Actually started settling

[Anonymous]

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@jeffm4688 wrote:

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.

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Hey Jeff,

Bank of Amer. gave you 70% off meaning you pay 30%? or are you paying 70% of balance?  I settled with Citi for 40% of balance.  Citi will sue.  It seems to me more and more banks are suing nowadays.  I've been reading that Bank of America is suing more and more, even for less than $5k.  

[jeffm4688]

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@Anonymous wrote:

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@jeffm4688 wrote:

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.

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Hey Jeff,

Bank of Amer. gave you 70% off meaning you pay 30%? or are you paying 70% of balance?  I settled with Citi for 40% of balance.  Citi will sue.  It seems to me more and more banks are suing nowadays.  I've been reading that Bank of America is suing more and more, even for less than $5k.  

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Nope the opposite, 30% discount I had to pay 70%. Better than synch who would only give me a 25% discount if I paid in a lump sum. They were going to split it into 18 months worth of payments but I told them to take it all and get it done with.

I would settle with citi if I could get 40% but I was told they can't even discuss the account with me currently due to the fraud BS. I had them pull the account out of fraud status and they claim someone will review it within 7-10 days.

I still have an 8K debt from synch which isn't reporting (marvel mastercard). I'm being told they usually settle around 40% as well so I am probably going to go down that path ASAP so they don't try and sue on that one as well.

I am also a little worried about that one discover account showing as a payment and not closed/settled as my larger one which I settled for 40% around the same day is now showing paid/closed. I obviously got the agreement in writing so if it doesn't report right next month I'm going to have to write a few letters.

[jeffm4688]

I'm still waiting on my credit to update for quite a few things. My capital one updated (but only showing the payment and not settled) and there is still that one discover account which also is showing only the payment and not settled (but my second discover is showing correct) and both of these accounts scare me. I'm not sure why you would report a couple weeks later that I only made a partial payment, but I do have both of these items in writing with the cancelled checks to prove it.

I'm still working on citi. Resolve is who helped me out with the two lawsuits (prior to being served anyway) and they only work on two accounts at a time. I sent them off to try and handle the citicard and my penfed repo(which is currently my highest outstanding debt at 16,7xx). It took them maybe 5 days to send all the info over to RA rogers and get a settlement offer for 75 cents on the dollar back which in my opinion is great, except for the fact that they wanted to settle by 11-10 and there is no way I can swing a 12,5xx payment in that short of time. I asked them to counter with 75% paid back by 11-30 so I technically have three paychecks. No word on citi yet. If I can get these two settled I should be around 40k or less left.

[40thieves]

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@jeffm4688 wrote:

I'm still waiting on my credit to update for quite a few things. My capital one updated (but only showing the payment and not settled) and there is still that one discover account which also is showing only the payment and not settled (but my second discover is showing correct) and both of these accounts scare me. I'm not sure why you would report a couple weeks later that I only made a partial payment, but I do have both of these items in writing with the cancelled checks to prove it.

I'm still working on citi. Resolve is who helped me out with the two lawsuits (prior to being served anyway) and they only work on two accounts at a time. I sent them off to try and handle the citicard and my penfed repo(which is currently my highest outstanding debt at 16,7xx). It took them maybe 5 days to send all the info over to RA rogers and get a settlement offer for 75 cents on the dollar back which in my opinion is great, except for the fact that they wanted to settle by 11-10 and there is no way I can swing a 12,5xx payment in that short of time. I asked them to counter with 75% paid back by 11-30 so I technically have three paychecks. No word on citi yet. If I can get these two settled I should be around 40k or less left.

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It's standard for settled accounts to report that way...first what's left after the settlement, then the account shows paid, then it's deleted if it's one of the CA's that automatically deletes paid accounts.  Nothing to worry about.

[jeffm4688]

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@40thieves wrote:

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@jeffm4688 wrote:

I'm still waiting on my credit to update for quite a few things. My capital one updated (but only showing the payment and not settled) and there is still that one discover account which also is showing only the payment and not settled (but my second discover is showing correct) and both of these accounts scare me. I'm not sure why you would report a couple weeks later that I only made a partial payment, but I do have both of these items in writing with the cancelled checks to prove it.

