CHARGEOFFS - Delay, Settle, Avoid Lawsuit

[eraser]

I have a handful of charge offs as a result of a job loss.

 

I am looking to avoid bankruptcy and settle the debts.

 

This will take some time.

 

Because it will take 12-24 months to settle all these, I realize I may get sued along the way.

 

However, I prefer to avoid getting sued if possible.

Which will likely sue sooner rather than later?

 

In default for about a year.

 

 

Creditor Collection Company Balance

Capital one Nelson Watson 4,000

Citibank Northland Group 700

Citibank United Collection Bureau 7,000

Discover Van Ru Credit 3,000

Synchrony Allied Interstate 1,500

HSBC American Coradius 5,000

Macys Client Service 1,500

Merrick Bank Phillips and Cohen 3,000

Capital One/CACH LLC Law Office of Kevin Shine 1,100

Prosper IC Systems, Inc. 20,000

 

Aside from sending Debt Validation letters, are there any other techniques you suggest to keep these guys at bay,

Thanks in advance for your insight.

[cv91915]

Bump. Please help OP identify the obvious litigious beasts on that list.

[BlackKnight1983]

I have a handful of charge offs as a result of a job loss.

 

I am looking to avoid bankruptcy and settle the debts.

 

This will take some time.

 

Because it will take 12-24 months to settle all these, I realize I may get sued along the way.

 

However, I prefer to avoid getting sued if possible.

Which will likely sue sooner rather than later?

 

In default for about a year.

 

 

Creditor Collection Company Balance

Capital one Nelson Watson 4,000

Citibank Northland Group 700

Citibank United Collection Bureau 7,000

Discover Van Ru Credit 3,000

Synchrony Allied Interstate 1,500

HSBC American Coradius 5,000

Macys Client Service 1,500

Merrick Bank Phillips and Cohen 3,000

Capital One/CACH LLC Law Office of Kevin Shine 1,100

Prosper IC Systems, Inc. 20,000

 

Aside from sending Debt Validation letters, are there any other techniques you suggest to keep these guys at bay,

Thanks in advance for your insight.

 

Well, if I were in your shoes, this is what I'd do (and please get other advice as well).

 

First thing - Locate the website for online court case lookups in your county (it could either be county wide or state wide). Make it a habit to search for yourself regularly. You don't want any default judgements to slip by. Some places have to serve you in person, others can serve you by newspaper, find out which applies to you.

 

Second, get paper copies of all of your credit reports.

 

Third, some people might not agree with me here (and I understand why), but this is solely what I would do. Get signed on with a service like Credit Karma. You have a lot of accounts in default, and they're going to be bought and sold (several times over before SOL hits). With Credit Karma you can follow along (and pull once a week) easier when the accounts change hands. Every change of ownership adds to the chances that records are missing or inaccurate. Since you have a LOT of accounts, this is going to be a long term thing. When my accounts went into default they were each bought and sold about three times before Cavarly and Midland got them.

 

Fourth - Try to identify which of these collectors are in house or wholly owner by their OC. You might have an easier time dealing with an OC owned debt.

 

Finally - Try to develop a payoff strategy. You don't want to get sued over a $700 debt (it's not worth the lost time at work). Also, are you willing to settle debts for less than the full amount or do you need to pay in full? I found that the best offers to settle (at least for me) came in around two years after default. Once the debts got to Midland and Cavalry the settlement offers were between 80% and 200% of the original balance. A Midland lawyer told me outside of court that they're perfectly happy getting a judgement and sitting on it for decades (waiting for you to NEED to get it off your books).

 

I hope this helps get you started

 

The Black Knight

[shifter]

that's about 50k in debt.

 

is your new job going to provide you that much to clear that off in a year or 2?

 

I don't know,

 

but that's an entire year's pay for a lot of people.

 

and I'm the last person to recommend BK

 

but if you're fooling yourself into thinking you can clear these up

 

you might want to talk to some advisors and get a clear plan.

