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  1. Hello everyone, I am writing because I am just a bit confused as to what I should do next. I have two debts with the same company. I sent off two different validation letters to EOS CCA for two different debts. For one of the validation letters for a century link account, they sent back a settlement offer rather than validation. I have yet to receive response from the second acct, so hopefully they just remove it. But long story short... They "claim" that I owe 172.88. Rather than send validation back, they sent a letter stating they are willing to settle this debt for $69.15. That is a wonderful offer and I am willing to pay the amount. Now to my problem. I do not want to pay the amount and the item is still on my credit report because in reality I believe that they cannot validate this item. I am unaware if I should push for validation or send my own PFD. I am willing to pay the amount only if it is removed. Can someone please give me there input on what they think I should do?
  2. This would require a little homework of anyone who didn't follow the adventure. If you're so inclined, you can read the first post of this 6-month-old thread: JDB accepted my settlement offer - THEY pay ME for violation? So here's the latest twist and your Sunday Survey... Their compliance manager sent me a LinkedIn request to connect. I'm certain it was an accident...I'm in his email contacts; he probably didn't remember how he knew me. I'm tempted to message him and ask if he's trying to be entertaining on purpose or if it was merely an oversight. He's the only person I had any communication with at that company, so it's not like he was copied on some email and didn't deal with me firsthand. I've gotten a few great suggestions on how/if I should respond...now let's hear yours!
  3. Hi CB'ers. For a brief back story, my credit journey started 4 months ago when I joined this site and I've enjoyed about 40 point increases on average for all three FICO scores since then. I'm shopping for a house in the spring (fha loan) and I need some advice to maximize my credit scores and clean up CRs in preperation. My 3 ficos were inthe 590-605s when I joined here now they're in the 640-650 range. I removed approx 9 lates/derogs, paid off 3 cc's to reduce my util to about 45% of 12.5k (still plugging away and plan to be below 20% by home loan app time), paid off 13k car loan, and got a big 15k private student loan CO settled in full to avoid being served. I have a goal to be between 660-680 (due to my ongoing credit repair laboring) by mid october and I'm fairly confident I can get there. What I have remaining is 2 small collections ($75 and $300) I'm in the processes of PFD'ing, have about 2-3 more lates I have evidence to dispute, and here's the kicker......3 more private loan COs all around +/- 2.25k/ea totalling 7k. Based on a settlement I already did with the same OC on the other CO, and letter correspondence with them over the last 6 months, I'm fairly confident I can settle on these last 3 loans for 55-70%. Any FHA borrowing homeowner knows getting an FHA loan with COs over $2k is going to be next to impossible. That said, I'm hoping to take out a personal loan to settle these COs and clean up my reports. I intend to pay off the installment loan over the next 3-4 years (it was a student loan I intended to pay anyway, so I don't mind and it's well within my budget) I have poked around the boards and read some threads on personal loan lenders. Places like Lending Club and Prosper seem appealing, but I would also be open to debt consolidation or settlement lenders If need be. Would anyone recommend Prosper or LC for my situation?
  4. This is from Illinois. The account went chargeoff in Summer 2012. I've been willing to pay it for a long time so long as I can have it removed from my credit. Any advice on how to go forward? Thanks for any help! The text from the letter is quoted below.
  5. Hello, Newbie here and excited to find such a helpful and vast forum site on all things credit! Anyway, I've recently decided its time to start fixing my poor credit that has largely been caused by credit cards used in my early 20's and a private student loan balance that ended up going to collections. My private loan debt is $19k and credit cards are $7k (recently paid down from 12k) I'm a recent college graduate (2010) and was lucky enough to get a good job right out of college. I just got a new job 3 months ago that pays even better than my old one which coupled with having a newborn son, has inspired me to get my credit back on track as soon as I'm able. I recently sold some assets and have managed to scrape together $7k I'd like to use to jump start my credit road to recovery. So my question is, which is a better decision in repairing my credit. Settling my student loan debt (which after speaking with a local debt settlement attorney should be possible, at least on the 15k loandisbursement debt. The remaining disbursements a are small adding up to the 19k). Or payoff all my credit cards in full and shut them down. Obviously I'm kind of leaning towards the loan settlement option as that is what's most detrimental to my credit, considering the credit cards are not in default. But I also wonder if paying off the credit cards will not only immediately improve the look of my credit report, but also will allow me to use those would be monthly payments to get the 19k debt paid off in 2-3 years. That way I could also avoid the painful debt settlement smear on my credit report. But is the damage already done in that regard, due to the default? I should also note that my primary goal is to purchase a house soon, but I know that will be challenging with my private loan problem. My choice in this matter will be heavily swayed by the ability to obtain a home loan hopefully sometime in the next 5 years. Just looking for some experience and insight on my predicament and I thank all in advance.
