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regardless of what some say here, there are good reasons to settle


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28 replies to this topic

#1 tropolis

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Posted 02 August 2010 - 08:13 PM

yea, you reup the tradeline as settled for 7.5 years but it will diminish as time goes on.

the main reasons are 1. to move on, instead of hiding in fear, hoping nobody comes after you, just getting the tradeline settled.

2. many will report settlements as paid in full, not paid in settlement.

3. pfd's are near impossible. i know people will tell me how they've done it, ive read info on this forum and used tactics to perusade, contacted upper manangement, it doesn't work, at least not with the credit cards.

4. the big savings on settlements.

just make sure you get those settlement letters in the end and written documentation agreeing that itll be paid after settled.

later on, members here will help you and try and get those settlements removed if its impossible.

i just dont think its as bad as people make it out to be.



#2 jonson

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Posted 02 August 2010 - 08:28 PM

I just settled my Chase credit card today.... It will definitely make me feel free after I pay the settlement. I'm a little nervous right now because they made me agree to a set payment plan to have the settlement paid off in 90 days, but I'll stay positive.

I'm curious to know... are you sure about the 7.5 years? The representative at Chase said 3-5 years.

#3 JunkBuyersWorstNightmare

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Posted 02 August 2010 - 08:32 PM

yea, you reup the tradeline as settled for 7.5 years but it will diminish as time goes on.

the main reasons are 1. to move on, instead of hiding in fear, hoping nobody comes after you, just getting the tradeline settled.

2. many will report settlements as paid in full, not paid in settlement.

3. pfd's are near impossible. i know people will tell me how they've done it, ive read info on this forum and used tactics to perusade, contacted upper manangement, it doesn't work, at least not with the credit cards.

4. the big savings on settlements.

just make sure you get those settlement letters in the end and written documentation agreeing that itll be paid after settled.

later on, members here will help you and try and get those settlements removed if its impossible.

i just dont think its as bad as people make it out to be.


How are things over at InsideARM these days?

#4 Lynn37

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Posted 02 August 2010 - 08:37 PM

I do not think anyone said not to settle or to say they are a bad idea. What I have always heard was

Not to settle before you get validation. (CA)
Settle with an OC
Settle a debt within the SOL, (Something I did, But it was with an OC)
Settling a debt without getting it in writing first.
Settle a debt so you will not be sued

#5 tropolis

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Posted 02 August 2010 - 08:41 PM

lmao.

im not some hack debt collector goading people into settling.

i have several posts here explaining my situation and my attempts to get these people to do a pfd.

1. people think like i used to. if i just hide and stay quiet, itll go away. i learned the hard way with my boa account that it isn't true.

i have really changed my whole mindset of my debts compared to the previous mindset ive seen people here use.

i admit the debt is mine, i try and get it taken care of, will always go the pfd route first, then i will just settle and move on.

i am tired of hiding and praying they dont come after me. getting these debts settled and out of the way makes me feel better like the above poster stated.

yea, itd be great to get these removed with pfds, but i cant get them to do it, and im not just going to sit around and let these accounts grow when i can settle for half the price.

#6 hegemony

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Posted 02 August 2010 - 09:25 PM

and when the remainder gets sold you can enjoy hard inquires and phone calls from JDBs for the next 193 years.

#7 Bobbydebt

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Posted 02 August 2010 - 09:30 PM

lmao.

im not some hack debt collector goading people into settling.

i have several posts here explaining my situation and my attempts to get these people to do a pfd.

1. people think like i used to. if i just hide and stay quiet, itll go away. i learned the hard way with my boa account that it isn't true.

i have really changed my whole mindset of my debts compared to the previous mindset ive seen people here use.

i admit the debt is mine, i try and get it taken care of, will always go the pfd route first, then i will just settle and move on.

i am tired of hiding and praying they dont come after me. getting these debts settled and out of the way makes me feel better like the above poster stated.

yea, itd be great to get these removed with pfds, but i cant get them to do it, and im not just going to sit around and let these accounts grow when i can settle for half the price.


I dont know if you really get what members are teaching people. The information given out on CB is to make sure that consumers/debtors are protecting themselves before just running out and writing a check.


I think the mindset you are describing belongs to "another" board.