[BlackKnight1983]

that's about 50k in debt.

 

is your new job going to provide you that much to clear that off in a year or 2?

 

I don't know,

 

but that's an entire year's pay for a lot of people.

 

and I'm the last person to recommend BK

 

but if you're fooling yourself into thinking you can clear these up

 

you might want to talk to some advisors and get a clear plan.

 

Very good points, that's why I asked if OP would consider settling these debts. At 30% to 35% of balances, settling could be do able in a couple of years.

[earnestbunbury11]

Are you unemployed? How much do you make? Some companies (like one you have listed, CACH, LLC) routinely buy these debts for as little as a penny on the dollar. Bankruptcy will stay on your files for so much longer than settling with them. It seems really scary at first, but they prey on your fear. What they do is buy these debts for nothing, then sue hoping you'll be too afraid to hire a lawyer or answer the summons. Guess what happens? You don't show up in court or answer the summons and they win by default. That means they can garnish, repossess, etc.; basically a bunch of things that will make your life more miserable.

 

The advice above was correct. CHECK your county's web site to make sure they already haven't sued and that 'somehow' you never got the notice. Be proactive. Do NOT ignore this hoping it will go away. Ignore the original creditors for now, they have written off you debt in most of these cases and taken a tax write off. they often won't even take your money if you offered it to them. Umm... don't offer any to them. Have a smart phone? Immediately get a recorder- they are free and you'll have a record of everything they say if you talk to them.

 

Although talking to them is stupid, as the really experienced people on here will tell you, I have called and spoken to many people and told them I have NO money to speak of and can we work something out? This might require a give and take as they will go a couple or even few months of 'We can't accept lower than...' BS. Mention that you are going to declare bankruptcy and are trying to make it right. They will be complete Flower Pots. This is a good thing, as it will make YOU mad and ready to fight. Remember, there are no debtors prisons in the US. As a rule, I think, NO collection agency can do business without their low paid scumbags making some boneheaded mistake.

 

It'll get less and less scary as you go along. If you're like me I just got angrier and angrier at those losers and started to get mad dog mean. When I checked my mail and there wasn't someone to pester, complain to or threaten to sue I felt let down. Keep copies of EVERYTHING, no matter how minor it may seem. You have to get SUPER organized. Time passes fast. Get a folder at Walmart and some envelopes, address stickers, etc. Keep a file space for EACH company. Write EVERYTHING down. Send EVERYTHING certified mail (return receipt optional). Take the sticker from the certified slip and stick it on the copy of the letter you're sending and verify it was delivered if you need to. You will have TWO copies of everything you send. These boards will guide you as to what to send. Frankly, between going bankrupt and fighting the good fight, I'd pick going down fighting. What have you got to lose?

 

Not that you will lose. Remember EVERYTHING to them is money. Money spent talking to you on the phone; money spent answering your letters (handwrite them so they can't be read by a machine); money spent on all your pestering. Remind them subtly that you know how much they paid for your debt and that even if you gave them $100.00 they'd be quadrupling their money.

 

Keep checking these boards for help. Really get into it, like a job. Find out what to do and do it. What state are you in? ICANHASMUNY on here is an expert in state laws and... well everything it seems. Take the good advice and ignore the trolls that are kind of passive-aggressive with their advice. Take every bit of advice with a grain of salt as it could be wrong (even mine). I was $20,000.00 in debt and lost my job but so far everything is working my way. Just remember, it's all about money and nothing else. They'll try to play on your emotions and call you a deadbeat, etc., but don't let it get to you.

 

Keep reading on here. Find out what to do if you ARE sued, just to be ready. Your weapons on here are endless.

 

Keep us posted.

[graymidday]

THIS^^^^ the best, most concise, to the point, reply I have seen on these boards. This is excellent and should be pinned.

Edited October 2, 2014 by graymidday

[FromGoodtoGreat]

that's about 50k in debt.