  6. Does anyone have a copy of a settlement letter from macys they could send me?
  7. Hello from a newbie, I was unemployed last year for almost half a year, and let a Kay Jeweler's account go delinquent after November. First off, I take full responsibility for this, and it should never have gotten this far. However, it was a $2500 debt that, with interest, is higher. Today, I received a credit monitoring alert that it went into chargeoff status. I have not received any communication from them (and don't expect any until the mid-end of the week?), but... What are the odds of a settlement offer from them? I want to pay it, but need to make payments. At this point, this is my only delinquent account, so I guess I'll take the credit hit as a tough life lesson...but my concern is a garnishment/court action - that is what I DON'T want, obviously. Thoughts? Thanks
  8. I recently obtained validation information from Midland Funding regarding an account in collections. I CM-RRR'ed the DV letter to them last month. I am with-in SOL in Louisiana. SOL ends around 03/2015. I want to try to have them delete the TL off my CRs. I want to send a PFD letter for a settlement amount. I won't lowball since I know I'm inside SOL, somewheres around 55%-70% of total. I know its a touchy area sending PFD Settlement letter within SOL. My question is, lets say I send the letter, they do not accept the settlement. Will they send something back stated something to the affect of "no we don't want partial payment blah blah". and then I can send another PFD for the full amount? Just looking for the best route of action to have them delete by paying the least I have to. Thanks in advance.
  9. Hello, I'm new to the boards and have been reading as much as I can. Long story short, few years ago I got a few lines of credit; ie retail stores/credit cards. Spent more than I took home, and got into debt. Got lost along the way and stopped paying due to poor money management and stupidity. I have a total of $8083 dollars in unsecured debt between credit cards, $2671 of the debt is student loans. I know the accounts are charge-off's, and in collections. I'm finally able to manage my money and budget. Who would have guessed? I have approximately $900 left over a month and getting a part-time job due to wanting to obtain as much income as possible to get out of debt as quickly as possible. How do I find out which collections agencies have bought my debt? A few still call, and I'm still reading how exactly to speak to them in order to cover myself. I been looking into debt management programs due it seeming easiest on paper; pay them and they spread the money around to the CA's. I know not all things are what they appear to be, but I really don't know how to start tackling. All I can do is start taking baby steps. I know I got myself in this situation and do not blame anyone else. I am taking responsibility for my actions, want to pay back all my debt, and rebuild my credit for my family's sake. I am realizing how valuable these boards are in regards to the abundance of information. I thank everyone who contributes their knowledge to help others. I am a Law Enforcement Officer and know helping others is difficult sometimes. Thanks in advance for any guidance. Be safe out there...
  10. Hello! When negotiating with a JDB or OC, what do you ask for the tradeline to be when you are trying to settle? We don't have the money to pay the full amount owed but are trying to settle for 20%-30% on the dollar. I read something about getting them to agree to not answer any CR challenges. Is that an added request in the negotiation? Thanks!
  11. Hello, everyone and thanks in advance for your help! I've looked a lot and cannot find a sticky or a step-by-step guide to successful settlements. I am asking a LOT of questions in this post, but in return for everyone's help, I will commit to putting all questions and answers in a user friendly format to send to the site owners should they want to post this topic for newbies (like me) who are looking for some help. I did find one post with the following information (LMK if you agree or disagree, please): 1.Always get the settlement agreement in writing. 2.Send everything USPS (CMRRR). Tracking of delivery is very important. 3.Make copies of all checks and money orders sent. 4.Keep more than one checking account. Keep them at different banks. Just in case. 5.The phone is necessary when negotiating. However, it is wise to be cautious on the phone. 6.Never call them and offer a settlement. Let them come to you. They will trust me. 7.I always call the OC to make sure I am dealing with the proper agency. 8.I always verify with the CA and the OC who owns the debt. Here are the questions I have: What is the best way, step by step, to pursue a settlement? Do you always send a dispute/affirmation of debt letter even to the original creditor? Can/should this (DV letter) be done if the creditor has filed suit? Are there differences when trying to settle credit card debt, medical debt, etc? Is there a 'rule of thumb' regarding expectations of what the creditor will take of the original debt (20%, 30%, etc. of stated debt)? When do you ask for from the creditor (OC, CA, JDB, etc.) in regard to your credit report? I've found that they won't just delete the debt (maybe I'm doing something wrong...) I have settled a couple of debts which show on my CR as 'paid in settlement.' If you could, list the different options and explain how bad the line on the report would be as well as how realistic it would be to get them to agree to each thing. Is there a timeline in which one should do this if attempting to settle with all creditors? Is it okay to pay in payments or do you need to only do lump-sums? What if they will only agree to a settlement (payments or lump-sums) if it is drafted from a bank account? If the drafting is okay, should one set up an account solely for this purpose at a separate bank before beginning the process? If the creditor agrees to a settlement but won't send you the agreement in writing (even after payments and multiple phone calls) what do you do? If there is anything I didn't ask that I need to know, please don't hesitate to add your 2₵!!
