rate/Status changed to: Pays account as agreed
Narrative Code 1 changed to: SETTLEMENT ACCEPTED ON THIS ACCOUNT
Narrative Code 2 changed to: PAID ACCOUNT / ZERO BALANCE

Is the drama over (for this card anyway)?

Thanks!
Jimmy. ]]> Debt Settlement JimmyV http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303901 Do you have to pay taxes on debt reduction? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303886&goto=newpost Tue, 07 Sep 2010 01:07:30 GMT Maybe. If you "settle" for less than the full amount they claim you owe, they are REQUIRED by the IRS to issue a 1099c. The form is supposed to have 2 boxes...one says "amount forgiven", the other says "amount of interest and penalty included in the other". You only pay taxes on the difference. (Even if you don't get a 1099c for less than $600, you still owe taxes).

And...debt "reduction" usually means they remove the penalty and interest from the balance, and you pay the rest. Debt "settlement" means they reduce the amount you borrowed. You pay taxes on settlement. ]]> Debt Settlement willingtocope http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303886 HSBC has a lien on a debt. http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303894&goto=newpost Mon, 06 Sep 2010 19:02:50 GMT Forgive me if this has been asked before - I searched and couldn't find an answer. Feel free to direct me to a previous post if one exists.

I can provide a more detailed "report" on my other credit cards, but here is the question at hand:

I bought a Suzuki motorcycle brand new in 2006 that was financed through HSBC. The Title shows Household Retail Services as having a lien and HSBC is who I make my monthly payments too.

I am now behind one payment and am researching settlement options. Before I contact them, I'm reaching out here to see what my potential options are. I would assume with the lien, they could repossess the motorcycle - but what does that do to my outstanding payment/credit, etc.?

As much as I would hate to give up my bike, I would in order to work on getting my life/credit back in order. If they repossess it, is my debt cleared from them and just my credit gets hit (and they never lend to me again!) or do I get hit with some large "you still owe us fee"? The bike is in excellent condition with only 6,000 miles on it, so I know the book value is good, but less than what I owe.

Any help, be it previous experience or general guidance would be really appreciated. ]]> Debt Settlement kcny http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303894 Sigh....Whats the downside on not talking to them again?...... http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303874&goto=newpost Sat, 04 Sep 2010 14:26:44 GMT I just settled with BOA and have made my first payment. So far, for me anyway, BOA has been the easiest to deal with out of the 3 accounts I have. I... I just settled with BOA and have made my first payment. So far, for me anyway, BOA has been the easiest to deal with out of the 3 accounts I have. I ignore all the calls they make and call THEM when I am ready for an update. I would not even mention the word settlement until after you get past 120 days. They started around 65% and came down to 25% 2 weeks before my charge off date. I was shooting for 20% but, took the 25% since it was close enough for me.
When you do chat with them, let them tell you all about their DMP and then when they start going over your finances, make sure it looks like you can't pay the DPM payment anyway. When ever they make their offers, just tell them you'll think about it and call them back.
I have been following Mandy Akridge's book- Negotiate and Settle your Debts. Here is her website and Amazon has the book cheap. She has been right on the money so far! Good Luck!

Ok, it won't ley me post a link...so you'll have to type it in after the W's.
onlinedebtsettlement.info ]]> Debt Settlement kcjab http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303874 Is Capital One always this subborn? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303813&goto=newpost Fri, 03 Sep 2010 16:14:08 GMT Charge off is a non-event for us debtors. "Getting close" doesn't make them easier to deal with..."being passed" doesn't mean you'll automatically get sued. And, usually, they've got CAs involved when your only a couple of months past due. ]]> Debt Settlement willingtocope http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303813 What is Citibank doing here? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303789&goto=newpost Wed, 01 Sep 2010 00:32:27 GMT Junkey and Massive, Thanks very much for your replies. :) We are lucky to have insurance, which has covered mostly everything...there are some... Junkey and Massive,

Thanks very much for your replies. :)

We are lucky to have insurance, which has covered mostly everything...there are some small co-pays here and there from the various doctors and I'll just have to tackle these a little at a time...the major bill is from the hospital at about $2k, and I'll just have to set up a payment plan for them...we have some other medical bills from a previous hospital visit from June for a different procedure, and I have applied for financial assistance for that...they said it would take 12 weeks to process.

In the meantime I am planning on setting up an appt with a NACA lawyer in regards to a different creditor issue, and I may just bring in my paperwork with Citi and ask him what he thinks...

