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  1. 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.
  2. Is it Hong-Kong, Shanghai Banc Corp? That's what I thought it was.
  3. 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.
  4. 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.
  5. 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.
  6. 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".
  7. 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.
  8. 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.
  9. 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.
  10. I elected. Once I elected Z kicked the account back (or amex recalled, no clue which) and it went to NCI who immediately offered 50% settlement. I spoke to a lawyer who lives in the neighborhood who coincidentally is a BK attorney. He told me that while I qualify for BK it would be expensive and I'd lose at least 100k in assets that are currently tied with other investors but no problem the UST would be happy to fix it. No thank you. His informal advice was to just buy some time then see later..maybe I'd qualify for a 13 later on with less asset loss. He said the same thing as you that I would be limited to costs and fees. They cannot be rewarded because they wanted to spend tens of thousands of dollars in legal fees to collect. Something about mitigating their damages. The rules say I am capped at 250 or so. Amex agreement requires the CM to mediate before arbitrating. I elected the arbitration clause by sending the mediation claim to Z and Amex and that is when it was kicked from Z and sent to another CA. Amex never responded to the mediation. After 60 days I "can" but am not required to start arbitration. Honestly, I think they are forever barred from litigating since they ignored my mediation claim. I will open an arbitration if it comes to it but as I said my goal was to buy some time to try to reorganize and figure out how to get out of this mess. This particular debt is not the only debt I owe, I have about 20k on another card (still at Z) and other loans totaling 100k so its not as easy as just pay it and be done. As to the other card still at Z for Amex..when I called the other day to ascertain the status the rep made the comment that he was surprised the account was still at his offices b/c I had elected mediation/arb on that one as well. Tells me that they will soon kick that one away too,
  11. I hear what you are saying. But while I am waiting on the ability to get rid of some assets..I need time. In my area a court case takes about 3 months from looking at the filings if it is contested. I really can't contest anything. So I elect arbitration and buy about a year to get breathing room to be able to liquidate assets. I'll just roll the dice and see.
  12. funny. selling is not an option right now as my investment partner is going through a divorce and can't agree to liquidate any assets. Simply put while those of you might say sell an asset to solve a problem, it is not logistically possible right now. Will be possible in 6-8 months.
  13. Yeah that was suggested before but no way to tap the assets with such a low FICO score. Catch-22.
  14. I'm just as shocked as you are. I called Z a few days ago to ask what their intent was on my arbitration demand and they were like we don't have this anymore, it was recalled.

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