  12. Hi, I am located in CT. (a judicial foreclosure state) I owe $295,000 on my first mortgage (which is current with Bank of America). My home value is $183,000 I have not paid my Green Tree 2nd since 2011. The amount owed is $48,000 At this point a local law firm has begun attempts to collect the debt, and I assume at some point in time they will eventually sue me. I've made 2 settlement offers thus far, one for 5% and another for 10% both denied. They came back and said that they will not go below 50%. At this point I'm holding off on making anymore settlement offers. I provided them with a debt validation letter, a recent CMA by a local Realtor. I also provided them with a copy of a faxed document form the original loan originator saying that I was denied the loan that is dated about 10 days after I signed the loan documents. What do you think my next steps should be? I'm fairly sure they will not move to foreclose, they said something about moving to obtain a partial judgement, which I assume will be suing me on the note. I would greatly appreciate any insight and advice. Thank you in advance.
  13. Called AMEX today to attempt to negotiate a settlement. Account is 74 days past due so it hasn't go to the cancellation department. The Service Rep said Amex has not been offering settlements for 2-3 years. Said it will go to cancellation then to litigation. Is this a bunch of BS?
  14. I have several accounts credit card accounts that are about 120 days past due. These are cards I've had for many years and didn't miss payment before going through divorce recently. I don't have the income to continue paying these accounts. Is it better for my credit to ask them to remove the tradeline or to report as paid as agreed or paid in full? In otherwords, if they report as paid as agreed, does the fact I let them go 120 days past due still stay on my credit so it's better to have them remove the tradeline?
  15. After several years of waiting for baddies to die of old age, we're almost ready to apply for a mortgage. Our worst baddie, an unpaid Chase charge off of about $1300 is due to fall off our reports next month. We had attempted to goodwill this with the Chase EO a couple of years ago, when several others had so much success. No goodwill for us though (they stated the debt had been sold and was out of their hands.) So, we just waited it out, and it has already fallen off EQ. We have paid off most of our current debts, and finally have funds available to clear up the remaining collections. There are a couple I'd like advice on how to handle. The first is a collection that does not show up on the reports, for minor damages sustained to a rental car. The original bill was for $900+ (which included fees for being "out of service" for three days.) This past spring we received a settlement offer from the CA for $600+. At the time we were not able to pay it, but now we can. We have not heard from the CA since that letter. Could someone help me craft a letter offering to settle, with the stipulation that this not be inserted into our reports after payment? The other is a charge off on my DH's report for a CreditOne card he had back in 2010. Original balance was about $300, and his report lists the current balance as around $900. We also received a letter from the CA for this account last spring, offering to settle for around $600. It is within SOL. I'd like to offer settlement on this account as well, but need help with the a letter. I couldn't find anything suitable in the sample letters section. We are going for a VA loan, and the VA will require that our collections be paid off, and as far as I understand, settled in full is acceptable as long as it shows a zero balance. I don't want to run a mortgage app until these issues are satisfied. All suggestions appreciated!
  16. Hello All, I have a question for the infinite knowledge of the boards, and hope I can get some clarity on this. I have three relatively old accounts that were charged off late 2007 / early 2008. The question in, should I attempt to contact them now and offer a pay for delete in order to remove them from my report before buying a house? If so, what is a realistic percentage I should target for this settlement? The accounts are as follows: Chase - SOL ends on 12/2013 PNC Bank - SOL ends on 02/2014 Capital One - SOL ends on 02/2014 I live in Ohio where the SOL is 6 year (from what I am able to gather). I know these things are going to fall off my report in about 18 months, but I would like to get them taken care of ASAP as I am buying a house in the next six months. Any advice is greatly appreciated! If you need any other information, let me know.
