Actually started settling

[jeffm4688]

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@RehabbingANDBlabbing wrote:

You need to focus on the ones suing you first. I've been settling debt for the past couple years. I was only sued a couple of times, once by Bank of America and once by a debt buyer that bought my Citibank debt. I beat the Citi one and settled the BofA one before court at 50%. Debt buyers can be beaten, so

dont pay them, just get a debt lawyer. They go away after you beat them, so save your money and just pay a lawyer. I don't think USAA sues people. I had a charge off with them and settled it for about 43%, mainly to improve my credit, not because they sued. As for PenFed, I had a CO with them. They kept reporting it incorrectly, so I sued them for FCRA violations. I ended up settling a $14k debt for $3k after suing them. They are pretty incompetent. They sold the debt after we signed the settlement papers then they had to buy it back from the debt buyer. I don't think they like to settle for lower amounts, but the good news is they will probably sell your debt to someone else who you can settle with for less or beat in court.

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I only found out about the ones sueing me after I drafted the payments for navyfed/city so I was boned there. While I hadn't drafted the discover one I've seen they like to sue so figured I should handle that.

I have been doing a lot of research, I did find a debt attorney who would respond to the answer and try to get them to settle but I am considering handling this on my own with solosuit. The attorney was very confused as to why these were served in supreme court considering their amounts. I have looked through A LOT of the legal filings for other people who have been sued by BoA and this firm and they do usually end up settling. I'll be able to clear them if they settle around 50% later this month.

I spoke with penfed today, they claim the credit card was sold to SCS & the vehicle loan was sold to RA rodgers they claim. I realize RA rodgers is most likely collecting, I specifically asked for a date on when it was sold and the guy on the phone claims it was sold before they updated my credit last month so if so, they're mis reporting.

[Anonymous]

Man, you are doing great.  Great terms on settlement also.  Cap 1 sued me and I had to hire lawyer to negotiate settlement.  Was it easy to get approval for car loan? 

[jeffm4688]

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@Anonymous wrote:

Man, you are doing great.  Great terms on settlement also.  Cap 1 sued me and I had to hire lawyer to negotiate settlement.  Was it easy to get approval for car loan? 

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you my friend were the one who made me call chase which was my first attempt at dealing with this, I probably could of gone lower she immediately took my offer which tells me I left money on the table, oh well. I see a lot of people who settle vs chap 7 do get back in with chase, and I do bank there for business/personal so I have that going for me.

Car as super easy, I financed through carvana. I got one of the lower rates compared to buddies of mine who have filed chap 7 and got regular financing at sub 10%. I put 0 down on a 2012 BMW M3 and honestly got terms I am not surprised with. Approval required me to provide pay stubs which is easy enough and standard for them. Im sure my approval reason was likely the fact that I make ~7 times the car I financed. It took me a long time to find the car I wanted I will tell you that, I'm a car guy and the market is absolutely insane right now.

[jeffm4688]

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@Anonymous wrote:

Man, you are doing great.  Great terms on settlement also.  Cap 1 sued me and I had to hire lawyer to negotiate settlement.  Was it easy to get approval for car loan? 

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I also meant to ask, what did you end up settling that account for? I was talking with a buddy of mine who got suid by capital one, and they got a default judgement and they wouldn't settle for anything less than the full amount.

As far as my journey goes:

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@RehabbingANDBlabbing wrote:

You need to focus on the ones suing you first. I've been settling debt for the past couple years. I was only sued a couple of times, once by Bank of America and once by a debt buyer that bought my Citibank debt. I beat the Citi one and settled the BofA one before court at 50%. Debt buyers can be beaten, so

dont pay them, just get a debt lawyer. They go away after you beat them, so save your money and just pay a lawyer. I don't think USAA sues people. I had a charge off with them and settled it for about 43%, mainly to improve my credit, not because they sued. As for PenFed, I had a CO with them. They kept reporting it incorrectly, so I sued them for FCRA violations. I ended up settling a $14k debt for $3k after suing them. They are pretty incompetent. They sold the debt after we signed the settlement papers then they had to buy it back from the debt buyer. I don't think they like to settle for lower amounts, but the good news is they will probably sell your debt to someone else who you can settle with for less or beat in court.

