How settling my debt has worked for me and what I learned

[jwmc1]

HSBC sucks.

[IamOld]

HSBC sucks.

You can say that again! Now I think bankruptcy is my best option ultimately but it's their &&**^ lawsuit that's forcing my hand...

[jwmc1]

They are the only creditor that got every dime from me. I wish them nothing, but death

[IamOld]

They are the only creditor that got every dime from me. I wish them nothing, but death

They are a worldwide predatory lender.

[lovemybugs10]

Discover settled with me for 40%. I think they only settled because they had already started the lawsuit process in a state I had moved from. When they finally found me again, I offered them 6 months payments to pay 40%.

Citi took 5200 on a 35k balance. 6 month payments. Again though. I hadn't talked them in about a year. I had moved 3-4 times as well. I've recently moved again, and they haven't found me. I love that. They were still calling even after I had my settlement because I wouldn't set up auto withdraws. I also had a run in with a manager and she threatened that my settlement would be taken away if I didn't make a small payment before my payment date because their books closed early that month. I told her to bite me. That if she cancels my settlement I'll see her personally in court. and I haven't talked to them since.

BOA is next. I'm going to offer them 2k on a 10k balance. No payments.

I owe GE (sam's) 1800. They have offered me a settlement of 1700. HA! 1200 to Macys (two accounts) 1k to Kohls. These guys will come last. I would probably be willing to pay them almost in full to be done with it. (once I've paid the big guns, 1k will probably feel like nothing, lol)

I've also got a foreclosure that I did not get a 1099-c for this year. We'll see how that goes.

[IamOld]

Discover settled with me for 40%. I think they only settled because they had already started the lawsuit process in a state I had moved from. When they finally found me again, I offered them 6 months payments to pay 40%.

Citi took 5200 on a 35k balance. 6 month payments. Again though. I hadn't talked them in about a year. I had moved 3-4 times as well. I've recently moved again, and they haven't found me. I love that. They were still calling even after I had my settlement because I wouldn't set up auto withdraws. I also had a run in with a manager and she threatened that my settlement would be taken away if I didn't make a small payment before my payment date because their books closed early that month. I told her to bite me. That if she cancels my settlement I'll see her personally in court. and I haven't talked to them since.

BOA is next. I'm going to offer them 2k on a 10k balance. No payments.

I owe GE (sam's) 1800. They have offered me a settlement of 1700. HA! 1200 to Macys (two accounts) 1k to Kohls. These guys will come last. I would probably be willing to pay them almost in full to be done with it. (once I've paid the big guns, 1k will probably feel like nothing, lol)

I've also got a foreclosure that I did not get a 1099-c for this year. We'll see how that goes.

WOW - you need to do this professionally!!!! That's incredible...the key is I suppose to not get sued and to have the $$ to settle...

And I mean - how in the WORLD did you get Citi to settle for $5K on $35K????? That's amazing...

[jwmc1]

I went on to the site today for the first time in awhile and checked out some of my old posts...I hope everyone tat responded here is in a better place and would love to hear from any of you.

[treehugger1]

JW, I am glad things worked out for you, in a sense. As you know, I was in a similar 100% payback BK 13 situation, but never filed. My enormous student loans with high interest was my nemesis. I simply walked away from my unsecured debt, let my student loans default into administrative wage garnishment, and walked away. It was not easy. I had a few lawsuits and wage garnishments, but in the end approximately $70k of unsecured debt (including interest) vanished into statute of limitations. I would have preferred a chapter 13 BK, but five years of interest at 8.25% on $80K would have gained me nothing at the end of five years. If one is willing to accept a possible lawsuit, judgment, and wage garnishment, walking away might still work. Keep in mind that I was willing to live with 25% wage garnishment, versus what amounted to a 50+% wage garnishment (Chapter 13) for five years. as I now approach a 7-year mark of my financial instability, I now find my credit scores are exceeding 720 and my student loan debt has been paid down by nearly 40%. I have one unpaid judgment still showing but the particular financial entity has never attempted to collect on the judgment. Given their scrutiny by the Feds, I think they simply wrote off most of the judgments obtained by collection attorneys. In fact, they were guilty of using "robo-signers" for unsecured credit card debt lawsuits. I got so very lucky.