 

is your new job going to provide you that much to clear that off in a year or 2?

 

I don't know,

 

but that's an entire year's pay for a lot of people.

 

and I'm the last person to recommend BK

 

but if you're fooling yourself into thinking you can clear these up

 

you might want to talk to some advisors and get a clear plan.

OP I hope everything works out for you. You have been given some good advice on both sides of the aisle. I know a lot of people frown on bankruptcy but if you can't come up with 30-35% of the 50G's then it may be your only option. So many people have filed bankruptcy on this forum and bounce back within a year.

 

Read the board religiously. In a nutshell I agree with Shifter on this one. But if you can settle these damn things for pennies on a dollar then by all means try to tackle it.

[BlackKnight1983]

I looked this over again, now that I have a few minutes to spend on the computer, and I came up with some ideas.

 

First off, you said that you had a handful of charge-offs due to a job loss. 50K is a lot of debt, and it seems that you didn't adjust your lifestyle to reflect your new reality (I'm not being judgmental, just trying to be honest, I've been there, living off the cards, thinking my job was coming back). The point I'm trying to make is, have you adjusted and fixed the structural problems now? (You don't have to answer to the board, just yourself).

 

Next, make a real budget for yourself. Be realistic on your expenses. Do you have kids? (that alone can cause all kinds of bills to pop up). After all of your expenses (including some for fun and entertainment), how much per month do you have left over to pay down your debt? Multiply that by 24. Are you close? If not, you really should consider bankruptcy. It would be a shame to pay down a large amount, only to end in bankruptcy anyway.

 

If you choose to fight it out and not BK, here's what I would do.

 

Like I said above, find the court records website for your state/county. Hopefully they have online searches.

 

You're going into battle, so you have to figure out who your "enemies" are, what their tactics are, etc.

 

How much does it cost to file a small claims case in your county? What's the $$$ limit for small claims cases? What about large claims? How much to file those? Why is this important to know? Well I doubt a CA is going to sue you for $700 if it costs him $500 to file. As to the large claims, I've had a CA sue me for less than I owed, simply to get into small claims court.

 

Use the court records to look up the CA's listed on your reports. Do they file a lot of cases? Who's the law firm they use? Google them. Do they have a good reputation? Are they sleezebags? You can find out a lot online.

 

Also, try to figure out which ones will settle, and at what rate. I found out a lot of that by searching these forums. Watch your mail for settlement offers.

 

What is your states SOL? You mentioned you've been in default for a year. Are you in a 4, 5 or 6 year state?

 

As was stated above, I wouldn't worry about the OC's, unless they still own the debt. You need to figure out if your debt was sold to the CA or assigned to the CA for collection (the CA might even be owned by the OC). If it was sold, don't worry about the OC right now (if it was sold, it should be reporting as zero on your reports).

 

DV's right now are "poking the bear", and you my friend, have a LOT of bears. Let the bears sleep for now, you don't want to have to fight them all at once. The settlement offers will come. (Now you can DV, and maybe even get them off of your reports, but that doesn't stop them from suing you (maybe someone can verify that for me) until the SOL is up). When you do get a settlement offer, you can always counter offer (and ask for a PFD). Never admit to the debt, use the "it's cheaper for me to settle than fight" routine (examples in DV letters on these boards).

 

What did I forget... Oh yes, your balances.

 

Think about your balances. Are they the amount that you actually (allegedly) charged, or is there a ton of interest and junk fees inserted? If so, the CA might not have paperwork to support the higher balances (that happened in my case), or the original agreement that you signed (that authorizes them to add that interest or those charges). Therefore, you might be sued, or sent an offer to settle for less than the amount you think the balance is.

Finally, start learning about suits.

Find out what happens when you get served. With this many cases, it's probably gonna happen. Start by learning how to answer a case, and how to file your answer. Research how to defend a case. Ask them to prove that they own the account. People on this site will be able to help you out, but you'll need specifics, things like what state, OC, and CA.