#8 hegemony

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Posted 02 August 2010 - 09:32 PM

lmao.

im not some hack debt collector goading people into settling.

i have several posts here explaining my situation and my attempts to get these people to do a pfd.

1. people think like i used to. if i just hide and stay quiet, itll go away. i learned the hard way with my boa account that it isn't true.

i have really changed my whole mindset of my debts compared to the previous mindset ive seen people here use.

i admit the debt is mine, i try and get it taken care of, will always go the pfd route first, then i will just settle and move on.

i am tired of hiding and praying they dont come after me. getting these debts settled and out of the way makes me feel better like the above poster stated.

yea, itd be great to get these removed with pfds, but i cant get them to do it, and im not just going to sit around and let these accounts grow when i can settle for half the price.


I dont know if you really get what members are teaching people. The information given out on CB is to make sure that consumers/debtors are protecting themselves before just running out and writing a check.


I think the mindset you are describing belongs to "another" board.


+1

the OP seems to have a penchant for generalizing about CB.

#9 Bobbydebt

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Posted 02 August 2010 - 09:37 PM

lmao.

im not some hack debt collector goading people into settling.

i have several posts here explaining my situation and my attempts to get these people to do a pfd.

1. people think like i used to. if i just hide and stay quiet, itll go away. i learned the hard way with my boa account that it isn't true.

i have really changed my whole mindset of my debts compared to the previous mindset ive seen people here use.

i admit the debt is mine, i try and get it taken care of, will always go the pfd route first, then i will just settle and move on.

i am tired of hiding and praying they dont come after me. getting these debts settled and out of the way makes me feel better like the above poster stated.

yea, itd be great to get these removed with pfds, but i cant get them to do it, and im not just going to sit around and let these accounts grow when i can settle for half the price.


I dont know if you really get what members are teaching people. The information given out on CB is to make sure that consumers/debtors are protecting themselves before just running out and writing a check.


I think the mindset you are describing belongs to "another" board.


+1

the OP seems to have a penchant for generalizing about CB.


I agree, but I am honestly happy that the OP found peace with his/her debts. Removing that stress is a huge benefit, and good for OP, but I hope that OP did take the proper steps (and received documentation) to assure that the remainder of the balance will not be sold.

OP, if it seems as though some are attacking you it is because you are judging them on the merit of the few bad apples in the bunch.

#10 Jen23514

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Posted 02 August 2010 - 10:31 PM

you must have taken whychat literally: http://creditboards....s...t&p=1615224

#11 breeze

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Posted 06 August 2010 - 10:23 PM

There is an entire forum here on how to negotiate debts for the best possible outcome. You need a little more information before you put yourself in charge of what other people are doing. What they do and how they handle their debt is their business. You can share your experience, but you can't lecture and judge. It's against our TOS.

#12 JunkBuyersWorstNightmare

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Posted 07 August 2010 - 09:28 AM

There is an entire forum here on how to negotiate debts for the best possible outcome. You need a little more information before you put yourself in charge of what other people are doing. What they do and how they handle their debt is their business. You can share your experience, but you can't lecture and judge. It's against our TOS.



:lol:

#13 LKH

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Posted 07 August 2010 - 04:02 PM

yea, you reup the tradeline as settled for 7.5 years but it will diminish as time goes on.

the main reasons are 1. to move on, instead of hiding in fear, hoping nobody comes after you, just getting the tradeline settled.

2. many will report settlements as paid in full, not paid in settlement.

3. pfd's are near impossible. i know people will tell me how they've done it, ive read info on this forum and used tactics to perusade, contacted upper manangement, it doesn't work, at least not with the credit cards.

4. the big savings on settlements.

just make sure you get those settlement letters in the end and written documentation agreeing that itll be paid after settled.

later on, members here will help you and try and get those settlements removed if its impossible.

i just dont think its as bad as people make it out to be.



I meant to respond to this a few days ago, but, why would paying a charged off account cause it to report for another 7.5 years? So you are saying if it was charged off in 2007 and you paid it in 2010, it will then report until 2017?

#14 beli

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Posted 07 August 2010 - 05:30 PM

yea, you reup the tradeline as settled for 7.5 years but it will diminish as time goes on.

the main reasons are 1. to move on, instead of hiding in fear, hoping nobody comes after you, just getting the tradeline settled.

