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My First Offer

Date: Wed, 04/01/2009 - 09:11

Submitted by clovisca1949
on Wed, 04/01/2009 - 09:11

Posts: 55 Credits: [Donate]

Total Replies: 3


[size=3]I have several cards.  Today, AMEX became the first to talk about settlement.  Both my wife and I are disabled.  We will never work again.  Our only income is from disability.  Right now, we are either going to settle with everyone, or we are going to file bankruptcy.  Since we are on disability, it would be chapter 7 (I even did the means test, just to be safe, and we still qualify for chapter 7).[/size]
[size=3]
The offer from AMEX was 70%.  From what I have read, that is not an unusual first offer from them.  Also from what I have read, I should probably expect 35% to 55% as the best I can expect from AMEX.  I would be interested in any experiences from others.[/size]


Gosh....That's a tuff call.?? With you being on disability they could never garnish your wages.?? I do appreciate you trying to be responsible and at least try to pay back some of it.?? Which is why I think the settlement was pretty good considering they know your on disability and could never garnish your wages.
??
I'm not sure how to advise you to go.?? With you being on disability whatever extra cash you have you might want to hold onto it.?? You never know what emergency could actually come your way.
??


lrhall41

Submitted by sassy_lil_brandy on Wed, 04/01/2009 - 10:42

( Posts: 479 | Credits: )


[size=3]It is kind of a hard situation for us.?? We have three other creditors, BofA, Citi, and Target.?? They have decided to back off.?? I continue to write letters to them.?? I even made an offer, somewhat small, but an offer nonetheless, to Citi.?? They did not exactly reject it.?? They sent a letter saying they would like to talk.[/size]
[size=3]??
We realize that our SSDI cannot be garnished and we hope that is enough to keep any of them from taking any kind of legal action.?? A judgment could be obtained, but without a method of collecting it, I would think it would be a waste of their time.??[/size]
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Would they prefer to just charge it off rather than get at least a portion of it??? That doesn't make sense to me, but I am never surprised by much of anything these days.[/size]


lrhall41

Submitted by clovisca1949 on Wed, 04/01/2009 - 12:04

( Posts: 55 | Credits: )


Lets look at the worst thing that can happen.?? If you stop paying they could obtain a judgement against you.?? However, most of the time if you show up to fight the judgement and show proof of disability the judge won't grant the judgement.?? Therefore the only real thing that could happen is they would charge it off.?? It would mess up your credit report for awhile but really that's it.
Now, if you own a house and they get awarded a judgement then they can put a lien against your house.
??
I don't know if I answered your question but hopefully this will give you some help.
??


lrhall41

Submitted by sassy_lil_brandy on Wed, 04/01/2009 - 12:13

( Posts: 479 | Credits: )