I hope this helps, and please keep reading. You have a tough row to hoe, my friend.

The Black Knight

Edited October 2, 2014 by BlackKnight1983

[FromGoodtoGreat]

I looked this over again, now that I have a few minutes to spend on the computer, and I came up with some ideas.

 

First off, you said that you had a handful of charge-offs due to a job loss. 50K is a lot of debt, and it seems that you didn't adjust your lifestyle to reflect your new reality (I'm not being judgmental, just trying to be honest, I've been there, living off the cards, thinking my job was coming back). The point I'm trying to make is, have you adjusted and fixed the structural problems now? (You don't have to answer to the board, just yourself).

 

Next, make a real budget for yourself. Be realistic on your expenses. Do you have kids? (that alone can cause all kinds of bills to pop up). After all of your expenses (including some for fun and entertainment), how much per month do you have left over to pay down your debt? Multiply that by 24. Are you close? If not, you really should consider bankruptcy. It would be a shame to pay down a large amount, only to end in bankruptcy anyway.

 

If you choose to fight it out and not BK, here's what I would do.

 

Like I said above, find the court records website for your state/county. Hopefully they have online searches.

 

You're going into battle, so you have to figure out who your "enemies" are, what their tactics are, etc.

 

How much does it cost to file a small claims case in your county? What's the $$$ limit for small claims cases? What about large claims? How much to file those? Why is this important to know? Well I doubt a CA is going to sue you for $700 if it costs him $500 to file. As to the large claims, I've had a CA sue me for less than I owed, simply to get into small claims court.

 

Use the court records to look up the CA's listed on your reports. Do they file a lot of cases? Who's the law firm they use? Google them. Do they have a good reputation? Are they sleezebags? You can find out a lot online.

 

Also, try to figure out which ones will settle, and at what rate. I found out a lot of that by searching these forums. Watch your mail for settlement offers.

 

What is your states SOL? You mentioned you've been in default for a year. Are you in a 4, 5 or 6 year state?

 

As was stated above, I wouldn't worry about the OC's, unless they still own the debt. You need to figure out if your debt was sold to the CA or assigned to the CA for collection (the CA might even be owned by the OC). If it was sold, don't worry about the OC right now (if it was sold, it should be reporting as zero on your reports).

 

DV's right now are "poking the bear", and you my friend, have a LOT of bears. Let the bears sleep for now, you don't want to have to fight them all at once. The settlement offers will come. (Now you can DV, and maybe even get them off of your reports, but that doesn't stop them from suing you (maybe someone can verify that for me) until the SOL is up). When you do get a settlement offer, you can always counter offer (and ask for a PFD). Never admit to the debt, use the "it's cheaper for me to settle than fight" routine (examples in DV letters on these boards).

 

What did I forget... Oh yes, your balances.

 

Think about your balances. Are they the amount that you actually (allegedly) charged, or is there a ton of interest and junk fees inserted? If so, the CA might not have paperwork to support the higher balances (that happened in my case), or the original agreement that you signed (that authorizes them to add that interest or those charges). Therefore, you might be sued, or sent%2

Pretty sound advice right there. There are two states that have a statue of repose, Mississippi and Wisconsin. It means not only has the statue of limitations passed to be sued but it also means that in essence you never owed the debt. This works pretty good dealing with CA's to get removals.

 

OP, do you live in one of those two states?

[graymidday]

6 years ago I had 60k in revolving debt charge offs, a foreclosure of 270k and a second mortgage of 30k.

 

I have been sued, once. And it was not the 12k credit card or the big debt house. It was for a grand, the smallest limit card I had. Not everybody sues, you just never know which one might.

 

I am crawling my way out of my mess, and you can too. I refused to do a BK due to owning a business. At this stage I am glad I didn't. Looking back, I probably should of. Might have saved a few years of stress.

 

You have found this board early on, be happy and thankful for that. No matter which you decide, you can find others here who have been there, done that and live to tell, including myself.

