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About radi8

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    complaining about the heat. Or the cold. Or the lack of heat or cold.

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  1. The "concessions" are set by the creditor and are normally the same no matter who sets up the DMP. Some offer zero percent, others something only slightly improved, others won't participate at all. Do you think you can afford the payments through the end of the plan?
  2. WIth minimum payments in that range, either you have extremely high interest rates, high balances or both. Debt consolidation places can help if the interest rates are high. If you already have really good rates but the balances are just up there....there isn't a lot they can do. That leaves BK as the remaining option. You might run a quick means test to see if you'd be looking at a 7 or 13.
  3. radi8

    Credit card debt

    Greenpath generally has agreements in place with creditors to reduce interest rates, stop (and in some cases remove) late and over limit fees, and to cease collection activity as long as your plan is active. Each lender is different, some reduce interest rates to zero, others are not as generous. But..the difference is often enough to bring your plan payment down to something manageable. Greenpath also offers budgeting help and advice.
  4. radi8

    Collection Attorney Should I Respond?

    If this is the vehicle associated with a defaulted CC back in march, it's already been sent to collections with no resolution. It's now been placed with a local attorney with the SOL ticking. I may not be a lawyer, but I know when I'm about to need one. Check out Why Chat's advice.
  5. radi8

    Collection Attorney Should I Respond?

    Credit unions understand the math. 80% of judgments are never collected, but 20% are. That 20% covers their recovery program and provides some additional return. They aren't losing money, they do know how to count. Their position is that they owe it to their members to attempt to recover losses by every means available, even if doing so is sometimes unsuccessful. Those I am familiar with locally not only sue, but sue 100% of the time. Others may choose not to. But...chances of being pursued are much greater with a CU than another financial institution. This one appears to be gearing up to do just that.
  6. radi8

    Title Search and Lien

    The chapter 7 cleared the underlying debt, a successful motion to avoid should have cleared the lien. You may need to get your BK atty (or a competent substitute) involved to get this cleared from whatever source is still reporting it as valid. The title company won't take your word or your documents for it as I understand it. It will have to be cleared at the source.
  7. radi8

    Collection Attorney Should I Respond?

    It's a local credit union, they've shown their numbers and they are using a local att'y. They're going to sue. I'd agree with you if it were a boilerplate attorney collections letter, but It isn't. DV at this point won't do much good, they'll validate in front of the judge while you watch. If you owe the money, if they can legally collect it and can agree on the numbers...set up a repayment plan. It's better than a judgment.
  8. radi8

    Unlimited Data versus High Credit Score

    They are rather unsatisfying in that role too.
  9. You can probably file a chapter 13 now and convert it to a 7 if the business income does not materialize. Also check your state rules for garnishment and bank levys. At your income level (10K) most, perhaps all of your income might be exempt from garnishment. If it is, they can sue you but there is nothing to collect. That is a powerful negotiating tool if you are looking to settle.
  10. I think your best bet might be to pay off the CO's so they do not turn into collections and possibly judgments, then look for an FHA lender that doesn't have overlays regarding Charge offs. Some do, others do not. FHA itself is surprisingly lenient with them if you have: clean credit after the event+ extenuating circumstances + a few compensating factors. (three months house payment in reserve, credit above 620, low debt to income ratios, are a few examples) If they age a few months and you can write a strong letter of explanation, you might have half a shot. NFCU from what I've seen isn't going to like CO's that recent.
  11. radi8

    Sleeping CO

    Moved to credit forum.
  12. Best advice I have is to avoid the debt settlement places. Think about it... by entering into a settlement plan you're advertising you have enough disposable income to put into a savings account. Creditors won't wait in line for a partial settlement offer, they'll sue you knowing they'll be repaid in full + costs. They'll obtain judgments, garnish your wages, seize your bank balances, anything that is not protected by state law. And if you don't have it now...they'll lay in waiting for decades. Their team of lawyers can't do a damned thing if you owe the money and the creditors can document it. They will however pursue YOU if they don't get their portion. Meanwhile your credit is trashed for the next decade. You'd be better off filing chapter 7. You may have to. I don't mean to rain on your parade, but these places are bad news, run by predatory people with a smooth story.... and I don't want to see you make that mistake. If you don't mind, what state are you in and who are the creditors?
  13. radi8

    John McCain, 1936-2018

    He refused to leave his fellow servicemen behind. McCain was a class act.
  14. The problem I see is the $1K will be gone but the repayment will linger for years, meanwhile the card gets charged right back up again. That's not a reflection on you, it's just a very common outcome. I'd wander over to a local Credit union and see what they'll do for debt consolidation if that is your goal. Pay them off and don't carry balances, put what you can aside for savings, you know the drill.
  15. Then you need to do what you need to do. Ideally you could rearrange your budget to find additional money, but that just isn't always possible. Of your other options, a DMP is probably the least damaging long-term. A DMP generally does not settle for less than full balance, they only drop the interest rates. You'll pay the full balance. The "debt settlement" places are bad news. You'll get sued. Of those three, Greenpath IMHO has the best track record. Yeah, you'll have issues with creditors reporting you late *IF* you stop paying before the plan is confirmed. Some will report you "late" or "CO" incorrectly after confirmation and you'll have a fight on your hands. Generally, after three plan payments they will (should) report you as current, "managed by consumer credit counseling". Once you exit the plan you'l have a bit of rebuilding to do. First dig out and get your finances stable, start saving what you can, fix the credit when the time comes. Good luck!

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