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  1. Settled for less than agreed with the settlement. Apparently with the repayment plan it will remain open which surprised me because when I tried some repayment plans a long time ago they closed my accounts. The lates will stay on but they will report on time payments.
  2. I'm trying to help someone with some credit issues and a creditor made him 2 offers and I wasn't sure which was best. His credit is fairly bad now due to numerous late payments or non payments. One creditor offered to settle is account for $600 (balance is 1000). The other offer was to pay $60 for 3 months then $35/month for the remainder. He is attracted to the settlement but I was thinking the repayment plan might be better credit wise even though he will be paying an extra 400 + interest (30%).
  3. Went to a local pizza place today and used my credit card. Was told it would be an extra dollar for using my card and he pointed to the $5 minimum + $1 transaction fee sign. I thought it was $10 minimums that were allowed?Also, is the transaction fee allowed?
  4. I refinanced in 2011 (FHA Streamline) and paid some upfront MIP. I was wondering if any or all of this is tax deductible? I know that monthly MIP was deductible up to 12/31/11 but that was not renewed for 2012. I can't seem to find anything on upfront MIP paid in 2011 though.
  5. I'm sure you know this, but your friend might not... making a payment restarted the SOL clock anew, regardless of how old the original debt is. Yeah, apparently the card was used in early 2011 anyways. Seems like Citi acted fairly quickly on this (probably because of the large amount owed). I'll have him just write up a basic, short DV request. Hopefully he can just delay this a bit (and stay out of court) to save up some cash to offer a reasonable settlement.
  6. hand written, with a stamp + delivery confirmation or cmrr or whatever method of mailing you choose. IMO you dont need to educate them on the law. do what is required of you, let them do what is required of them. Thanks. You make a great point.
  7. Yes, the debt is valid. They would ultimately like to settle. I'm not sure what he is thinking in terms of a settlement, or what the norm is for them to even accept. Should his initial reply just be a settlement offer and if so, what would be a good offer? State is NH I'll have to find out how old it is. I know he did make some payment in 2011 though. He does have other debt some current and a couple others that are behind but he is starting to catch up on those.
  8. Yes, the debt is valid. They would ultimately like to settle. I'm not sure what he is thinking in terms of a settlement, or what the norm is for them to even accept. Should his initial reply just be a settlement offer and if so, what would be a good offer?
  9. I'm trying to help someone out that got a letter from a lawyer in regards to a Citibank credit card. Total owed is around $22k. It is within the SOL. The letter came from a local attorney. The letter states:
  10. Does the PayPal Luv button result in a hard pull?
  11. He sent the letter to the lawyer offering 20% ($3600). The lawyer sent a letter countering with $6000 (about 33%). Should he just pay the $6k or try to counter with $5k? He doesn't want to push it and force them to sue.
  12. It's about a year old. They had an agreement with the collection agency (ARSI) to pay $500/month which they did (automatic withdrawal) and were always on time with that payment. Amex was still sending statements showing the $500 payments as was the collection agency. The Amex statement said the account was being handled by ARSI. All of a sudden, they got a letter from a lawyer demanding payment in full or be sued. He spoke to the lawyer on the phone and asked if he would take a settlement. The lawyer said he wouldn't discuss a settlement over the phone, but to send him a letter.
  13. Thanks for the fast response and advice! Can I go anywhere for the streamline refi or do I have to stick with BOA?
  14. Our current mortgage (FHA) is with BOA and the rate is 6.375%. We owe about $244K. I'm not really sure on the value anymore. My area hasn't been hit too hard but past appraisals were $270-280k. Tax appraisal is $291k (I know that doesn't mean anything). We had this mortgage for 3 years. We are current and plan on staying in the house for a while. I figure the rates are about as low as they'll go so I wanted to look into a refi now and maybe lower our monthly payments a bit. Some other info, we do have a BK that discharged in 9/2005. I have student loans and a car loan. DW and I both work full time and have been at the same companies for 11 years. Our credit card utilization is high but I'm working on that (one of the reasons I want to refi is to get more to put towards the cards). Combined gross income is probably around $100k/year. I get monthly scores from DCU and was at 635. DW's score is around the same. Would it be worthwhile for us to try to refi now? Should I try to see of BOA will modify the loan? Thanks!

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