I'm still working on citi. Resolve is who helped me out with the two lawsuits (prior to being served anyway) and they only work on two accounts at a time. I sent them off to try and handle the citicard and my penfed repo(which is currently my highest outstanding debt at 16,7xx). It took them maybe 5 days to send all the info over to RA rogers and get a settlement offer for 75 cents on the dollar back which in my opinion is great, except for the fact that they wanted to settle by 11-10 and there is no way I can swing a 12,5xx payment in that short of time. I asked them to counter with 75% paid back by 11-30 so I technically have three paychecks. No word on citi yet. If I can get these two settled I should be around 40k or less left.

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It's standard for settled accounts to report that way...first what's left after the settlement, then the account shows paid, then it's deleted if it's one of the CA's that automatically deletes paid accounts.  Nothing to worry about.

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I assumed this would be slightly different in my case as I'm settling with collection agencies on debt that is still owned and reporting a balance by the original creditor. So when the original creditor in this case reported a payment and not a settlement I was like **bleep** as in all the other cases the settlement was reported initially including the other discover account as they were both with different agencies but still owned by discover.

Regardless the one discover account fixed itself, I assume the same with happen with the capital one.

I paid off my three amex cards and I gained 5-8 points which is disappointing, but my mom added my as an AU on two cards and one reported and my score bumped about 20 points. Hopefully I'll see a few more bumps report and small bumps before my scores update in about 20 days.

I'm still waiting for resolve to get an offer on citi, I have a feeling they will be a pain in the butt but as of right now I believe the plan is to save the funds to tackle the penfed repo by 12/1 and attempt to also handle citi if the offers comes back at 30-40% by then.

I should be receiving a good bonus this year and if thats the case plus funds I will save in dec I can hopefully handle the non reporting sync account & blispay and then hopefully pay off my chase payment plan early and maybe if I'm lucky also handle my credit unions credit card.

If I can make all that fall into place I will only have slightly 25-30k left between DCU and my local credit union. Im saving these for last because they're not reporting monthly, they're not over the balance, and most importantly neither wants to settle for any kind of a discount.

I seem to be preapproved for 5 capital one cards (although I am hearing the pre qual is not as solid as it used to be) being the Quicksilver for good credit, quicksilver one, platinum, platinum secured and whatever their other secured is so that gives me a little hope. Maybe december/january I can get one of those with a good SL.

I also got impatient and hit the CLI button on amex and was denied. They still have my score as a 591 and that was cited as my only reason for denial. Now that it's gone up 30 points with hopefully another 20-30 coming short term I can actually get them to budge on my low limits and get up to something a little more reasonable.

[Anonymous]

Are you worry about the 1099 you will recieve?  Looks to be about $150k worth of additional income...Yikes.  

[jeffm4688]

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@Anonymous wrote:

Are you worry about the 1099 you will recieve?  Looks to be about $150k worth of additional income...Yikes.  

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No, i've talked to my tax guy & have read all the documentation on form 982 from the IRS's website and I should have no problem excluding all the extra "income" due to being insolvent. One of my reasons for pushing this through so fast is the fact that I can easily prove insolvency right now as I have nothing really, no stock holdings, no property except vehicle (which is 10k underwater technically and working in my favor) among other things. Even with all this settled debt I'm still roughly 60k in the hole.

Each time I settled I filled out the insolvency worksheet with the date(as the date of the 1099-c matters greatly in this scenario) outlining all my assets and all my liabilities. Technically on paper even if I manage to settle everything I'm plannig to I will be

[Ladyluvvy]

Just wanted to say thanks for posting so many details of your journey, I am in awe of your successes. I was also wondering how everything finally ended.

I've just begun attempting to settle. Chase settled $9k for 2k. Now I need the others to follow suit. I've written letters to all making offers and am waiting to hear back so I have offers in writing, Do you think it necessary to call and speak with someone ? Was the insolvency form 982 from irs? If you could list general steps you used I would be so grateful.