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  1. Yeah, that is great. The problem is I would like to refi in a few years out of my ridiculously high mortgage. Even if I do all that, the debt will still be on the CR and I will have to PIF at time of closing. I know that PRA now deletes once settled, they say so on their website. I spoke with them again to day and reiterated the 15% that Synchrony offered prior to selling the debt and they argued with me and said Synch never does that even though I have it in writing. I think I can force the issue with them. But they are hard headed. I told them via CMRRR today that I elected binding arbitration per the contract but offered this one time 15% settlement. We will see where it goes.
  2. So over the past 6 months I have been settling my debts b/c I had too much home equity to file bankruptcy. (don't worry the equity is protected by tenancy by entirety from creditors) but was recent enough that it might give a trustee pause. Fast forward to today, I have settled about 190k in charged off debt for about 38k. 20% basically. The last few I have were Sams Club and Paypal about 5k each which have recently been sold to PRA. I refuse to pay face value for these debts when I have been settling others at Synchrony for 15%. The contracts do have arbitration clause. I want to force PRA to settle when the accounts are loaded in their system. At least if I can settle they will be marked as $0 balance on the credit report so in a few years when I recover I can finance out of my 5% mortgage. PRA will be the first debt buyer I encounter with my charged off debt. All other debt was settled with the OC. Suggestions? I really don't want to arbitrate because I don't have any reason not to pay other than I went from 150k/yr to 75k a year and have a family of 8 and simply cannot. And selling the home is not an option. I've come this far to go back now. All suggestions and help appreciated.
  3. no, I had a platinum card that had 30k I settled with Zwicker for $5 and a Blue Cash Everyday that I settled for 4800 that had a balance of about 32k. I have a Bonvoy and Amex Every day charged off never sent to collections that owe about 3k. This is a business card that is the Gold card they offered the Optima on. Still under my SSN. I called them today and they said the offer was legit and they claim they will approve if I PIF This card, they said they don't care about the others settled for less than legally owed. Odd, b/c it appears to go against everything people say about the OASIS program. Although, when I called, everybody spoke with a thick accent from an overseas call center so who knows.
  4. Hello, I had 7 Amex cards which all charged off. Total owed Amex was about 60k over the 7 cards. I ended up settling most of them for like 18 cents on the dollar after they went to Zwicker for lawsuit and I elected arb. Anyway, on one of the business cards I just never did anything with, I got the email below. It says I can PIF and get the Optima card to rebuild with them and I will be approved unless I am in BK or have an active card or already received and accepted this offer from a CA. I am thinking about doing it b/c I can afford the 4k they are asking for, but know that I settled other accounts at a very low percentage. I thought you couldn't get into Amex unless you PIF all balances. The offer says nothing about it. I have no interest in Amex if I need to pay back the other 50k that was forgiven. I also have 2 small accounts that charged off (around 2k each) that never collected or settled. Thoughts? Below is the email I got. American Express understands that good people can fall on hard times and reestablishing credit is one of the challenges once things start to look better. We have your back! You have an opportunity to regain Card Membership American Express would like to offer you an opportunity to regain Card Membership. All you have to do is pay your balance in full on the account referenced above and you will receive an Optima® Card application. You can choose any of the flexible payment options below, call 866-205-4559 for details. Option #1 Option #2 Option #3 Number of Payment(s) 1 6 12 Monthly Payment Amount* $4,195.23 $699.21 $349.61 Your application will be approved unless you have an active bankruptcy at the time of your application, you have accepted another offer for an Optima Card account from us or a collection agency, you have an active American Express account and/or we determine that you do not have the financial capacity to make the minimum payment on this new Optima Card account. If regaining Card Membership doesn’t interest you, how about settling your account for less than the balance owed? Here are some offers available to settle your account and reduce the amount you repay. Option #4 Option #5 Option #6 Total Settlement Offer $2,307.38 $2,517.24 $2,727.12 Number of Payment(s) 1 12 24 Monthly Payment Amount* N/A $209.77 $113.63 You should understand and consider the terms of any settlement before agreeing to it. To accept one of these offers, or if you have any questions, call 866-205-4559 by 12/8/2019. We must speak with you to complete the acceptance process. Please be advised that American Express is not obligated to renew these offers. We hope to hear from you soon. American Express Global Collections
  5. But the FDCPA doesn't specify they can be misleading if the consumer "chose" not to pay, for whatever reason, not does it carve out an exemption for making misleading statements if two parties are haggling and one works on commission. How are their misleading statements not violations under 807 (10)?