---

 My focus has changed slightly, I do have the funds to settle these guys at around 50% but I had to jump forward because I am potentially going to run the risk of not being insolvent anymore and will have to pay thousands for the 1099s if the company I work for is acquired an all my options vest immediately. Even though there is a good size lockup period they will be an asset.

With that being said, I have an attorney who is going to attempt to negotiate up BoA / Sync on those two debts. Planning to settle USAA @ 50% within the next week, am going to give a call over to citi and attempt that at 30-40% and have a PRA debt they seem to of bought from webbank which I'd like to settle at 40-50% (they're offering like 85% right now). And have settled one of my $1500 cards for $500, with one more small one left).

Ultimately if I can pull this off, it will leave me with around 25k COs that are installment based(repo/personal loan) and like $30k in credit(with only 5 ish reporting, and not reporting monthly at that).

With all of this going on and if BoA/sync get handled I will of settled in 170k worth of debt in about 30 days. My scores right now without anything but the first chase settlement reporting are 590/600. I am assuming I will break 600 and potentially a good bit higher as I get myself put on my parents card as an AU which has a 30 year history and 25k limit. I had a long thick history before my credit went downhill, my AAoA currently with 60+ accounts reporting is 5.9 years. I'm not out of the woods by any stretch, but if all that I mentioned falls into place I'll be 75-80% of the way there.

[Anonymous]

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@jeffm4688 wrote:

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@Anonymous wrote:

Man, you are doing great.  Great terms on settlement also.  Cap 1 sued me and I had to hire lawyer to negotiate settlement.  Was it easy to get approval for car loan? 

---

I also meant to ask, what did you end up settling that account for? I was talking with a buddy of mine who got suid by capital one, and they got a default judgement and they wouldn't settle for anything less than the full amount.

As far as my journey goes:

---

@RehabbingANDBlabbing wrote:

You need to focus on the ones suing you first. I've been settling debt for the past couple years. I was only sued a couple of times, once by Bank of America and once by a debt buyer that bought my Citibank debt. I beat the Citi one and settled the BofA one before court at 50%. Debt buyers can be beaten, so

dont pay them, just get a debt lawyer. They go away after you beat them, so save your money and just pay a lawyer. I don't think USAA sues people. I had a charge off with them and settled it for about 43%, mainly to improve my credit, not because they sued. As for PenFed, I had a CO with them. They kept reporting it incorrectly, so I sued them for FCRA violations. I ended up settling a $14k debt for $3k after suing them. They are pretty incompetent. They sold the debt after we signed the settlement papers then they had to buy it back from the debt buyer. I don't think they like to settle for lower amounts, but the good news is they will probably sell your debt to someone else who you can settle with for less or beat in court.

---

 My focus has changed slightly, I do have the funds to settle these guys at around 50% but I had to jump forward because I am potentially going to run the risk of not being insolvent anymore and will have to pay thousands for the 1099s if the company I work for is acquired an all my options vest immediately. Even though there is a good size lockup period they will be an asset.

With that being said, I have an attorney who is going to attempt to negotiate up BoA / Sync on those two debts. Planning to settle USAA @ 50% within the next week, am going to give a call over to citi and attempt that at 30-40% and have a PRA debt they seem to of bought from webbank which I'd like to settle at 40-50% (they're offering like 85% right now). And have settled one of my $1500 cards for $500, with one more small one left).

Ultimately if I can pull this off, it will leave me with around 25k COs that are installment based(repo/personal loan) and like $30k in credit(with only 5 ish reporting, and not reporting monthly at that).

