It just seems a bit odd to me that a collection agency would rather I file bankruptcy than work out a reasonable settlement? Why is that?
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One of the great mysteries of the universe.
Settling is not always in your best interest. Keep reading.
ETA: i just got another offer to settle at 20%. No can do but interesting anyway. Hang in there, you never know.
Keep On Smilin' -
These a....... got a judgement now. Been trying to negotiate for the last 6 months or so. They are pretty much pushing me into a ch13. Meeting with 4 attorneys next week, but won't likely be ready to file for awhile yet. So do I let them go for wage garnishment? Will they go for both me and my husband or just me? Could file a chapter 128 with this account until i do file a 13. Just need to figure out how they get the least amount of money...Comment
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I don't get it either - I had ONE - ONE!!!! creditor that wouldn't work with me...and here we are....Originally posted by salsa View PostComment
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I sent out a settlement offer to 8 different banks offering 50%. It was over 6 six weeks ago, no replies....Of course I would have to made payments but never got a reply...so forget it. I talked with a professional judgment collector and was told they would take 20% once the judgment was 2 to 3 years old. Also was told that once the judgment got to be 4 or 5 years old, settlement is very very rare.Comment
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Yes, they are a-hats!!!! Hopefully you can do the BK soon!!!Originally posted by salsa View Post
If the debt is in YOUR name only, they cannot touch your husband. So if you have a joing bank account, time for him to open one in his name only, and for you to get paper checks - if possible - else deposit your salary to his account.
What's Ch 128??Comment
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It's in my name, but it's a community property state, so they can go after his wages also. I've heard conflicting things about the bank account. One attorney told me anything over $1,000 they can take. One told me anything over $5,000. Chapter 128 is for Wisconsin residents only. You can take any account, put in and pay off over 36 months with no added interest. Creditor has no choice but to do it.
A little history. In 2007 it was decided we could no longer afford CC payments, after they started raising the interest rates. (Husband lost job in 2005, and used to live on for awhile, also when he did get a job, reduced wages). So went with someone to help settle BEFORE charge off. Well BOA settled for 20%, then the guy disappeared. So stuff got charged off and the merry go round began. Settled with Citi in 2008, and have been working on 2 more for about 6 months. AMEX agreed to 30% payable over 2 years. Another small one got a judgement, put into Chapter 128. So Asset won't provide a reasonable settlement, thus why I'm seriously considering bankruptcy. In addition I took a $20,000 pay cut in 2009. Uugghh..Comment
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Ah! The Wisconsin 128! someone here had posted about it before...couldn't you just then put EVERYTHING into the 128, or would your payment be too high? OR does it not stop a judgment...sounds from what you wrote that it does not. Of course the downside of WI is the community property aspect - what is exempt from bank acct, that is a WI specific question.
It also sounds like you had everything well in hand, except for this one outfit...
Although maybe is it that you cannot pay it off in 36 months?
BUT first and foremost, find out about bank accounts - I really don't think also that you want BOTH your checks garnished!!!!
This is fascinating...
http://www.chapter128.com/Chapter%20...%20Outline.pdfComment
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Yes the 128 handles judgments, but payments for all remaining cards would be way too high, much higher than any chapter 13 payment.Comment
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That makes sense then...well, I guess my advice would be to go see your BK atty's as soon as possible...all my very best wishes to you!!!!!!!Originally posted by salsa View PostComment
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