2. many will report settlements as paid in full, not paid in settlement.

3. pfd's are near impossible. i know people will tell me how they've done it, ive read info on this forum and used tactics to perusade, contacted upper manangement, it doesn't work, at least not with the credit cards.

4. the big savings on settlements.

just make sure you get those settlement letters in the end and written documentation agreeing that itll be paid after settled.

later on, members here will help you and try and get those settlements removed if its impossible.

i just dont think its as bad as people make it out to be.



I meant to respond to this a few days ago, but, why would paying a charged off account cause it to report for another 7.5 years? So you are saying if it was charged off in 2007 and you paid it in 2010, it will then report until 2017?

I was wondering this myself but didn't say anything. I think the OP might be getting confused with "tolling" but even that I think has more to do with legal action then debts being reported for another 7.5yrs if I'm not mistaken.

I just paid a CO from FP in 2010, and it still shows as original drop off date of 2014 from when it was CO'd in 2007 mine didn't change at all.

OP maybe you need better negotiating skills... I've gotten several things off my credit report w/ PFD. However, most of my dealings have been with Ceo's and or Vp's at the ivory towers. If the Ceo or VP doesn't get back to me directly themselves they usually have someone from their executive staff contact me.

Breeze actually the CDIA manual actually states that the Ca's/Oc's ect should not take payment in lieu of deletion. I've posted it a couple times now, but that doesn't mean it doesn't happen. Just gotta find the right person, and not give up so easily.

Edited by beli, 07 August 2010 - 05:34 PM.


#15 tropolis

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Posted 07 August 2010 - 05:39 PM

i said 7.5 because by settling the account you are re-activating it again, essentially starting the process over, at least thats what i thought happens.

maybe i do need better negotiating skills, i dont know. i asked them repeatedly, emailed upper management, still said no. i think i will have a better shot with these rat holes like marauder with a pfd then a full fledged big time entity like a credit card debt.

if it doesnt reup for 7 years, then it makes settling an even better decision for me, i just assumed whenever you make a payment on it, the 7.5 year clock starts up again, along with the 6 year sol, but sol and dofd are 2 different things.

#16 Jen23514

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Posted 07 August 2010 - 06:43 PM

i said 7.5 because by settling the account you are re-activating it again, essentially starting the process over, at least thats what i thought happens.

maybe i do need better negotiating skills, i dont know. i asked them repeatedly, emailed upper management, still said no. i think i will have a better shot with these rat holes like marauder with a pfd then a full fledged big time entity like a credit card debt.

if it doesnt reup for 7 years, then it makes settling an even better decision for me, i just assumed whenever you make a payment on it, the 7.5 year clock starts up again, along with the 6 year sol, but sol and dofd are 2 different things.


be careful in SOME states, paying can reset the LEGAL SOL.

#17 tropolis

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Posted 07 August 2010 - 06:51 PM

i did a quick read up on the dofd credit law, the dofd is the only thing that matters. after the 7.5 years from dofd, regardless if you settle, pay in full, whatever, it will come off your report.

so settling will not restart the clock like i previously thought. with sol, i am not sure, and am not really worried about.

i have written letters from the companies stating my agreement, if you have those, with the letters stating the account is settled upon completion you have nothing to worry about.

#18 centex

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Posted 07 August 2010 - 06:55 PM

i said 7.5 because by settling the account you are re-activating it again, essentially starting the process over, at least thats what i thought happens.

maybe i do need better negotiating skills, i dont know. i asked them repeatedly, emailed upper management, still said no. i think i will have a better shot with these rat holes like marauder with a pfd then a full fledged big time entity like a credit card debt.

if it doesnt reup for 7 years, then it makes settling an even better decision for me, i just assumed whenever you make a payment on it, the 7.5 year clock starts up again, along with the 6 year sol, but sol and dofd are 2 different things.


The DOFMD has not changed. It is entirely possible for some lenders to modify in a manner that keeps it reporting for ten years as a positive account. AND...if there is not an agreement in writing to deal with the closure of the matter, it IS possible to have reaged for the purposes of litigation (this is jurisdictional dependent).

