ste541 Posted May 18, 2022 Share Posted May 18, 2022 (edited) 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 May 18, 2022 by ste541 Quote Link to comment Share on other sites More sharing options...
hegemony Posted May 18, 2022 Share Posted May 18, 2022 I take it you never filed BK? is BOA already reporting it as a charge off? Quote Link to comment Share on other sites More sharing options...
centex Posted May 18, 2022 Share Posted May 18, 2022 Is this business or personal? Yes, it CAN make a difference. Quote Link to comment Share on other sites More sharing options...
ste541 Posted May 19, 2022 Author Share Posted May 19, 2022 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. Quote Link to comment Share on other sites More sharing options...
ste541 Posted May 19, 2022 Author Share Posted May 19, 2022 16 hours ago, centex said: Is this business or personal? Yes, it CAN make a difference. It’s a business line of credit with my personal guarantee :) Quote Link to comment Share on other sites More sharing options...
Settlepro Posted May 31, 2022 Share Posted May 31, 2022 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. Quote Link to comment Share on other sites More sharing options...
hegemony Posted June 16, 2022 Share Posted June 16, 2022 On 5/19/2022 at 7:25 AM, ste541 said: It’s a business line of credit with my personal guarantee what have you decided? Quote Link to comment Share on other sites More sharing options...
ste541 Posted October 3, 2022 Author Share Posted October 3, 2022 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. Quote Link to comment Share on other sites More sharing options...
hegemony Posted October 3, 2022 Share Posted October 3, 2022 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! Quote Link to comment Share on other sites More sharing options...
centex Posted October 4, 2022 Share Posted October 4, 2022 A P&L statement for the business, yes...but I'm with hege on tax returns in that being a hard NO! Quote Link to comment Share on other sites More sharing options...
ste541 Posted October 4, 2022 Author Share Posted October 4, 2022 Okay cool. So no I’m tax returns and yes on a p&L. Quote Link to comment Share on other sites More sharing options...
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