Hi all, I am going to try and help her settle the following accounts
From reading threads here I can expect to settle these at:
120-180 days
Chase (4 accounts) 23,700 20-25%
Citibank (2) 20,000 20%-30%
American Express 24,000 30%
Pottary Barn 1,500 ?
Sears 2,000 ?
Cap One 3,000 ?
Do not plan on any phone communication until receive settlement offers in mail/email.
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Asked on 8:32 am Mar 26th 2011
Anonymous
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If you do not initiate settlement talks with them, they will eventually be turned over to a collection agency or to an attorney for legal proceedings. Should your Mother own a house, they could put a lien against it. If your Mother's sole source of income is social security, then they wouldn't be able to garnish it.
Just wanted to advise you if you ignore calls. Reason for Editing (Minimum 15 Characters)
Answered on 11:24 am Mar 26th 2011
0
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While I emailed them all offering 30-35% on March 9 but will lower offer after deliquency...they all rejected by email. Since they are only a little past due that is not surprising. Based on what I read here they really won't consider offers until at least 90-120 days past due. When should I initiate another offer?? Reason for Editing (Minimum 15 Characters)
Answered on 12:08 pm Mar 26th 2011
Anonymous
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You should be at least 90 days past due. We were able to get Sears to drop my mother's account because she was 83 and on social security - didn't own any property. If your Mom's situation is the same, you should tell them she can't afford to pay them.
If not, then you'll have to negotiate a settlement. Reason for Editing (Minimum 15 Characters)
Answered on 12:15 pm Mar 26th 2011
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71 and on social security but owns house...so plan is to send email or call at 90 day mark... Reason for Editing (Minimum 15 Characters)
Answered on 12:42 pm Mar 26th 2011
Anonymous
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GO very quickly to your local Credit Counseling Service Center in your area. The payments may have to be late, but they can negotiate a payment plan with the Companies.
You didn't say how she got into this mess, but you are noble in trying to help her, although I am not so sure this can be done in 6 mths and if her only income is soc sec, she may want to consider bankruptcy just to get out of the situation.
Good luck to you both...
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Answered on 8:59 am Mar 28th 2011
Anonymous
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I don't mind talking to the CC's. They won't intimidate me since I'm the one with the money... Reason for Editing (Minimum 15 Characters)
Answered on 1:55 pm Mar 28th 2011
Anonymous
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Check your state's "debtor exemptions" laws
google( Your State "name DEBTOR EXEMPTIONS"
SOCIAL SECURITY, DISABILITY, VETERANS BENEFITS are AUTOMATICALLY EXEMPT FROM LEVY
Debtor Exemptions per above will tell you what other exemptions you are entitled to claim.
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Answered on 2:59 pm Jul 11th 2011
Anonymous
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Check your state's "debtor exemptions" laws
google( Your State "name DEBTOR EXEMPTIONS"
SOCIAL SECURITY, DISABILITY, VETERANS BENEFITS are AUTOMATICALLY EXEMPT FROM LEVY
Debtor Exemptions per above will tell you what other exemptions you are entitled to claim.
Reason for Editing (Minimum 15 Characters)
Answered on 3:00 pm Jul 11th 2011
Anonymous
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Be patient - your mother's creditors will eventually settle. But, don't always believe the percentages you see online. Banks change their guidelines all the time. For a very long time Bank of America was accepting 15% of the balance, and then they made a change and wouldn't go below 20%. It happens constantly in the credit card industry.
If you don't receive settlement offers from the creditors, you can call them when the accounts are 150-180 days delinquent to see what they can do for you. If you don't reach what you consider to be "good" settlement agreements, it's perfectly okay to wait until the accounts are transferred to a collection agency.
Good luck!
Marie Megge
http://www.debtconsolidationcare.com/companies/donaldson-williams-inc/
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Answered on 11:23 am Jul 21st 2011
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