#19 breeze

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Posted 07 August 2010 - 07:08 PM

So what are you going to do when the JDB that buys the charged off amount, that you didn't pay when you settled, starts harrassing you for that money? These people lie. They want money, and they will tell you anything to get it.

#20 JunkBuyersWorstNightmare

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Posted 07 August 2010 - 07:11 PM

So what are you going to do when the JDB that buys the charged off amount, that you didn't pay when you settled, starts harrassing you for that money? These people lie. They want money, and they will tell you anything to get it.



100% of collectors will lie 100% of the time.

#21 tropolis

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Posted 07 August 2010 - 07:22 PM

So what are you going to do when the JDB that buys the charged off amount, that you didn't pay when you settled, starts harrassing you for that money? These people lie. They want money, and they will tell you anything to get it.


im going to show them that document i got stating the account was settled in full and my payment history to satisfy the settlement. they will also contact the oc stating that the balance has been settled.

no jdb will stand a chance if they want it.

ive gotten better with my techniques. i used to have 7 negs on my credit report and no positives. since i've been active here(about the past 5 months) ive added a positive reporting to all 3, deleted 3 negatives, and raised my average credit score by 80 points between the three bureaus.

after these 2 are settled in full, i will just have the 2 marauder accounts(both the same) to get off on my report.

i will not bother paying them and will dispute continuously to get them removed because they are illegal debts to begin with. they did come back verified on my experian dispute with a message to call me. i will dispute again with a written jack attack and get them removed.

we may disagree on settling, but I have taken the proper avenues to assure myself the scenario you presented wont happen, and that if it does i will be prepared.

#22 snark

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Posted 07 August 2010 - 07:44 PM

If there's one thing I have learned over the last 7 years, as my scores went from the 400s to the mid 700s, is that you never settle with a JDB, unless they give you the amount you feel you deserve, based on their violations....

If they break the law(s) they should pay. Period.

#23 beli

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Posted 07 August 2010 - 07:59 PM

If there's one thing I have learned over the last 7 years, as my scores went from the 400s to the mid 700s, is that you never settle with a JDB, unless they give you the amount you feel you deserve, based on their violations....

If they break the law(s) they should pay. Period.

+1 Only reason I paid mine was because I had already gotten a summons and I didn't need a judgment on my credit report which was at that point almost clean. That was only 1 of two Ca's I've ever paid, well technically an attorney. The second one was for FP (tried working out with them but they refused and would only do a work out with the CA)but I negotiated with the CA that they would not report to my CRa's(they weren't at the time) nor anyone they may have assigned the debt to. I figured I would sue them(the 1st CA) later. The ONLY reason I got that summons? I put a full c&d in my 1st dv to them when I meant to put limited C&D(and I had double checked it, and triple checked it before sending it out), and I questioned again why they were trying to collect more then what my bill was for(which they gladly provided when I sent my first dv.. so they were apparently okay to send the validation but not okay when I still questioned it). So they sent it to an attorney to collect on the correct amount (which I paid plus filing fees etc) but they ended up paying me 4x's more then what they collected on because of their violations.

Edited by beli, 07 August 2010 - 08:04 PM.


#24 breeze

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Posted 07 August 2010 - 07:59 PM

we may disagree on settling, but I have taken the proper avenues to assure myself the scenario you presented wont happen, and that if it does i will be prepared.



We do not disagree on settling. Why can't you get this through your head? There is a lot more to do to protect yourself. But since you are so sure, go right ahead. Just stop advising others to do what you do until you see some more results and some times has passed. I've been helping people on here since 2003, and I think I've seen enough results to tell you what will happen - if not this time.

I realize that you already know everything, but just bite your tongue when you go to say "if you just do this, you'll be ok" cause you are wrong, and eventually it will bite you in the butt. No need for it to bite anyone else who takes your advice. You may find statements like that edited out of your posts if I am the one approving them.

Here is the forum where members discuss paying off their defaulted accounts. http://creditboards....hp?showforum=79

#25 Finallytrying

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Posted 11 September 2010 - 03:03 PM

Be careful though - I settled on a few account and just this last year have heard from new COs that bought the written off balance and want money. Pain in the butt to find the settled in full letters (yes I should have kept them). I agree, it is nice to be out from under the debt, but when collectors start calling again it sucks.




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