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I stopped paying my credit cards in early 2014 and am trying to do what I can to clean them up. Note: I live in California with a 4 yr SOL. My plan is to wait until the SOL has expired to avoid 'poking any bears' then work on settlements. Problem is there is no way i will be able to settle and get the AMEX paid and very iffy if I can settle with PRA on the $12K. Just too much money invloved. I can probably come up with settlement funds for all the others and work on PFD's and a goodlwill letter campaign. Problem is I'm not sure that will even be worth it with the AMEX and PRA accounts still unresolved. And by worth it I mean improving my credit scores. I know there are some of you who will say well you owe it so pay it. I get that but I am in the what's best for me and my family mode at this point. Open to suggestions on both short and long term strategies.
Thanks for listening!
Accounts:
AMEX
DOFD 4/2014
Status Charge-Off
Amt: $36,500
CBNA Best Buy
DOFD 5/2014
Status Charge -Off
Amt: $152
Chase Card
DOFD 5/2014
Status Charge-Off
Amt: $5,251
Received 1099-C in 2015 for $1,184
Syncrony Bank / AMZ
DOFD 5/2014
Status Charge-Off
Balance 0
Sold to Midland
SYNCB/PAYPAL SMART CON
DOFD 5/2014
Status Charge-Off
Balance 0
Sold to Midland
SYNCB/WALMART
DOFD 5/2014
Status Charge-Off
Balance 0
Sold to Midland
TD BANK USA/TARGETCRED
DOFD 5/2014
Status Charge-Off
Balance $1,152
PORTFOLIO RECOVERY ASS
Date Opened: 12/01/2015
OC Capital One
Balance $12,838
Midland Funding
Date Opened 7/2015
OC - Synchrony Bank
Balance: $829
Midland Funding
Date Opened 7/2015
OC - Synchrony Bank
Balance: $2829
@Anonymous wrote:I stopped paying my credit cards in early 2014 and am trying to do what I can to clean them up. Note: I live in California with a 4 yr SOL. My plan is to wait until the SOL has expired to avoid 'poking any bears' then work on settlements. Problem is there is no way i will be able to settle and get the AMEX paid and very iffy if I can settle with PRA on the $12K. Just too much money invloved. I can probably come up with settlement funds for all the others and work on PFD's and a goodlwill letter campaign. Problem is I'm not sure that will even be worth it with the AMEX and PRA accounts still unresolved. And by worth it I mean improving my credit scores. I know there are some of you who will say well you owe it so pay it. I get that but I am in the what's best for me and my family mode at this point. Open to suggestions on both short and long term strategies.
Thanks for listening!
Accounts:
AMEX
DOFD 4/2014
Status Charge-Off
Amt: $36,500
CBNA Best Buy
DOFD 5/2014
Status Charge -Off
Amt: $152
Chase Card
DOFD 5/2014
Status Charge-Off
Amt: $5,251
Received 1099-C in 2015 for $1,184
Syncrony Bank / AMZ
DOFD 5/2014
Status Charge-Off
Balance 0
Sold to Midland
SYNCB/PAYPAL SMART CON
DOFD 5/2014
Status Charge-Off
Balance 0
Sold to Midland
SYNCB/WALMART
DOFD 5/2014
Status Charge-Off
Balance 0
Sold to Midland
TD BANK USA/TARGETCRED
DOFD 5/2014
Status Charge-Off
Balance $1,152
PORTFOLIO RECOVERY ASS
Date Opened: 12/01/2015
OC Capital One
Balance $12,838
Midland Funding
Date Opened 7/2015
OC - Synchrony Bank
Balance: $829
Midland Funding
Date Opened 7/2015
OC - Synchrony Bank
Balance: $2829
my goodness. what sort of collection activity has come your way re the amex? re the pra, what is the dola/dofd re the cap1? amex always retains the debt and even if you have had little contact I would expect something will show up at your doorstep last min. depending on who is handing it for them you might be able to settle but they will put judgement on you and that is a nasty mark to have. ditto for cap1, they will get a judgement unless you travel under a lucky star
On the above where it is said " they will get a judgement ", this is assuming they go to court ant the OP doesn't settle prior or doesn't show up or out right loses if I'm correct ?
@800goal800 wrote:On the above where it is said " they will get a judgement ", this is assuming they go to court ant the OP doesn't settle prior or doesn't show up or out right loses if I'm correct ?
right. being able to settle and not have it coded on the entry as settled for less is key as it trips a different flag on the report. I just did amex and cap1 for someone and both were stellar to work with and the individual also has new cards with both now. she got judgements from both. amex even removed the ex entry without asking. unfortunately it was her oldest account and she took a hit for it. once things go sideways its about window dressing, had to get perfection
AMEX will play hardball. They aren't going to stay away.
My sister was sued for $8,000...she was holding her breath and BAM.
How long after DOFD was she served?
Have you considered bankruptcy?
Yes - we had an attorney back in 2014 and were close to filing however our income prevented us from a Chapter 7. Chapter 13 did not look appealing so we rolled the dice. It may be back on the table depending how these next 6 months go but for now we are playing the wating game.
@Anonymous wrote:Yes - we had an attorney back in 2014 and were close to filing however our income prevented us from a Chapter 7. Chapter 13 did not look appealing so we rolled the dice. It may be back on the table depending how these next 6 months go but for now we are playing the wating game.
Talk to a new attorney. (A few of them, actually)
Income isn't always a dealbreaker for a CH 7, especially if you live in an expensive area. (Which in California, you likely might
I thought I was about $20k over the income threshold. First attorney said 13 only. Second said a 7 was no problem since I live in NYC and got it done.
@Anonymous wrote:
@Anonymous wrote:Yes - we had an attorney back in 2014 and were close to filing however our income prevented us from a Chapter 7. Chapter 13 did not look appealing so we rolled the dice. It may be back on the table depending how these next 6 months go but for now we are playing the wating game.
Talk to a new attorney. (A few of them, actually)
Income isn't always a dealbreaker for a CH 7, especially if you live in an expensive area. (Which in California, you likely might
I thought I was about $20k over the income threshold. First attorney said 13 only. Second said a 7 was no problem since I live in NYC and got it done.
We did talk to a few with pretty much the same outcome...'problem' is we had some unexpected income that prevented us from filing. Like many of us, my story is long and complciated. Suffice it to say that the timing back then wasn't in our favor and we got put in a real bad spot after chapter 7 wasn't an option.