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Should I tell creditors I'll file bankruptcy if we can't reach a settlement?


The last post in this topic was posted 733 days ago. 


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14 hours ago, hangloose said:

@CreditGuy100 thank you for your reply! Any additional advice that you think would help my situation is much appreciated!


I pretty much gave you the run down based on what I know of your situation.


Again, I have NEVER dealt with NFCU, but if the replies in this post are correct they blacklist you for life.


It's ALWAYS BEST to get to someone above tier one contact level, a decision maker, a lead or a manager . . . talk to them a few times, explain your family giving you the money situation, perhaps without any specific dollar amounts in the beginning, a great reason to call back. Invest some time with them and they invest some time with you AND THIS BETTERS your chances of them working with you . . . they don't want you to get away paying nothing after they've invested time and effort with you - and, again, ONE 5 minute call isn't gonna make this happen. Second call, start to talk a lower percentage available from your family, maybe 7% all they can say is no that's not enough, but perhaps they'll counter-offer with something lower than you're at now . . . then come back having eeked out a few more dollars from your family . . . BUT, at some point that's all your family will give you and if you can't get all your creditors to agree, then no one gets paid.


REMEMBER, as the delinquency ages, it becomes less likely to collect and therefore less valuable in the eyes of Chase.


Rarely, do they file suit (at least in my state) unless they're the ONE card you're not paying and you're paying ALL you other cards/payments on time . . . showing that you HAVE money and you're just not giving it to them. The worse shape your CRAs are in the better when negotiating - it means there's no money for the creditor to come after and therefore no reason to file suit against you.


Best of luck and remember the worst thing they can say to any offer you make is . . . no! And, no just means your DOFD is too new or your percentage is too low in comparison to your DOFD aging. No means no right now in this moment, but next month today's no, might be a yes or a lower percentage offer.




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21 hours ago, hangloose said:

@CreditGuy100 great advice, thank you again! I did have one question in regards to something you mentioned; how do I go about getting someone above tier one to talk to? 

You ask and then you keep asking for a decision maker.


Yes, you'll get some push back from the tier one person you're dealing with, they're gatekeepers . . . they're trained to keep you away from the supervisors and the managers.


If you can't get past a particular gatekeeper, you call back later and talk to a different tier one person . . . you have to invest some time and effort - if it was EASY and WORK FREE everyone would be doing it.


Often times when you ask for a supervisor, the tier one person will say something like, "You just tell me and I'll present it to my supervisor." You interject, something like, "That's fine, but if the answer is no to my percentage proposal then you tell your supervisor that I need to speak to them directly." If the answer is yes, you got the percentage you wanted and you're done - if it's no then you get a supervisor. This technique sometimes gets you a YES to your offer just because the supervisor doesn't want to get on the phone with you, EITHER WAY it's a win !!!


Additionally, you can ask for the name of their supervisor during one call as part of pleasant talk and then call back at a different time and ask for that person. Tell the new tier one person you got the supervisor's name from another CSR at the company and you were told that was the person you needed to talk to for a decision on your particular situation.


You can say something like, "The last person I spoke with said that I needed to speak with the supervisor, Jim, or something like that I think was his name - is that right? Is it Jim or some other common name?"


Be creative and you'll get there with a little effort.





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