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How Realistic is my settlement Plan?

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Regular Contributor

Re: How Realistic is my settlement Plan?

Looking at this situation, I think your best bet is to use a quasi-snowball solution. Your easiest path will be to settle the debts smallest to largest. Unfortunately, most of the debts that are smaller (under $2k) generally won't take much off in settlements, unless they are already in the hands of a debt collector, and even then, you probably won't see much of a savings. But you will be able to settle those quickly and finish them in a shorter amount of time, which will help you deal with these issues more effectively on a psychological level. Realistically, what do you have to put towards settling debts every month? I'd say go for the bankruptcy if you think it will take more than 3 years to pay and setlle all of these debts. 

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 637 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 603 (6 derogs remaining)
The FCRA and FDCPA are laws, whether the creditors and debt collectors like it or not. Inaccurate information is ILLEGAL and banks ARE NOT REQUIRED to report anything (unless it's a correction to INACCURATE information).
Message 11 of 23
Valued Member

Re: How Realistic is my settlement Plan?

Hello.  Thank you for your reply.  So sorry I just saw this.

 

My uncle has loaned me $25,000 to settle my debts (hoping this is enought).  I will be repaying him in 1 year tops (monthly).

 

I have made the following settlements:

 

1. One Main Financial original balance was $3455.00 settled for $1216.00 or 35%

2. Capital One original balance $4333.00 settled for $1734.00 or 40%

3. Capital One original balance $1994.00 settled for $798 or 40% 

4. Citi Bank (Calvary) original balance was $4239.00 settled for $1695.76 or 40% 

 

 

I appreciate any advice.  Hopefully ACURA FINANCIAL will agree to a favorable settlement

Message 12 of 23
Valued Member

Settling with NASA FCU (RA Rodgers)

Hello.

 

Does anyone have any experience settling with NASA FCU.  The debt collector is RA Rodgers.  I spoke to them on the phone and she informed me that NASA FCU will not go below 80% but she will put my offer of 40% in and see what they say.

 

I have already made the following settlements:

1. One Main Financial original balance was $3455.00 settled for $1216.00 or 35%

2. Capital One original balance $4333.00 settled for $1734.00 or 40%

3. Capital One original balance $1994.00 settled for $798 or 40% 

4. Citi Bank (Calvary) original balance was $4239.00 settled for $1695.76 or 40% 

 

Any advice is greatly appreciated.

Message 13 of 23
Regular Contributor

Re: Settling with NASA FCU (RA Rodgers)


Congrats on settling some of the accounts already! I have some experience with RA Rodgers. They are essentially the collection agency credit unions use. My husband and I both have charged off debts from credit unions that have been placed with RA Rodgers. My debt was a $14k credit card balance from PenFed. My husband's debt was a $9k personal loan from Security Service FCU. On these, we have both just decided to wait for the statute of limitations to run out on them because we cannot afford to settle them. We have not been sued in relation to either of these debts and the credit unions have retained ownership of the debts.

 

I did contact them earlier this year and try to settle my $14k PenFed debt using my tax refund. I told them I could probably come up with $4k, $5k max. I explained my situation and the rep said the best he could was 60% or about $8,500 and that I would have to write a letter to PenFed expalining my circumstances. I have instead settled all of my other debts this year and have decided not to settle this one. There seems to be a much higher expectation for settling debts with credit unions. The rep told me that they expect more because they loaned me money from other members, so they can't settle accounts for amounts and percentages as low as debts from banks.

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 637 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 603 (6 derogs remaining)
The FCRA and FDCPA are laws, whether the creditors and debt collectors like it or not. Inaccurate information is ILLEGAL and banks ARE NOT REQUIRED to report anything (unless it's a correction to INACCURATE information).
Message 14 of 23
Valued Member

Re: Settling with NASA FCU (RA Rodgers)

Congrats on your settlements as well! I actually just sent a letter in to PenFed to see if they will settle at 40%.  My PenFed accunt is not with RA Rodgers only NASA FCU.  Hopefully they say yes.


@RehabbingANDBlabbing wrote:

Congrats on settling some of the accounts already! I have some experience with RA Rodgers. They are essentially the collection agency credit unions use. My husband and I both have charged off debts from credit unions that have been placed with RA Rodgers. My debt was a $14k credit card balance from PenFed. My husband's debt was a $9k personal loan from Security Service FCU. On these, we have both just decided to wait for the statute of limitations to run out on them because we cannot afford to settle them. We have not been sued in relation to either of these debts and the credit unions have retained ownership of the debts.