With all of this going on and if BoA/sync get handled I will of settled in 170k worth of debt in about 30 days. My scores right now without anything but the first chase settlement reporting are 590/600. I am assuming I will break 600 and potentially a good bit higher as I get myself put on my parents card as an AU which has a 30 year history and 25k limit. I had a long thick history before my credit went downhill, my AAoA currently with 60+ accounts reporting is 5.9 years. I'm not out of the woods by any stretch, but if all that I mentioned falls into place I'll be 75-80% of the way there.

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Hey Jeff., 

Law firm for Cap 1 was tough and I knew that coming into lawsuit, that is why I hired lawyer to negotiate .   Debt was over $12k, settled at 50% with lawyer.  Worth it in my opinion because no way I was going to win lawsuit.  Every lawyer I spoke with advised me to settle, very hard to win.  I hope you do well.  

[jeffm4688]

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@Anonymous wrote:

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@jeffm4688 wrote:

---

@Anonymous wrote:

Man, you are doing great.  Great terms on settlement also.  Cap 1 sued me and I had to hire lawyer to negotiate settlement.  Was it easy to get approval for car loan? 

---

I also meant to ask, what did you end up settling that account for? I was talking with a buddy of mine who got suid by capital one, and they got a default judgement and they wouldn't settle for anything less than the full amount.

As far as my journey goes:

---

@RehabbingANDBlabbing wrote:

You need to focus on the ones suing you first. I've been settling debt for the past couple years. I was only sued a couple of times, once by Bank of America and once by a debt buyer that bought my Citibank debt. I beat the Citi one and settled the BofA one before court at 50%. Debt buyers can be beaten, so

dont pay them, just get a debt lawyer. They go away after you beat them, so save your money and just pay a lawyer. I don't think USAA sues people. I had a charge off with them and settled it for about 43%, mainly to improve my credit, not because they sued. As for PenFed, I had a CO with them. They kept reporting it incorrectly, so I sued them for FCRA violations. I ended up settling a $14k debt for $3k after suing them. They are pretty incompetent. They sold the debt after we signed the settlement papers then they had to buy it back from the debt buyer. I don't think they like to settle for lower amounts, but the good news is they will probably sell your debt to someone else who you can settle with for less or beat in court.

---

 My focus has changed slightly, I do have the funds to settle these guys at around 50% but I had to jump forward because I am potentially going to run the risk of not being insolvent anymore and will have to pay thousands for the 1099s if the company I work for is acquired an all my options vest immediately. Even though there is a good size lockup period they will be an asset.

With that being said, I have an attorney who is going to attempt to negotiate up BoA / Sync on those two debts. Planning to settle USAA @ 50% within the next week, am going to give a call over to citi and attempt that at 30-40% and have a PRA debt they seem to of bought from webbank which I'd like to settle at 40-50% (they're offering like 85% right now). And have settled one of my $1500 cards for $500, with one more small one left).

Ultimately if I can pull this off, it will leave me with around 25k COs that are installment based(repo/personal loan) and like $30k in credit(with only 5 ish reporting, and not reporting monthly at that).

With all of this going on and if BoA/sync get handled I will of settled in 170k worth of debt in about 30 days. My scores right now without anything but the first chase settlement reporting are 590/600. I am assuming I will break 600 and potentially a good bit higher as I get myself put on my parents card as an AU which has a 30 year history and 25k limit. I had a long thick history before my credit went downhill, my AAoA currently with 60+ accounts reporting is 5.9 years. I'm not out of the woods by any stretch, but if all that I mentioned falls into place I'll be 75-80% of the way there.

---

Hey Jeff., 

Law firm for Cap 1 was tough and I knew that coming into lawsuit, that is why I hired lawyer to negotiate .   Debt was over $12k, settled at 50% with lawyer.  Worth it in my opinion because no way I was going to win lawsuit.  Every lawyer I spoke with advised me to settle, very hard to win.  I hope you do well.  

---

Thats where I'm hoping for 50% I can get a family member to loan me the money short term. Of course they're asking about income/expenses. I've done the math and with the numbers even if they got a judgement it would take 2 years for them to collect from my paychecks assuming they garnish them so I'm hoping they settle.

