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About sheam

  • Birthday 10/13/1988

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  1. If I can settle for 40% or less, I'd like to try. If I end up getting sued, I'll probably pull the trigger on the BK7 instead. I'm out of SOL in about three months. I can try to hold off until then. My income was fine at the time of application. I have since lost a majority of that income through a layoff and my spouse becoming disabled. We take home about $45k less now than we did when I opened the accounts. Even the JDBs are saying they can't go lower than [30% reduction]. I'm just not getting it. I'm willing to talk, but what do I need to do to get them to understand I can't afford to settle at that amount?
  2. I'm starting to work toward settling old debt. Only Chase has sent me decent settlement offers around 30-40%. I feel like I keep seeing things about people settling around 20-30%. How? For the ones that are still calling me, they say "the lowest I can go is [70% of balance]." The SOL will be up on most of this debt in a few months. I've mentioned discussing BK7 with an attorney. Was that a bad idea? What am I doing wrong? What magic words do I need to say in order to get them to consider a settlement less than 40%? Please help.
  3. My spouse became disabled circa 2013. He did not qualify for SSD. By 2017, I could no longer keep up with CC payments and just walked away. After a few strategic career moves, I'm in a place where I might be able to begin settling some debt. My goal is to buy a house sometime in the next 2 years. I'm wondering what my plan of attack should be. Chase: ~11k Discover: ~2k BofA: ~3.5k USAA: ~20k Collections (Midland and Portfolio Recovery): ~7.5k I'm in NY where the SOL is 6 years, but my understanding is that our borrowing statute means the SOL of the lender applies. If this is correct, I'll be out of SOL this year on everything except USAA (next year). I probably should have filed BK7 back in 2017, but I didn't. Now, I'm concerned about it affecting my employment. I know I shouldn't be, but I work in public finance and feel that a public record like this would reflect very negatively on me. My specific employer isn't the most understanding, ethical employer, but I'm making $20k more than I was two years ago, so there's that. Also, I'm hoping to buy through FHA or SONYMA and I read that I'd have to wait three years to buy after discharge. I'd prefer to settle if it means I can buy sooner. I'm hoping that I can settle many of these around 30-40%. Is this realistic? Are any of these lenders known for being unwilling to settle for that little? I can settle almost all but USAA this year. USAA might need to wait another year, but I'm afraid if they see me settling with the others, they'll sue before the SOL expires next year. Does anyone know what settling with USAA is like or what I should expect? Should I wait to start settling until next year so I don't trigger a lawsuit from USAA? I'm also of the understanding that in NY, settled debt must be removed from a credit report after 5 years. By this logic, if I settle, my report will be clean in 2 years. Is that right? Is that worth settling instead of filing BK7? Also, is removal from DOFD or date of charge off? I've seen some things say it's 6 months after last payment. Thank you all for your help!
  4. Yes, this is the USAA Credit Check Monitoring. I received it today as well.
  5. I disputed with TU through CFPB on Feb 24 and had received a response by Mar 6, so about two weeks. TU didn't really address the issue in their response to the complaint and the CFPB only views getting them to respond as their job. However, when reviewing TU's response, there was an option to give feedback to their response. I did and TU ended up addressing the issue at that point, though CFPB was no longer involved.
  6. Pinnacle likes to hire collection agencies to collect for them. They likely own the account but are outsourcing to Northland Group. If you still have the letter from Northland, check it. It should mention Pinnacle. If not, DV them both.
  7. Thank you, everyone, for your help! Unfortunately, I think this means TU will be keeping this on here for another year. Ugh.
  8. I had a balance, which went to collections, and I paid it off.
  9. How would I go about disputing this with Transunion? I tried getting them to remove it recently and they refuse to because a "repossession is not a collection or charge-off." They just barely updated the balance to 0 after two years of fighting with them, calling the original creditor, AND providing them with the PIF letter that I received from the creditor. I've started getting transferred to their Special Handling department. I just want this TL gone.
  10. I had a repossession about 6 years ago. After it was repossessed, I was contacted by the Credit Union's collection department and ended up paying off the account. I'm in New York, where the SOL for reporting is 5 years for paid collections and charge-offs. Prohibited information. (f) (1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of information. (iv) accounts placed for collection or charged to profit and loss which antedate the report by more than seven years; or accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years; I guess my question is: What exactly is a repossession? Is it a collection, a charge-off, or something unto itself? Experian and Equifax removed the account at 5 years, but Transunion is refusing because it isn't a collection.
  11. I'd still DV them, making sure to include a request for their authorization to collect the debt. Let us know what comes back.