Ingrid ]]> Debt Settlement IngridA http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303789 Settling with BOA but have a question. http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303798&goto=newpost Tue, 31 Aug 2010 18:24:14 GMT That is the same letter wording I got from BOA. I opened a new checking account at a different bank and still even then, i had a money order from the... That is the same letter wording I got from BOA. I opened a new checking account at a different bank and still even then, i had a money order from the post office as I was scared to write a check from the new account. According to what i have been reading on here people have been ok with electronic withdrawls as long as it's not from the same bank the debt is with. ]]> Debt Settlement kcjab http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303798 CHASE CHASE CHASE.... http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303054&goto=newpost Tue, 31 Aug 2010 01:41:07 GMT hey toshiba did you do everything via phone or letter? hey toshiba did you do everything via phone or letter? ]]> Debt Settlement oohotcarameloo http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303054 How do I record phone conversations? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=302752&goto=newpost Mon, 30 Aug 2010 15:05:36 GMT I like IMCapture for Skype. It records audio and video calls in different formats and high quality. It is easy to use. I like IMCapture for Skype. It records audio and video calls in different formats and high quality. It is easy to use. ]]> Debt Settlement Lolly http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=302752 Suggestions? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303783&goto=newpost Mon, 30 Aug 2010 01:23:36 GMT No we can't afford to pay them off in full but reading the settlement suggestions on this page, I think we could settle on quite a few and then carry on with the rest...is it best to let them go a certain time before trying to settle? Better to try to settle before they are charged off than with a collection agency? We want to prevent any possible legal issues, ie we don't want to be sued for the balances, I think our highest balance is 3000 on a couple cards, the others are less...thanks for the help! How long is it best to wait to try and settle? ]]> Debt Settlement spencer97 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303783 Settlement assistance http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303748&goto=newpost Thu, 26 Aug 2010 15:49:19 GMT Has anyone had success with the following creditors: GEMB Barclays Card/ Juniper I would like to settle these accounts and was wondering if... Has anyone had success with the following creditors:

GEMB
Barclays Card/ Juniper

I would like to settle these accounts and was wondering if anyone has had any success with the creditors listed above. How much did you settle for and did you get the creditor to delete the tradeline or PFD once payment was made?

Thanks ]]> Debt Settlement ceretta82 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303748 Whew....anxiety is setting in! http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303691&goto=newpost Thu, 26 Aug 2010 14:43:50 GMT I have been researching and am really confused about what to ask for from the cc company as far as the write off. When I am negotiating do I... I have been researching and am really confused about what to ask for from the cc company as far as the write off.
When I am negotiating do I insist on 'paid in full' or 'paid at a lesser amount', etc. What is the best thing as far as your credit report? ]]> Debt Settlement tryinghardtogetoutofdebt http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303691 Thoughts on making a TINY payment during default? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303689&goto=newpost Thu, 26 Aug 2010 12:22:33 GMT OP, why do you want to push the charge off date further? What is the end game here? Settlement and or BK as a last ditch fall back if they wont... OP, why do you want to push the charge off date further?
What is the end game here? Settlement and or BK as a last ditch fall back if they wont settle.


Also, sending anything but the full past due payment will not stop the phone calls. I know. The phone calls really dont bother me.
If you think you might recover eventually (financially) and you are looking to buy time, then you might consider going with a BOA hardship program. If you decide to go this route: search here under 'hardship program' for details. You can get zero to 4% rates in exchange for closing the account and allowing an auto draft out of a specific account you have set up for this purpose. Don't let BOA have access to your main accounts at all. I dont plan to let them or anyone else have access to main accounts.
If you think you are going not recover financially for the foreseeable future, then don't continue to pay small amounts. If you have a bank account with BOA close it. Move your main funds over to another bank or local CU. I already did. Keep a stash of cash. I already do. I leave only subsistence amounts in any financial institution to protect from possible levies. Begin the moves to protect you and your accounts so you can build a fund for settlement if that is the direction you prefer. I am. Only goal was to have more time to save pile of money to settle with. Its going slower than I expected so I wanted some time to save more. Hence the thinking of pushing charge off back. ]]> Debt Settlement Randall948 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303689 <![CDATA[any luck with discover & capital one?]]> http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303318&goto=newpost Wed, 25 Aug 2010 04:15:17 GMT
Quote:
Originally Posted by Massive (Post 1073641)
Discover Bank may have to dissolve when I get done with them.
ok, you soften 'em up...i'll go in after.


Quote:
Originally Posted by lazer red (Post 1073613)
Discover (personal ) seems to be tough to deal with , they pretty much won't budge off of a 70% settelment.
i couldn't come up with 70% even if i worked the street corner... ]]> Debt Settlement easystreet http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303318