 

I did contact them earlier this year and try to settle my $14k PenFed debt using my tax refund. I told them I could probably come up with $4k, $5k max. I explained my situation and the rep said the best he could was 60% or about $8,500 and that I would have to write a letter to PenFed expalining my circumstances. I have instead settled all of my other debts this year and have decided not to settle this one. There seems to be a much higher expectation for settling debts with credit unions. The rep told me that they expect more because they loaned me money from other members, so they can't settle accounts for amounts and percentages as low as debts from banks.


 

Message 15 of 23
Frequent Contributor

Re: Settling with NASA FCU (RA Rodgers)

As credit unions are non-profit, it is harder to settle with them.  I am surprised they even offered an amount lower than what you owe. 

Message 16 of 23
Regular Contributor

Re: Settling with NASA FCU (RA Rodgers)

Post some updates! What balances do you have left to settle?

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 637 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 603 (6 derogs remaining)
The FCRA and FDCPA are laws, whether the creditors and debt collectors like it or not. Inaccurate information is ILLEGAL and banks ARE NOT REQUIRED to report anything (unless it's a correction to INACCURATE information).
Message 17 of 23
Valued Member

Re: Settling with NASA FCU (RA Rodgers)

I'm at work so I probably shouldnt be but I am at the end of my settlement process, and boy has it been annoying! 

 

Creditor Collection Agency Phone Adddress Balance Settlement Letter Received Status ACTUAL SETTLEMENT ACTUAL PERCENT
Credit First 1877-888-0844 PO Box 81315-Cleveland, OH $1,130.00 N Settled $565.42 50%
One Main Financial Delta Outsource Group 1888-681-5196 $3,455.00 Y Settled $1,216.52 35%
Verizon Wireless National Recovery Operations 800-852-1922 $1,126.00 N Settled $563.40 50%
Macys DSNB PO Box 8218-Mason, OH $476.00 Charge-Off
PenFed 703-838-1000 1001 N. Fairfax - Alexandria, VA $3,387.00 Charge-Off
Capital One Bank USA 1800-955-7070 PO Box 30281 - Salt Lake City, UT $4,333.00 Y Settled $1,734.00 40%
Chase 1866-335-4158 PO Box 15369 - Wilmington DE $1,397.79 Y Settled $420.00 30%
Chase 1866-335-4159 PO Box 15369 - Wilmington DE $3,097.00 Y Settled $930.00 30%
NASA FCU 301-249-1800 $10,083.00 N Settled $8,500.00 84%
Capital One Bank USA PO Box 30281 - Salt Lake City, UT $1,994.00 Y Settled $798.00 40%
Chase 1866-335-4158 PO Box 15369 - Wilmington DE $1,629.00 Y Settled $490.00 30%
Haddon Emergency Physicians Radiusglobal Solutions 1866-288-4403 $1,245.00 N Settled $622.50 50%
Citibank 213-586-14 Cawley and Berkman 1855-650-0323 $4,239.00 Y Settled $1,695.76 40%
Sprint Virtuoso Src 1844-264-8983 $1,417.00 Y Settled $621.15 44%
Nationwide Insurance Credit Coll $319.00 Collection
Imaging Assoc Pa Lourdes First Federal Credit Control (OHIO) 216-360-2000 $624.00 Collection
On Time Transport Inc. $52.00 Collection
Paypal Balance $1,137.00 N/A Paid $1,137.00 100%
Pennsylvania Department of Revenue $398.41 N/A Paid $398.41 100%
Acura Financial Services $12,119.38 Agreement Met $336.65

 

SORRY COPIED FROM EXCEL

 

Who is left to settle with?

 

PenFed waiting on offer

Midland bought an old citi bank card which is not on my CR and Im not paying them UNTIL a better offer is proposed.  Honestly, they can sue me I have an attorney who will charge 700.00 and get the debt thrown out so I may just wait

Macys--they will probably accept my 100 offer

a couple smaller medical bills

Message 18 of 23
Valued Contributor

Re: Settling with NASA FCU (RA Rodgers)

Settlement trashes your credit just about as much as a BK does. I fear you're still going to have trouble obtaining the loans you want . . wishing you luck, but be ready for that.

Ch 7 Discharge May 2015
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Message 19 of 23
Highlighted
Frequent Contributor

Re: Settling with NASA FCU (RA Rodgers)

Sometimes settlements are better than BK overall though. For example if I file BK it would be a 100% BK and would be very very very rough for my monthly budget.

And I personally much rather have settlements than BK. BK is much more restrictive while settlements is more in your control. Also it is not true that settlements has the same effect as BK. It's been reported by many around here that after settling their debt their credit immediately began to rebound with some banks allowing them to get credit a few years later.

Plus I'd rather say 'no' when asked if I've ever filed BK
Message 20 of 23
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