  12. I'd DV them both. Are either of the companies reporting? Did either of them state they were collecting on behalf of the other? I have an account owned by one JDB, and have had two other collection agencies try contacting me in the past year on the JDB's behalf.
  13. Below is the letter I've drafted for Pinnacle Credit Services. I'm a little unsure of the validity of some of my arguments and know I might be reaching a little in a few places. Please review and let me know what I should change. I plan to send this tomorrow or Monday at the latest. A little background... this is for a ~2000 Verizon Wireless bill. The account is owned by Pinnacle. Pinnacle has been reporting since 11/2011 (the account is from 2008), but I'm within SOL and hadn't heard from them at all, so I've been letting it sit. On Feb 13, I got an Inquiry alert from Stephens & Michaels but wasn't sure what it was for, so I called them (I know, I shouldn't have) and figured out they were collecting on behalf of Pinnacle. I DV'd Pinnacle that day (received 2/19), a basic request for info and stated I wasn't acknowledging, electing, or waiving the status of the account, but just looking for info. I'm also wondering if I should DV Stephens & Michaels, but I'd rather work with the owner of the account. Since then, Pinnacle updated my reports to "Customer Disputes Account" and I received a settlement offer from Stephens and Michaels, both after they received my DV. *Please note I've listed amounts they are liable for. I don't actually expect them to pay, but hope that they might remove from my reports to avoid litigation.* To Whom It May Concern: On February 13, 2013, I made contact for the first time with your representative, Stephens & Michaels Associates, after receiving notification that they had made an inquiry of my credit report. I established with them that you are the owner of an account that is listed on my credit report and promptly sent you a letter requesting validation of the debt and your right to collect in regard to the account. Section 809 of the Fair Debt Collection Practices Act states that “within five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector shall… send the consumer a written notice containing – (1) The amount of the debt; (2) The name of the creditor to whom the debt is owed; (3) A statement that unless the consumer, within thirty days after receipt of the notice, disputes the validity of the debt, or any portion thereof, the debt will be assumed to be valid by the debt collector; (4) A statement that if the consumer notifies the debt collector in writing within the thirty-day period that the debt, or any portion thereof, is disputed, the debt collector will obtain verification of the debt…; (5) A statement that, upon the consumer’s written request within the thirty-day period, the debt collector will provide the consumer with the name and address of the original creditor, if different from the current creditor.” As of the date of this letter, this notice has not been received, and you have exceeded the five day allowance provided by federal law, subjecting yourself to payment of $1000 in violations. Following receipt of the letter I sent to you on February 13, 2013, you reported to the credit bureaus that I dispute the account, when in fact; I simply requested information and did not elect or waive the status of the account. Please note that reporting false information in a consumer’s credit report is a violation of the Fair Credit Reporting Act and you are liable for $3000 in damages for the violation. I requested of you in my previous letter that you furnish information, including, but not limited to the name and address of the original creditor of the account. Section 809 of the Fair Debt Collection Practices Act further states that “If the consumer notifies the debt collector in writing….that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt… until the debt collector obtains verification of the debt…and a copy of such verification… is mailed to the consumer by the debt collector.” You have failed thus far to provide such verification of debt, and have not ceased collection activity by continuing to report to the credit bureaus and furnishing additional information to the credit bureaus after receiving my request. This infringement upon my rights is in violation of the Fair Debt Collection Practices Act and you are liable for another $3000 in damages. Furthermore, your representative, Stephens & Michaels Associates, Inc. sent a settlement offer dated February 20, 2013, after your receipt of the letter I sent you on February 13, 2013. This second form of illegal collection activity thereby makes you responsible for another $3000 in damages. Your company has violated my rights as a consumer and failed to adhere to federal and state law in regard to this matter; and have thus far incurred $10,000 in damages. In an effort to resolve this matter and in lieu of litigation costing Pinnacle Credit Services $10,000 in damages, additional attorney fees, and Pinnacle’s valuable time, I am willing to allow your company to: (1) Settle for $5000 in the form of a check made payable to myself. (2) Remove the unverified debt from any and all consumer reports to which it has been reported. (3) Cease collection activity of all kind, including selling or transferring the debt. Please send written notification of your acceptance of this fair offer within fourteen (14) days of receipt of this letter to the address listed above. If I do not receive a response within the specified time frame, I will have no choice but to seek restitution in the form of litigation. I look forward to an expeditious resolution to this matter. Please note that this is not an acknowledgement, election, or waiver of status of the debt, but an attempt to resolve a legal matter of your infringement upon my rights. Best Regards, (Me)

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