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Everything posted by theGman

  1. negotiated the payments to 24 months from 18. a teeny win. i'm done with the settlements, now on to a strategy to rebuild credit. new post later today! i think getting stuck with a hard-nosed representative makes all the difference. the lesson with that is to call outside their shift when it gets routed to a different call center.
  2. Good point. Be harder to pay in full. Tried talking to them about more favorable reporting ---- they said that was fraud. Didn't budge from the 60% offer either. Tough across the board. A judgment will get them nothing in the short term - I have no assets to speak of. However, over the life of the judgment, they can probably collect.
  3. the letter came from the OC (Discover). it says "attorney placement pending". deadline was today.
  4. discover gave me a deadline (today) to settle a c/o at 60% or I would be sued. should i? or if i wait, their offer will get better? if it gets worse from here on, maybe i can still call in the a.m. and settle. (sorry about the double post; against the wall here)
  5. thanks everyone for the help. negotiated BOA to a 25% settlement spread out over 4 months with smaller payments at beginning. avoided charge-off! one more bad boy left: discover, which had charged off a month ago, offered unacceptable terms. 60% of balance in even payments over 18 months. they threatened to send it to attorney if not settled by today. i told them i couldn't afford it. they said its the best they can do. will they really send it to the attorney now? what are my options now? advice is much appreciated. thanks!
  6. thanks. this is great help. I think I will fax an offer tonight. Anyone have boiler plate template that I can use?
  7. I think in option 1: the old lates will remain (ie. past 6 months of lates are all the lates) They said that with option 2, that in 18 to 24 months, it won't impact my credit that much. I've read elsewhere that they could be negotiated lower than 25%. I need to recheck option 3, if the lates are removed. I don't think they are.
  8. Debt is 11K. Will charge off 9/30 tomorrow. Here are three final offers: 1. Bring current in full. Will be marked current. Pay consistently for 6 months. Will be reviewed by credit analyst to reopen account. 2. Pay 25% (3K). Will be marked settled in full. 3. Pay $240 per month for 5 years. Will be marked current in 4 months. Account will remain closed. (I think he called this re-aging). Then there is always the charge off. Question: Will they go lower than 25%? If the credit hit on a settled in full loses impact in 18 mos, isn't that worth it? No open trade lines on any ro
  9. the complication will arise when discover notices that my BOA is current. then they will not be willing to negotiate. what do you think? also, it will be challenging to toggle with BOA between a 30% settlement and a Rule5000. again, what say ye? thank you for all your help. i really appreciate it.
  10. thank you. thank you. 1. what is rule 5000? 2. If I am able to settle both accounts with the OC and pay over a few months, how will this improve my score? Or will it simply prevent it from getting worse? It would be great to have a way to improve that 562 score.
  11. thank you Up4anything, I am starting to feel better about having a plan. what does 'rehab the debt' mean? i think they will never remove the 120 days past due. does rehab mean to pay the full amount or the settlement amount?
  12. Discover: OC Closed it. C/O. Threatening to send it to attorney by tomorrow. Offering a 60% settlement payable over 18 mos. BOA: OC Closed it. Could re-open since its not yet C/O. Will C/O tomorrow. Offering 30% settlement. Payable over two months. what do i do?
  13. i have two unsecured cards. 10 k each. Maxed out. My fico is 562 and have a good 9 yr credit history. one charged-off a month ago. a second card could get charged off in two days if i don't settle. i can settle it for 3K of 11k (i.e. 30%). what will my score be if i allow it to charge off vs settle?
  14. theGman


    by rehab you mean: ask them to make it current, delete the 150 days past due info (BofA) and charge-off (discover); get into a hardship program if possible, and just go with it?
  15. theGman


    credit limit:10K. Owe about 11K each.
  16. theGman


    I tried yesterday but perhaps I didn't ask correctly. I have been unemployed for 18 months, with clean credit until these problems, and will need graduate study loans next year. - A Bank of America Account can charge-off by end of September. They are willing to settle for 30% by Thursday 9/30. - A discover account charged off at the end of August. They are offering a 60% settlement spread over 18 months I can borrow about $5k. However, money is real tight right now and I would rather not waste it. How do I get the best possible outcome? Please help. I am a newbie but I will c
  17. If you have to borrow money, then it sounds like you are judgment proof. Keep dodging them till they lower the amounts further. Bank of America has not yet charged off. How soon will Discover hand off to a collection agency?
  18. Hello CreditBoarders The facts: - MyFico score as of today - from Equifax - is 562. - My discover card with an $11K balance charged off on 8/30. They are offering a payment plan of $377 per month for 18 months - Bank of America with an $11K balance will charge of 9/30. They are offering a settlement for $3000. - I am able to borrow about $5K but at that point, I have absolutely nothing left. I am at the mercy of getting a McDonalds job or similar - if they will hire me. Questions: 1. What is my best plan of action? 2. If I pay off Bank of America and pay Discover over 18 months.
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