[BlackKnight1983]

There are two states that have a statue of repose, Mississippi and Wisconsin. It means not only has the statue of limitations passed to be sued but it also means that in essence you never owed the debt. This works pretty good dealing with CA's to get removals.

 

OP, do you live in one of those two states?

 

 

I don't know about Mississippi, but WI has a long, 6 year SOL. That's a long time for your bears to sleep.

 

 

Not everybody sues, you just never know which one might.

 

 

That got me thinking, find a credit monitoring service (or another way) that shows your soft pulls. I'm sure someone here can tell you how to do that. Think of it as early warning radar. If they pull your soft, they might be getting ready to sue (or just figuring you're not worth the effort). Is the bear really asleep, or just pretending?

 

Also, read the post (it was pinned to the top, last time I looked) about your "collection score". Don't think that just because others weren't sued that you won't be either. My reports looked like dog***t, no income (my listed employer was out of business), no real estate, just plenty of bad debts. Two out of 4 bears woke up (one's still sleeping, so be very quiet) and sued (the ones that didn't were for small amounts (they weren't going to spend $250 in filing fees to sue for a $500 debt)).

Edited October 2, 2014 by BlackKnight1983

[FromGoodtoGreat]

 

There are two states that have a statue of repose, Mississippi and Wisconsin. It means not only has the statue of limitations passed to be sued but it also means that in essence you never owed the debt. This works pretty good dealing with CA's to get removals.

 

OP, do you live in one of those two states?

 

 

I don't know about Mississippi, but WI has a long, 6 year SOL. That's a long time for your bears to sleep.

 

Yeah that is quite long. It's only 3 years here in Mississippi. I have used this to my advantage on a couple of CO TL's and a timeshare.

 

Not everybody sues, you just never know which one might.

 

 

That got me thinking, find a credit monitoring service (or another way) that shows your soft pulls. I'm sure someone here can tell you how to do that. Think of it as early warning radar. If they pull your soft, they might be getting ready to sue (or just figuring you're not worth the effort). Is the bear really asleep, or just pretending?

 

Also, read the post (it was pinned to the top, last time I looked) about your "collection score". Don't think that just because others weren't sued that you won't be either. My reports looked like dog***t, no income (my listed employer was out of business), no real estate, just plenty of bad debts. Two out of 4 bears woke up (one's still sleeping, so be very quiet) and sued (the ones that didn't were for small amounts (they weren't going to spend $250 in filing fees to sue for a $500 debt)).

 

[mizliz1011]

THIS^^^^ the best, most concise, to the point, reply I have seen on these boards. This is excellent and should be pinned.

100 x 100. This should be a sticky.

 

Please also organize all of your prior bills and CA notices ... you will find that they play with balances. If you end up in court. have an accounting of your charges less payments and credits and a sep. category for interest and fees. the judge will knock off interest and fees (such as overline, late payment, phone payment, etc).

 

easier to negotiate with JDB and in court. SAVE all papers and check stubs/statements. organize. Know your position and know your enemy as well as date of first delinquency.

 

ATTACK.

Edited October 2, 2014 by mizliz1011

[BlackKnight1983]

What did I forget... Oh yes, your balances.

 

Think about your balances. Are they the amount that you actually (allegedly) charged, or is there a ton of interest and junk fees inserted? If so, the CA might not have paperwork to support the higher balances (that happened in my case), or the original agreement that you signed (that authorizes them to add that interest or those charges). Therefore, you might be sued, or sent an offer to settle for less than the amount you think the balance is.

 

 

Please also organize all of your prior bills and CA notices ... you will find that they play with balances. If you end up in court. have an accounting of your charges less payments and credits and a sep. category for interest and fees. the judge will knock off interest and fees (such as overline, late payment, phone payment, etc).

 

easier to negotiate with JDB and in court. SAVE all papers and check stubs/statements. organize. Know your position and know your enemy as well as date of first delinquency.

