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PBear

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  1. Yeah not to concerned about getting sued. I have zero assets, reside in TX and am self employed via an LLC. This stone ain't got no blood to squeeze 🙂
  2. So got the CA working for Chase to take 14% on the 2 accounts, which was reasonable for me since they don't have arbitration and I have some other Chase accounts which I have been avoiding using because of the collections and can now use them without concern. So far about $20.5k settled for right about $3.5k. Not a bad start.
  3. @GoCardinals How did you find out they filed suit if you didn't get served? Yeah since I'm in Texas I'm gonna hit up the JDBs next. Send them a Verification letter to see if I an get at least a single violation on the books and then if I do go in hard with a 5% offer and if they say no just head to arbitration.
  4. So quick update, I have settled both of my Amex accounts for 20 cents on the dollar. One day out of the blue I decided to play Collection roulette and answered a call on the number which they all call but I never answer. Amex is on the other line and I stand firm at 10% just saying it as a matter of fact until they finally transfer me to a supervisor. Keep insisting on 10% until he finally drops to 20%. Tried to get down to 15% after that but no budge. Finally agreed and that monkey if off my back. Wish me luck on the rest.
  5. Spoke with Amex collections on the phone and we agreed to an acceptable settlement amount. They mailed me a letter but it seems pretty sparse on the language of what the settlement actually means. Would love feedback on if you feel the language in the letter is on point or if I should ask for additional language to ensure I never hear about this debt again from amex or any collectors, and that it will show settled/closed on my CRs. Letter: Amex Settlement Offer Letter
  6. Thanks, think I found it. But going through a bunch of his posts as there seem to be several good TX threads he started. Thanks
  7. Thanks for that tidbit. It's encouraging news. Did the Amex get assigned to a CA or sold off to a CA that you settled? Mine seem to be assigned for collection. Not sure if that's a determining factor as some of the arb threads said OCs will usually happily go all the way through arb just to spite the consumer. Any chance they agreed for a PFD at the settlement amount? Also, when filing for arb, what reasons did you use in the filing document as cause. I was reading about how to do arb and realized since I haven't done anything like validation to rack up violations on their part, I am lacking cause for basically suing them through arb. Unless I'm missing something in that process.
  8. When you say mother thread, are you talking about this one in the state laws forum?
  9. Is there a place where I can get a copy of the agreements? I had assumed that they change over time and any that I might find online might not be the ones I am bound to? Or do all CC's have a master agreement for all cards and all cards get updated to new agreements automatically when it changes?
  10. Around Feb/Mar 2018 I walked away from just over 80k in debt. I chose to walk away instead of Bk for multiple reasons. Now I have come into a little cast and want to start settling for less than owed. All debts except Capital One, Discover & WF have been shipped off to CAs. Mostly sold, some just collecting on behalf of OC. None of the CA or even OC have spoken to me since I walked away. I don't answer numbers I know and have never responded to a collection letter. But I do get settlement offers frequently. Usually 40-60%. So does anyone have advice on how to best approach negotiating settlements? What do I need in writing to make sure the debt really is settled and is not sold down the line with some new CA trying to collect and report on it? My goal is to settle for 15% or less. I plan on starting out the negotiations for all at 10%. Those that won't settle I just plan to let ride out the 3 years left on SOL. I really don't care if they sue me. Texas is debtor-friendly and I don't have any assets on my name anyway. Below I have listed out the details of the debts. Bank Current Collector Amazon Now Midland Credit Management Amex Now Nationwide Credit Amex Now Nationwide Credit Capital One Now Capital One Capital One Now Capital One Capital One Now Capital One Chase Now United Collection Bureau Chase Amazon Now United Collection Bureau Citi Now Halsted Financial - LVNV Finding Citi Now Portfolio Recovery Discover Now Discover First National Now Frontline Asset Lending Club Now Unknown Wells Fargo Now Wells Fargo Total Debt 80k+
  11. Did you notify your creditors that you no longer reside in the US? Good question. If you do, you are screwed. Why would telling them screw me? No I haven't told any of them. I don't have any home technically to send an bills to, either in the US or overseas. I'm kinda a Vagabond or a Digital Nomad depending on your definition. Hence the virtual mailbox back in TX :-)
  12. Thanks for all the replies. A lot to chew one. Definitely want to move banks. It becomes a little more difficult when permanently out of the country. But I'm sure there is a solution out there, will just need to find it. On the 1099c stuff. Ouch. Do you also get those if you declare BKK?
  13. I've gotten myself into a bind and have been subsidizing my business for way too long with credit cards and a loan. I currently have around $50k in CC debt and $20k in a normal loan. The payments are crushing me. The payments as a whole are around $2k a month all told. If it wasn't for that debt, I would be break even with my monthly budget (personal & business). With my savings dwindling I am considering walking away and no longer paying. So a couple of questions on what I should expect. First, I am a former Texas resident currently living in SE Asia, but still have a mail box mailing address in Texas. I have a business registered in Wyoming but it also shares my Texas mailing address on some things. I walked away once before nearly 20 years ago when I got in trouble and it went pretty smoothly. I just reverted to cash only living for 5 or 6 years. But it sounds like CC companies are getting more aggressive these days with arbitration and lawsuits. What can I expect from the CC & Loan side? Will they force me to declare BK with a lawsuit if I'm in TX? By the way my debt list includes CapOne, Citi, Chase, Wells Fargo, Discover, Amex, Lending Tree and a couple smaller banks Also, I have personal & biz bank accounts with both Wells Fargo & Chase along with credit cards at the same place. If I stop paying My CC can they reach into my personal bank account? Can they reach into my biz bank accounts for personal credit cards? Anyway, I know broad stroke questions but would love any feedback or experiences you could share.
  14. Oooppps. I can't seem to edit it so I have PMed breeze to ask for an edit or if another mod sees this before then, please feel free to edit that out. Thanks a bunch for letting me know.
  15. There have been all kinds of late fees flying around because of how ling this has been going on for. Supposedly they have made adjustments to refund the majority of them but to be honest this is such a cluster that we can't tell if we got the proper amount back or not. If what OP said is true, there shouldn't be any late penalties as Bigbank was holding their check in error. Yes and no. After looking over most of the docs we have been late over 30 days the whole time, but only because the bank was unable to tell us what we owed and when or what payments they had actually received. The credit reports show as late as 120 days thought but we never go over 30 days late. Yea all phone calls. It's a huge joke. Trying to get someone in a call center to give a flip is next to impossible. Yes you are right, the calls stop now.

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