Has anyone had any recent debt settlement negotiations with any of these credit cards to reduce their balance and accept as paid in full for a lump sum payment?
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Debt Negotiations with Chase, Discover, Citi, Capital One, GE Money Bank
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Each creditor made offers to me. I think the trick is getting them all to agree to agreements at the same time.Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17
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What is the best way to get them to settle with you? Is it the threat of bankruptcy? Say I stop paying. They call to harass. I let this go on for a couple of months. Would this be the time to try to settle with the threat of ch 13 or ch 7? What if it's an empty threat? Would that work in general? If they do offer to settle, what % of the debt would they usually be willing to accept? Sorry for all the questions. Thanks.
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Yes they were the ones that offered.. I NEVER talk to any of them. I just dont answer the phone unless its my area code.
BofA left me a voice mail with the offer and Chase sent it to me in a letter.
Last payment was made Aug. 08
Hope that helps. I really dont think telling them your plans is a good idea IMHO I think that would speed up any process they have in mind...
Hope that helps some. good luck
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As BB said it's like herding cats. Getting them all to deal is remote. I am 90-120 days late on most of them. Citi mails offers for 60% of balance (40% off) in letters with chess pieces on them saying "your move". The rest I have found by checking on the cards websites, www.cardmemberassistance.com is Discover, they're offering either 50% or 80% of balance on 2 cards. Had 35% of balance offer from Wamu on their site which is now gone.
Settlement is really not an option unless you have just one or two cards. No way to sync them up, if you file BK anyway it's just like putting money in the shredder.filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!
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Let's say I get several of the lenders to agree to a reduced payoff. Once I have their agreements in hand can I then file Chapter 13 using the lowered amounts as the balances due?Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick
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Originally posted by OhioFiler View PostLet's say I get several of the lenders to agree to a reduced payoff. Once I have their agreements in hand can I then file Chapter 13 using the lowered amounts as the balances due?
I would be interested in hearing any ideas about how to reduce the % of claims filed by unsecured creditors, anyone know if JDB's are less likely to file POC's?
Seems to me a lot of fresh charge offs are bought by investors who then slice and dice and resell the portfolio in pieces, maybe at this point nobody would be on the ball enough to file the proof of claim.filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!
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Cat, I've asked this question also. How much weight is given to POC where the account is buried in the entire debt portfolio issue; especially with JDB's? It can't be easy. I recently requested a DV on an "alleged" Cap! account and the legal firm sent me a couple of years of recent bills, and a copy of terms and conditions from a year or so previous to that. My guess is that this CC is over a decade old with no original contract easily obtained. I'm requesting clarification on the information sent to me, but no response as of yet. Due to the strange information I was sent, I believe it is my right to move toward a request of original contract.
In terms of attempting to work out agreements, I had pretty good luck with most accounts, but then a couple of local creditors sued me, got wage garnishment, and that ground the other agreements down. You need to get everyone on board if you trying a settlement. And, if you miss 1-2 payments, you are back where you started.
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All the Junk Debt Buyers that have bought my loans filed POC (proof of claim). 8 banks did not file POC.Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17
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I hope this will help.
If the original creditor sells the debt to another business, these businesses that buy the deby are generally called JDB (Junk Debt Buyers). Before and after we filed, some of our creditors sold some of our debt to other businesses (JDB - Junk Debt Buyers). When we filed bankruptcy, creditors had to show proof of claim (POC) that the debt was legitimate. In our case, all the JDB's showed proof of claim (POC) but some of the original banks did not.Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17
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