 

ATTACK.

 

 

Yes, you definitely need to organize this information. If you do end up in court, think about how fun it would be to be able to ask the JDB, "on such and such day, you reported that I owed $x,xxx. Then, two days later, you reported that I owed less money to another CRA. How do you explain that? Where is your justification for this change or that change?" Or "How did you compute those interest charges?"

 

Here's the best way to look at it (in my opinion).

 

You show up to court, nicely dressed in a suit and tie, calm, cool, and collected, with every statement, every letter, every balance, and ready to pick apart every last detail.

 

Your opponent shows up in court, and you find out he's a monkey throwing poo all over the place, hoping something is going to stick.

 

Kinda sums it all up.

[mizliz1011]

half of the people who they send to court are per diems. They will have a computer print out of your account, AT BEST, which is not admissible.. they need two years usually of your statements and the original contract.

 

start negotiating from Charges, less payments and credits. Only use that balance. don't negotiate interest or fees. throw those out because 99% of the judges do throw those out.

 

check for the date of first delinquency (look at amount past due and if it never stops being not current, that is your date, the first one).

 

Check your payments. Check your bank account. Payments if they bounced can make a DofFD earlier

 

Have everything on Excel. the judges LOVE that. shows you are careful and not making up figures. enter each debit and credit from two years worth of statements. then do a %- % for charges less payments, % for credit card interest (and note the % charged) and % of total from various fees- overline, late payment, all that shitola.

 

knock them dead with numbers if you are going to admit the debt. but tell them they are wrong. If they only have a computer print out demand original statements. Even if you have them, they are suing you based on numbers from them. DO NOT GIVE IN. They must have those and the original contract. otherwise, it is controlled (I think) by state usury laws if they have no contract- check with ICANHAS on this. Good luck. I beat a $8K bill down to $900 doing this.

[graymidday]

 

What did I forget... Oh yes, your balances.

 

Think about your balances. Are they the amount that you actually (allegedly) charged, or is there a ton of interest and junk fees inserted? If so, the CA might not have paperwork to support the higher balances (that happened in my case), or the original agreement that you signed (that authorizes them to add that interest or those charges). Therefore, you might be sued, or sent an offer to settle for less than the amount you think the balance is.

 

 

Please also organize all of your prior bills and CA notices ... you will find that they play with balances. If you end up in court. have an accounting of your charges less payments and credits and a sep. category for interest and fees. the judge will knock off interest and fees (such as overline, late payment, phone payment, etc).

 

easier to negotiate with JDB and in court. SAVE all papers and check stubs/statements. organize. Know your position and know your enemy as well as date of first delinquency.

 

ATTACK.

 

 

You show up to court, nicely dressed in a suit and tie, calm, cool, and collected, with every statement, every letter, every balance, and ready to pick apart every last detail.

 

Your opponent shows up in court, and you find out he's a monkey throwing poo all over the place, hoping something is going to stick. -- Sometimes they don't even show! this happened to me and A$$ Accept. No shows, after suing me, and case dismissed.

 

 

[mizliz1011]

and the per diem lawyers will know nothing about the case and have more often than not a computer printout. demand dismissal as the burden of proof is on them.

[dcowboy08]

Awesome thread. Great advice from those who have the past experience to help.

[eraser]

UPDATE:

 

Thank you for the replies above.

 

Based on my research, only one of the debts has been sold by the original creditor. Capital One to CACH. According to my local court records, they seem to sue in waves. To go on the offense, I sent them a debt validation letter while i figure out how to pay everyone back.

 

That said, What is the likelihood the original creditors on my list will sue based on the balances? To me CACH seems like a red flag. Any others?

 

The primary goal is to avoid getting sued. To me, some will disagree, bankruptcy is like suing yourself, which foils the goal.

[BlackKnight1983]

UPDATE:

 

Thank you for the replies above.