Speaking of Penfed. I called in to schedule the USAA payment and I got a call from the nicest debt collector i've spoken to so far regarding my penfed credit card which has a balance of 23xxx.xx. I figured this was one I was going to leave this second because it had been resold but it seems I have talked them down to 35 cents on the dollar (i offered 25). Obviously we left off with there is no way I have the funds this second and she said if I can come close and pay in a lump sum give a call back. I'm going to do everything in my power to liquidate whatever assets I have to get the last 3k i need to put me at 30 cents on the dollar and call back and offer that. Obviously I mentioned the fact that I'm 225-235k in debt even though i've settled on 150 of it in the last week.

Honestly, if I can pull the penfed off my largest debt above 10k will still be the 16k repo from penfed and then I have like 2-3 things left at 1.5k, 5k, 9k and 8k. Two of those being my local CU and one being DCU which I will probably attempt to PIF.

[jeffm4688]

Alright 4 days later and I'm still burning the candle at both ends for sure. Today is my 30th birthday and a ton of money has left my account again but it'll all be worth it in the end I think.

I bought myfico, my fico 8s are currently all 596-605 which is not bad at all considering how much in debt I was. My mortgage scores are terrible (520-525-579 or similar) so those need a lot of work, the higher ones is the one bureau which is starting to report some paid off balances so I do have a little hope.

I called and paid USAA @Anonymous% today.

The second one I also paid today was penfed. I ended up calling and offering 30 cents on the dollar and I got an acceptance friday @ 430pm. I got the letter confirming everything in my inbox this morning and I called and made the payment today. I did have to take a 5k personal loan to come up with money though, but I'll get that paid off when my finances recover.

I have now officially settled anything I had over 20K and there were quite a few of those accounts.

In other news, I also got a settlement offer from synchrony today. These are the guys trying to serve me with a lawsuit currently, I was offered 100% paid back over 24 months, 80% paid back over 12 or 75% lump sum. I'm going to end up going lump sum I want to get rid of anything I can ASAP and not deal with a judgement period. I'm also potentially days away from not being able to claim insolvency anymore if the clause in my work agreement gets executed.

[jeffm4688]

Alright another update.

Sync has scheduled the money to come out of my account .

Bank of america attorney and myself came to an agreement for me to pay 70% off in 18 months but I don't really wish to do it that way so I'm going to pay the 70% off now (they're the ones who asked me for my income/expenses). Looking to clear that one up this week.

Citi is an interesting one boy. I actually called them friday and was going to try and see if I could eek a settlement out of them and they told me my account has a fraud flag or some bull**bleep** on it and they haven't looked at it and can't even negotiate or anything on it due to this. Maybe this explains why I have not received a single piece of mail from these guys. Weirdest thing i've ever heard. I had to hang up and call again because the first rep I legimately could not understand, I'm not sure what citi is going for, but if they want to collect money from people someone who can speak into the phone would probably be preferable.

I am realistically probably sitting on the amount of money I would need to cover citi @ 40% and my PFA collection (4600) @ 50%. Citi I can't even call back for 7-10 days and I don't want to seem desperate so I guess I'm going to try and cover PFA assuming they'll come down that low anyway (website is only offering 80% lump sum) which is the worst deal in the history of all of my previous deals.

[GrandBay]

@jeffm4688 

congrats on your successes

this may all seem overwhelming

but there's light at the end

you seem to be making great progress

[jeffm4688]

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@GrandBay wrote:

@jeffm4688 

congrats on your successes

this may all seem overwhelming

but there's light at the end

you seem to be making great progress

---

Thank you.

Updates - my credit report updated & shows the payment I made towards discover (but the account is still open and shows the payment I made as if it was a payment). I am assuming next month this will fix itself but this account is supposed to be closed and settled & I realize this may take time.


I just got off the phone with PRA, these guys won't seem to take less than .75 on the dollar, going to wait till 10/31 and see if I can get that down but there is no way they're getting more than every single one of my original creditors. They own the debt so it's not like they're collecting for the OC at this point.