  6. Ok, so I have a Home Depot/Citi debt about 16k. It's at charge off or very near. Serviced by a CA United Collection Bureau. I offered to settle $1000 otherwise would elect ARB and fight through the arb forum. I explained my severe hardship and provided documentation. This was on 9/9. On 9/20 I called in to UCB and inquired about my settlement. I was told it was denied but countered at about 4800.00. I can't afford that and the rep said you could not counter. I disagreed and told her there was new information they needed to consider after my original 9/9 offer such as a wage garnishment (by another creditor) and budget from consumer credit counseling. She told me to send it over but could not guarantee anything. I sent it to them on 9/20. Yesterday 9/30 I called in and got the same rep. She said they sent over my counter but it was denied and the settlement of about 4800 stands and expires today (9/30) I told them no, I couldn't do it and hung up. I called in today 10/1 to get a new representative to see if a new offer was on the table. I was told that no, the 4800 was still on the table and low and behold my counter from 9/20 was NOT submitted. I asked the rep why I was lied to twice and spoke to a manager. The manager confirmed that my counter to their 4800 was not submitted and the representative may have stretched the truth a little when she said the offer expired on 9/30. He said that while it technically did expire 9/30 they have the power to extend it. I told him to listen to the 9/30 call and explain to me why the representative lied about my counter offer being submitted and denied when in fact it was not and he said he'd have to go to the powers that be and would call me back later. My counter was $2400.00 as full and final settlement. Is there an FDCPA violation here that I can leverage? Did they violate the law by saying my 9/20 counter was submitted and denied when in fact it was never submitted? How about the fact they misrepresented the 9/30 expiration on the 4800 settlement? The manager said that usually when a counter comes back from the bank it is final and they do not counter so the rep probably assumed it was just denied. Thoughts?
  7. I'd say. Per the contract, I do not have to start arbitration, merely elect it. The problem is SOFI won't talk to me they say they sold the debt and nobody at JH knows what the hell is going on and they can't find the debt. I mailed both them and SOFI a letter electing arbitration and included the requisite contract and notified them that they are precluded from filing any type of lawsuit. I guess they could but I'd file a MTC and the case would be thrown out. Regardless of the amount of the debt, I have a chapter 7 in my back pocket if they don't settle. Its take what I offer them or get nothing, I really don't care. I'd rather settle and not file a 7 but I will if I have to.
  8. Is it Hong-Kong, Shanghai Banc Corp? That's what I thought it was.
  9. SOFI. I've tried to call SOFI numerous times but they don't negotiate at all. Trust me its up there. It was a consolidation loan a few years back...well you can see where that got me. I funded my business which failed on my personal credit. Big mistake. When I type my SS into Sofi's system it transfers me to a generic voice mail at JH. I find it odd that I have a sizeable settlement to offer the OC but they refused to take it yet sold to these people. And I also elected ARB in written and via email. They simply don't respond.
  10. Does anybody have any information on these people? A charged off account was either transferred or sold to them but I've called to try to settle and they either say they don't have it or transfer me to another arm of the same company which your only option is to leave a voice mail. Even their website is so generic a 3 year old could have created it. I worry b/c the debt is RATHER LARGE upper 5 figures and to be so nonchalant on this $$ amount seems counterproductive. You'd think a collector would be salivating at the possibility of collection on this amount. The OC won't even discuss it with me and when I go through their automated system it merely transfers me to this outfit. I've left like 5 messages for 2 weeks and no return call.
  11. I’m going through exactly what you are doing right now. I have 200k. I just settled 2 Amex cards for 18 percent. One with Nationwide and one with Zwicker. They steadfast denied going below 50 percent then I elected arb then spoke to a few supervisors and they settled 50k for about 9k. This is freshly defaulted charged off a month ago debt. It took awhile but they caved. Waiting for the rest to be assigned so I can give them the same treatments Chase now has arbitration back in their agreements. So you might fare better with that too.
  12. Basically, yes. That's exactly what I am asking. Hence "is it legal for xxx". If its not then ok. But there seems to be some monetary value that can be legally used due to their breach. Why wouldn't someone want to use all available ammunition against an opponent. I am sure that lawsuits are settled each and every day on the premise that one party keep quiet about something. That's why I asked the minds here before taking action. If not legal, then I will simply notify the person whos information was divulged and be done with it. And I did do a Google Scholar search...found this.. The federal courts generally don’t consider any litigation threats to be extortionate. Sosa v. DIRECTV, Inc., 437 F.3d 923, 939–940 (9th Cir. 2006)(“we do not believe the Hobbs Act imposes liability for threats of litigation where the asserted claims do not rise to the level of a sham.”); Their breach is most certainly not a "sham".
