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$145,000 Line of Credit now in collections


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I just received a notification from SRC (State Resources Corp.) that my Bank of America line of credit I have been stressing about for two years has been sold to this collection company. I have a few questions and any insight would be very appreciated. I responded this morning to SRC asking to verify the debt and stating they can only contact me by my personal email. 

 

1.)  How much do you assume I could negotiate with them down to before this reports on my credit. I know on the $144,000 over $30K of that is interest only payments I made to Bank of America over the last two years to put this on ice. I know Bank of America offered me $130,000 at one point but then it was assigned to a new account manager at Bank of America and she refused to negotiate. 

 

2.) Has anyone dealt with States Resources Corp. (SRC) and if so how are they to deal with? I am considering letting this hit my credit and letting it season for a year or two before negotiating so I can drastically reduce the amount owed. However, I do not want get in a situation where they are a company with a strict no on "pay-for-delete" policy.

 

Any other tips or things you would be doing if this was your position? I do have enough to pay the full balance however it would drain most of my accounts at the moment. 

 

 

Edited by ste541
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16 hours ago, hegemony said:

I take it you never filed BK? is BOA already reporting it as a charge off?

It hasn’t reported to credit yet. I am not planning on filling BK. My credit is actually in a decent spot at the moment and this is one of the only debts I owe. I have no need for any home,auto,cc or other loans anytime soon. 

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  • 2 weeks later...

Every creditor has settlement parameters. Some are lower than others. As someone that has worked both sides of the fence I would say that assignees are worse ( higher settlement parameters) than direct creditors.  Most assignees (debt purchasers) don't work there own paper except a few of the big ones. They usually send straight to a collections agency or collections law firm. 

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  • 3 weeks later...
  • 3 months later...

I really need some advise. I have been in negotiations with this debt collector and in order to settle the $145,000 I owe for under $75,000 they are requesting tax returns.

 

Should I send them tax returns? What info should I send and what info should I not send. Trying to get this as low as possible.

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4 hours ago, ste541 said:

I really need some advise. I have been in negotiations with this debt collector and in order to settle the $145,000 I owe for under $75,000 they are requesting tax returns.

 

Should I send them tax returns? What info should I send and what info should I not send. Trying to get this as low as possible.

 

tax returns to who?

 

a CA? NFW!

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