  17. Hi all - I'm new here, but need some advice. This is going to be a lot of info, so bare with me... I was out of work for about 4 years. I did self employed work to give me some income and did OK, but we just barely met ends meet with our mortgage, car payment, and normal living expenses. I had/have four credit accounts that I had to stop making payments anywhere from 6-12 months ago. I am now employed again and making a very good salary. I want to get current with my accounts and eventually get everything paid off. I'm not looking for a way to cheat my debt. I made it, I'll pay it back... but I also don't know what all these different agencies are wanting and the best way to handle them so that there are no loose ends when I'm done. Here's the summary as I understand it. AMEX: The cards and balances still show up when I log into my AMEX online account. It appears that I can make a payment online, just as I could when I was current. HOWEVER... I called them and once I put in my account number, the automated system said that my account was being managed by Nationwide Credit, Inc. I'm not sure what that means to be "managed". Sears/Citi: I had a settlement offer from these guys at one point. I was in no position to do anything with it. So, I ignored it. Now that I'm ready to make things right, I called Citi and they told me that my debt had been sold. I called that company and they told me that it had been sold. The last company I was told that owned it is Security Credit Services. I actually haven't gotten ahold of these guys, yet, as they seem to be a small company with 9-5 business hours. Chase Ink: This has been sold off to United Collections Bureau. This is my biggest debt, ~ $14,000. I called UCB and they offered me a settlement for approximately half. Even though I'm in a good job again, I'm still catching up. I don't have $7,000 laying around to settle. I told them I'd start paying them $200/month. THIS is the root concern of this e-mail. They said that if I pay $200/month it goes towards the $14,000 balance. But, I can call later to agree to the settlement when I have the cash and they'll take the offer then. I DO NOT have that in writing and I have only sent one payment at this point (2 evenings ago). Bill Me Later (PayPal): This one is interesting. I talked to a representative and at first she said that it had been sent to a CA, but then she read further and said that it had been "recalled" and they were handling in house again. Looking at my balance online (which I can see when I log in and it will let me make payments), it's about $3,000. She said the "charge off" value is $1,500 and that I can make a payment for the $1,500 and it'll be done. This is directly to Bill Me Later, not a CA. I *might* be able to pull this one off. What's the best way to proceed so that I can pay my debts and not get screwed over. With AMEX, should I be paying directly to AMEX? What does "managed" mean vs. "Sold"? With Chase (UCB), should I trust those guys to accept payments? Or should I put the $200/month in my own account and when I get enough to make a reasonable offer, do that and write them a check? With Bill Me Later, she is saying that 1/2 has already been charged off. So, does that mean it's already on my credit? Would there be any benefit to me paying off the full balance or should I just pay the settlement amount? I.e. if I'm going to take the hit anyway, is there any advantage to paying the full balance. A couple of side notes. I have NOT pulled my credit report. Before this I had a credit score in the high 700's. However... credit score isn't my main concern. I don't want to use credit cards in the future. My wife and I lived for 10+ years without a single credit card... we'll probably go back to that or *maybe* another AMEX charge card for travel, when they let us have one. Nothing revolving. I can't wait to hear your advice... Many thanks in advance!
  18. Hi All, This is my first posting and I appreciate any advice. My husband and I had a Citi card that was charged off in august of this year and we just received a call from a lawyer's office representing a CA (atlantic credit & finance). We have yet to receive anything in writing from them. We would very much like to negotiate for the best possible settlement, however we need some time (30-60 days) to come up with some cash to offer a settlement and in the meantime we are afraid of being sued by this lawyer as we do have some assests. We checked our CRs (all 3 via annualcreditreport.com), and neither the original account with Citi nor anything from Altantic is reported. I know in the past this Citi account was on the reports. We did notice that both the lawyer and Atlantic were listed recently as inquires. In your experience, how long to we have to negotiate before they file suit? Why would the original account with Citi not be on the report? We were expecting to see something along the lines of "sold $0 balance". When do such items get reported? Thank you for all your help!
  19. Background: Three of my CCs were CO after I was laid off. I am working to rehabilitate my credit with a slim savings account. After successfully applying for a secured CC, I awakened the Cap1/Northland mutuant by giving the CRAs some positive activity and my current mailing address. Naturally, Northland sent me settlement offer a few days ago. Why this is an issue: Thanks to the contributors here, I know Cap1 keeps great records and dilligently wrecks my CR on a monthly basis. Therefore, getting this "baddie" off my CR is on the to-do list. However, I can't afford Northland's settlement offer. Where I could use your advice: Should I '1-2' Northland/CRAs before requesting a lower settlement offer or would doing so push this settlement offer, and any potential lower offer, off the cliff of reality? The economics: -CO Balance: $2,500 -Settlement Offer: $1,250 -What I can afford to settle: $600-$800 Thank you in advance. This board is the definition of community in the 21st century. Tunnel vision is blinding and I am prone to it. If there are better plans of action I sincerely hope you'll share them. -The Indignant Kitten "Your living is determined not so much by what life brings to you as by the attitude you bring to life; not so much by what happens to you as by the way your mind looks at what happens" - K.G.