  13. Long story short, in my efforts to settle my outstanding debts, I had caught a CA/Law Firm lying about what they could accept. Armed with proof of their false misrepresentation, I filed regulatory complaints. In their response they denied everything (shocking) maintained their position. BUT the twist is in their reply, they uploaded information regarding someone else's account. Now, I have specifics regarding another's debt, their account number and that they also filed a complaint. Looks like whoever replied uploaded the wrong information. I know that I can't do anything regarding this privacy breach but the person who's information was divulged to me can. My question is can I legally leverage this breach in my favor to more favorably settle my legally owed balance. We are not talking about a few thousand dollars here, the amount I owe is almost 30k. This is a well known CA/Law firm and they should have known better and be held to a higher standard...so input, suggestions? I wont mention names as they watch but will welcome all suggestions.
  14. Yeah, we have 200k in equity but I already have a 1st and 2nd. No lender in their right mind would offer a 3rd with my score where it is now. Which is under 500 since I defaulted. I did speak to a lawyer and I qualify for a 13 and my DMI would be 600 a month. He said to budget 800 a month for a chapter 13 payment because sometimes trustees object in our district.. That means I pay 48,000 over 5 years. He told me not to (his words) throw away my 20k in savings on unsecured debt...use it on exempt expenses and then file. I figured why not try to settle the creditors who will sue me with it and avoid court intrusion in my finances for 5 years. As one other poster said it on another board, it is a "self directed bankruptcy" I already knocked amex down....the majority of the other creditors don't sue in my state, Sofi does and uses the dreaded Z&A..but so what, Elect arb and use AAA as a negotiating tool? IT would take them 18 months to get an award before they were able to confirm in court...even then they can't attach wages b/c I am self employed and they can't attach real estate b/c of spousal protections in my state and titling. So it would make sense for them to settle. I've seen on the other boards that SOFI settles for 50% give or take but I don't even have that. Worse case scenario they tell me to get bent, sue me anyway or force a quick arbitration award and I file CH13 anyways and the trustee claws back the settlements I've done with other creditors to put into the repayment pot.
  15. So I had some business dealings that went bad with a flood and some real estate. Long story short, I borrowed close to 100k from SOFI when my credit was great. This is a personal, unsecured loan. I used the funds for debt consolidation and to purchase what was supposed to be a property I could rent out. It ended up being in flood plain and flooded and no flood insurance. I spent a majority of the remaining funds rehabbing the place just to have it flooded. I never thought to look that it was in the 100yr flood plain. And before anyone asks, SOFI at one point was handing out money like candy...all you had to do was prove your income and have an 800 score and you could get up to 100k..they never asked what the funds were for so there is no 'this was used for business blah, blah blah' argument they could bring up. Due to loss of income SOFI is not willing to restructure my loan. They just won't budge. I tried and tried and just gave up. I will charge off in about 10 days and read here and there that they do settle once its with a third party CA or law firm. I have about 20k left after liquidating that property to settle with them or they can just go to bankruptcy. I'd like to stay out of a chapter 7 or 13 b/c I do have equity in my main home, and my wife's car is paid off(I just can't touch it) and I really don't want to be under the control of a trustee for 3-5 years. Seeing as how I owe 90k, what type of settlement do you think they'd offer. Yeah, I fully expect them to sue for a large balance but I can elect arbitration and prolong a suit and possibly force their hand to settle. (they have consumer AAA in their contract). Advice? Selling my main home to get the equity is NOT AN OPTION as it is my family of 8's roof over their head. Selling the paid off car is not an option either as it is used every day for the family and while it is worht about 25k, a replacement van that is reliable would cost similarly. A suit cannot attach to my home because of the loan being in my name alone and my wife is titled on the house with me as a tenancy by entirety. I can fully afford the mortgage..I just cant service the $1700/mo payment for SOFI anymore due to loss of rental income. CH13 is a possibility but I'd pay back approx. 30k in a 3 year BK plan...and if I can settle and stay out of BK then great. FWIW, I had another thread awhile back about Z and AMEX and what ended up happening is I settled for 18% of the balance after they looked at my finances. An unheard of deal. I'd like to do the same with Sofi and just be done.

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