We are a family of four with 2 young children. My husband lost his job since March and is unable to find one, so im the only one working. Its tough and couple of times we set a meeting with BK lawyer and cancelled. We decided to settle it ourselves as long as i am still working. We have 95k in unsecured credit. Heres our timeline:

credit card = 45k

1.) Chase (mine) 2,200 - settled for 864 (40%) after 60 days, 9/19/09, 1 lumpsum

2.)Chase (husband) 5,986 - settled for 2,395 (40%) after 90 days, 4 payments of 598 (10/30-1/30, 2011).

3.) BoA (mine) 8, 050 - settled for 2,415 (35%) after 120 days, 4 payments of 704 (10/30-1/30, 2011).

4.) BoA (husband) 24,800 - 90 days late, will wait for 2 months.

5.) Amex (mine) 3,600 - 2 months late, will wait.

6.) Citi (husband) 2,100 - 2 months late, will wait

7.) Citi (mine) 1,900 - 2 months late, will wait


Promissory note: (short sale of our Florida residence)

Dyck o Neal - 40k - paying $10 a month x 3 months, refused to settle, 7 months late. This is going to be our hardest settlement. I am praying that this one will go for 35% for 2 years. Will keep u updated.

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Hi congrats on your settlements. Stay the course and finish it out. I have one left to settle and am patiently waiting until they can meet my terms.
At that point we'll be debt free, unless we get sued for our mortgages.

In reference to Dyck O'Neal.... My second mortgage was just sold to them. Now, I have not paid it either in about 8 months. I just sent them a validation request yesterday. Mind you I am not paying the first Mortgage either, and we have tried to short sale for about a year with no buyers. It will probably foreclose in about 3-4 months is my best guess.
I'm just wondering what you experience has been like with Dyck O'Neal & associates.

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what state are you in?

I stopped paying Dyck since March and 4 months later offered settlement, they refused. They dont want to settle less than 50% according to 2 ladies i spoke to. So i paid $10/month so i can buy time and settle with other cc. Its tough dealing with them and they dont call, maybe once a month, but not as as aggressive as the others. Im just hoping that they will not send the collection to their litigation. 40k from promissory note short sale is unreasonable, this is not even a HELOC, this is a note that Radian asked us to sign on behalf of the 1st mortgage so we can proceed with the short sale. At that time we want to save our credit and we have the income to pay. Now, we dont care anymore about credit score, we just want to be debt free and restore our life.

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Hi, how did you managed to settle your credit card co? We are a family of 3(1-young 6yr old kid) and my spouse is currently unemployed and have accumulated $50k of credit card debts which we can't really afford now and we will be skipping payments soon. How many months you need to be delinquent before credit card co settle for less? Are you in direct communication with them even if you started being late? We also got hit by foreclosure and this makes our lfie even more complicated. I highly appreciate any advise you can provide us and God Bless you and your family!

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Did you try and/or have any luck negotiating a Pay for Delete?

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congrats on the DIY settlements - good to see it working out for you.

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we stopped payments and talk to them whenever they call. We made sure that they know we are not running away from our obligations. Around 60+ days when we negotiate settlement, told them that we borrowed money from family. Dont be discouraged. They will come to you by 90 days. Chase, i.e want 85% coz its a new account at 60 days but settled for 40% around 90 days. Just persevere!

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Since your not worried about your credit anymore have you considered Bankruptcy. I filed chapter and included house and everything. No one would work with me until I did this. No my 1st mortgage has set up I repayment plan and the second settled for $20 thousand on a $50 thousand loan. Because after filing Bankruptcy if we did a short sell which is six months here the second mortgage would have ended up with nothing and the same if they foreclosed. Don't know how much money you have on hand.And if you wanted to keep the house. I know it's a huge impact on your score put it is an option and you can be debt free and still keep your house.

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