  20. Hello all, I am new to this forum and I am excited to contribute my positive experiences and really hope to find some good advice! I am currently in the process of repairing my credit. Thus far, I've been utilizing resources online to guide my way to better credit. However, I'm baffled by the one last source of bad credit left- I'm not sure what the best course of action to take is. I have a ~$2000 debt with a collection agency from not paying rent at an apartment ~3 years ago during a time of financial hardship. On my credit reports, this shows up as 1 Public Judgment and 1 ChargeOff account in all 3 bureaus. I've been paying $70/month to the collection agency for the past year, and in October they will be renegotiating my payment plan (I'm sure to see if they can accelerate recovery on my account). The way I see it, I have 3 options: Option 1: Continue paying $167/month to have it paid in full within a year, then take aggressive action to have as much deleted/removed/satisfied on my credit report as possible. Option 2: Find some sort of debt consolidation loan in order to pay the collection agency off immediately and have debt that looks better to the CRAs Option 3: Continue to make small payments, then attempt to settle with collection agency for a reduced amount (which is something I could potentially do within the next 6 months). I've already payed off 3 other collection accounts, have been increasing my revolving credit limit while keeping my utilization low (generally 10-20% of an $800 limit), and my income is substantially more than it was a year ago. I am interested in finding the solution that can improve my credit score (currently in the 600-620 range) as quickly as possible so I may begin to rebuild. Without more experience in credit, I'm finding myself unable to find the best route to repair. Maybe there's an option I'm not even aware of? Any thoughts?
  21. I won a judgement a little over two years ago and had that judgement recorded in the county where she now lives in California. She has paid nothing for the past 2 years and is now getting divorced . I do not know if this judgement was ever reported to the credit agencise, how do I find out if it is on her credit report?? am I allowed to contact the credit agencies to confirm that the judgement is on her record? am I eligible for a copy of her credit report to see what assets she may have, such as a mortage, car payments, bank accounts etc.??? Do I need to contact the divorce court and inform them I have a judgement, and am I entitled to any of the assets she recieved is her divorce settlement??? Is there any way to get a copy from the divorce court of what assets are being divided and who will get what??? I would appreciate any help or suggestions thanks
  22. So my husband has a ton of student loan debt all incurred before we were married. He has 200,000 in federal loans, 25,000 in private and a 20,000 judgment for a bar study loan which doesn't count as a student loan (yikes! I know!!). We are currently paying off the federal and private student loans but haven't touched the 20,000 judgment. He was underemployed for a long time making around $12,000/yr so he just couldn't pay. He recently got a better job (yay!) but now I'm worried they are going to try to garnish his wages. My question is, should we try to negotiate to pay off the judgment at a reduced rate before he files taxes in April and they find out he has a job, or should we just wait and hope that the SOL passes/they never come after the money. The judgment was issued in 2008 and we live in WA state. The money we would use to pay is my money from an inheritance that they will not be able to take unless we give it to them. He doesn't have anything they can take other than wage garnishment but as far as they know he only makes $12,000/yr and in WA that is below the limit so they can't garnish. I just don't want to stir the pot and have them re-examine his file and figure out he now has a better paying job. Any advice? If you think we should negotiate, what is a reasonable offer to make?
  23. Has anyone ever registered online through Cavalry Portfolio Service's website? It tells me it cannot find the account either by my SS#, the account number, or their case #. My most recent CMRRR was received by them on 7/15. Maybe they gave up, although account has not been deleted from CRs yet? Thoughts?
  24. I have an account that JUST went into collections. It is a Sears/Citibank account now being handled by UCB (United Collections Bureau). I called Sears (CitiBank) to discuss options and I was dismissed and immediately forwarded to UCB without discussion. A UCB agent offered a 50% settlement and the credit report would read "settled in full". From my research, that's not really much better than the active collection. The debt. It's mine. $3100. It's legit. Life happened, an oversight happened. Although 50% sounds great, I would rather pay 100% if it means deletion from my credit report. The agent said that UCB is only collecting on behalf of Citi and does not do any reporting of its own. Not sure how true that is. UCB received the account on June 28, it hasn't been in their hands 30 days yet. Not sure if that gives me any leverage or advantage to take care of it right now or what. As of right now UCB is not on the credit report but I have a feeling I won't be so fortunate next month. What are my options at this point? Do I roll the dice by paying and trying a GW delete after? If I do that, is it better to pay in full or to settle? Advice is appreciated. Thanks.
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