mobile0311 |
sifxpert violated his contract with you so no you shouldn`t be responsible. You will call them " the creditor" on the phone to negotiate. Just make sure that when you work out a settlement they send you the agreement to settle for less in writing before you send them any money.
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mobile0311 |
By the way. welcome to the community. 
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mobile0311 |
I would contact your creditors and explain your hardship. Let them know you are working on getting them some money and might as well let them know you were scammed by sifxpert. Make sure you have around 40-50 % of the balance when you start negotiations. Start your offer low and work your way up. Kinda like when you shop for a car. You offer low until you both agree on something. Make sure that if you reach a settlement agreement they send you something in writing agreeing to these terms . Make sure its show settled or paid in full so they can never try and come back collecting on the money saved.
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lostindebt |
If you are insolvent you do not have to pay tax on forgiven debt. Otherwise, if your debts exceed your assets at time of settement, you can exclude the amount of insolvency from your 1099 income.
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cutiebear112 |
Hi Brad i would like to ask abt the hoffman, Do they charge any other fee beside the 15% money they save on the acc? Thank you !!
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chereennb |
What are the status of your accounts? Are they still open? Have they been charged off?
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jb2007 |
Well I haven't settled all of them only two so far, one was BoA, and they offered me a 20% settlement at around 5-6 months, I haven't dealt with the others, but my Chase card said about 35%, so I would think maybe you should shoot for 35% - also I have heard Amex might be tougher to settle with, but see what your cards offer and if it's higer than 35% keep talking to them and ask them to submit your 35% proposal.
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jb2007 |
Yes, CA is collection agency, and yes you can settle with the collection agency, although some people on here suggest contacting the original creditor and telling them you want to settle. I have one in collections now, and a 2nd card going to collections, so I should have more personal experience on this type of settlement later, but one collections agency did offer me a settlement.
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brad |
I used hoffman brinker (www.hoffmanbrinker.com) and I was started with them in June 2005 and had all 6 of my wife and I's credit cards settled by March of 2006. HB handled all the calls since we made them the contact on each credit card account. Yes you have to be in default (at least 90 days late) before they will start talking settlement with you. Out of the 6 creditors, a few would call occasionally, but we have caller id (a must! if you are to go through this) and we just ignored them. HB charged us around 15% of the money they saved us on each account which added up to be a few hundred per account, which was well worth the worry and hassle of the process in my opinion. You can see my website www.debt-free-destiny.com to see all my settlement offers and a detailed account of the DS process.Thanks! Let me know if I can help more.
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jb2007 |
Citicard sent me to collections after 3 months, and after 1 month of dealing with the CA I wrote them a letter telling them they couldn't contact me by phone and to send everything in writing, haven't heard from them since, I'll call them sometime this year and try to work something out. My Chase card just charged off on 12/31 so I should expect to hear from that CA agent this month.
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