 

Based on my research, only one of the debts has been sold by the original creditor. Capital One to CACH. According to my local court records, they seem to sue in waves. To go on the offense, I sent them a debt validation letter while i figure out how to pay everyone back.

 

That said, What is the likelihood the original creditors on my list will sue based on the balances? To me CACH seems like a red flag. Any others?

 

The primary goal is to avoid getting sued. To me, some will disagree, bankruptcy is like suing yourself, which foils the goal.

 

So, you poked the Capital One / Cach LLC bear. Not a bad place to start, if you lose it's only $1,100 (then again, I say that if you have the money now to pay it).

 

Do you think you'll have the money to pay these all down? (I figure that you'll need at least $1,000 per month, while taking advantage of settlement offers along the way).

 

You seem to be really hung up on the lawsuit thing. Is there some reason that you're so afraid of this? (public figure, potential job loss due to credit issues, etc). A lawsuit isn't the end of the world, it just means that you'll have to take care of THAT problem sooner than the others. With the suit I'm going through now, they folded really quick and it will be over soon.

 

When you first default, things seem really scary. It can seem like the end of the world. I hid my head in the sand. You're learning how to handle this. I was at my friends house the other day, sitting at his kitchen table, when I spotted a dunning letter. My face lit up and I got excited. I'm bored now that I don't have any of my own. I see dunning letters an opportunities.

 

Personally, the only ones I'd really be worried about are your $20,000 and maybe your $7,000 (that is, if you have the income now).

 

Have the settlement offers started to come in yet?

 

You might have to wait till the second tier collectors buy your debt, they seemed to me at least, to be the ones that were most willing to deal.

[BlackKnight1983]

Look on the bright side Eraser... you have a new hobby now.

 

(That was meant to be light hearted, Credit Boards is now the first site I check when I sit down to surf)

[eraser]

Starting to get in the thick of things by calling the collection agencies to work out a settlement.

 

However, they all ask for DOB and last four of SS#.

 

Any drawback in providing that information?

 

They aren't able to provide me with a solid reason as to why they need the information.

 

I give them their account number and my name and i think that's enough.

 

I have asked to speak to supervisors and they say the same thing.

 

I am trying to go on the offense with the settlement process. Not interested in sitting back waiting for the numbers to come down on their own, as lawsuits may be filed by them along the way.

 

Should I give them this information?

[breeze]

No, it's like with Miranda, any information you give will be used against you. Don't talk to them on the phone. Read the newbie's section here.

[ICANHASMUNY?]

I have a handful of charge offs as a result of a job loss.

 

I am looking to avoid bankruptcy and settle the debts.

 

This will take some time.

 

Because it will take 12-24 months to settle all these, I realize I may get sued along the way.

 

However, I prefer to avoid getting sued if possible.

Which will likely sue sooner rather than later?

 

In default for about a year.

 

 

Creditor Collection Company Balance

Capital one Nelson Watson 4,000 they'll sue

Citibank Northland Group 700 They will sell it off

Citibank United Collection Bureau 7,000 They will sell it off

Discover Van Ru Credit 3,000 they'll sue

Synchrony Allied Interstate 1,500 They will sell it off

HSBC American Coradius 5,000 They will sell it off

Macys Client Service 1,500 They will sell it off

Merrick Bank Phillips and Cohen 3,000 They will sell it off

Capital One/CACH LLC Law Office of Kevin Shine 1,100 they'll sue

Prosper IC Systems, Inc. 20,000 they'll sue

 

Aside from sending Debt Validation letters, are there any other techniques you suggest to keep these guys at bay,

Thanks in advance for your insight.

 

Sounds like BK to me would be the better option - judgments stay on your reports from the date awarded.

 

What State are you in? - if you reaffirm the debt by making partial payments you may reset the SOL.

 

some states have borrowing statutes Cap one is in VA - so if you were in NY with a 6 year SOL, NY actually uses Cap ones home state of VA SOL which is only 3 years.