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GlobalCalculus

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  1. It would probably cost them more to sue you than the debt is worth. If the bank still owns the account, and I would verify that in writing beyond "the bank," I would try to work out a payment plan or settled PIF of about 50-65%. If it's been over a year since a payment has been received, 60% is not an unreasonable settlement. Whatever you decide, I would not make a payment without attempting to negotiate a beneficial provision for yourself, such as a lower PIF amount (50-65%), discounted settlement (60-80%) for monthly payment, or PIF 100% with PFD. Don't panic and good luck with whatever you decide is best for your credit.
  2. If the base CA is offering to settle, I would verify how close your are to SOL and maybe let them both reach it, while saving at least 50% of both debts. Then negotiate a one-time payment PFD. Certainly, it would help if your mother paid her card's 50%, but I understand that is not always possible with family.
  3. I had a really old (actually my first credit) account with 3 old lates showing on it that I disputed and sent goodwill letters to remove, convinced it was holding back my FICO score. A couple of years later it aged off and my score dropped almost 20 points. FICO is a harsh mistress, which is why I no longer bother checking my scores.
  4. I was mid-700s four years out on all except EX, which still lags behind. I think I;m in year nine now, and the BK is pretty much irrelevant. Last time I applied for anything credit-based was 2 years ago, but last time anyone mentioned it was, maybe, 6 or 7 years ago. Can't speak about buying a house, we bought one in 2006, sold it in 2008 after a drop in value, and will not be doing that again. ever.
  5. Even after bankruptcy, the negative history remains on a report until it falls off, just with the notation "discharged through Chapter 7 bankruptcy." The OP did not disclose much information about the individual accounts, but filing bankruptcy on accounts that are soon to age off and others that are likely as old, or capable of being negotiated for less or PFD, seems counterintuitive. Ultimately the OP's choice, but in terms of opportunity cost,1 year and a little effort guided by info on these boards could see his scores rebound to 600s w/o a 10-year neg.
  6. A BK stays on a credit report for 10 years, right? I think if one has to suffer through a long-term ding it should be worth it, and $14k isn't worth it in the long term, IMO. This is particularly true when considering many, if not most, of these account are due to fall off and likely out of SOL (old landline, medical, credit protection). No, I would not bother contacting these companies and would not even dispute until their SOL status has been verified as passed. Regarding the repossession, I think companies usually resale or auction and then try to recover the shortfall. I would not do anything until receiving notice of shortfall, then settle with a pay for delete.
  7. I gave it a try this weekend and received the message it needs more processing. Checked status tonight, still processing. Hopefully my good history with an old, closed green card account will help along an approval.
  8. Yes, you can "opt-in" and your account will remain frozen. I froze my accounts in 2006, but did not "opt out" until over a year late, so one does not impact the other.
  9. Bank of America was once the institution my entire family conducted their financial business with, now, I'm one of two still using them for banking and financial services. The bad customer service I've received the last two years along with increased fees, the $5 is actually reasonable when compared with what else I pay, has sounded the death knell for the relationship.
  10. Any chance the ruling included a time limit? I sued a utility company in small claims court due to their withholding service in belief I skipped out on a different account years before. I won because they were not only completely wrong as proved by my evidence, but also did not furnish any of their own. Anyway, the judge made it clear in the ruling payment was due within 15 days and I could return to court if I did not receive by the end of postal day 15 days after the hearing. I did, but had I not, was fully prepared to seek further remedy i court, which you might be able to do. Or use your judgment to place a lien on their bank accounts.

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