My First Settlement & Continued Journey
Date: Thu, 04/29/2010 - 05:21
I found this site about 7 months ago and have learned alot. Decided to stop paying my Advanta card last Nov. and finally, after charge-off settled with the collections agency last night for 25% on a $20k balance. Was a difficult journey dealing with all the letters and non-stop phone calls but in the end, I have saved myself significant $. I have started the same process with 5 other cards now (Chase, Discover, HSBC, Capital 1, BofA) and hope to have a similar outcome. I have learned alot in the last few months and will only buy what my family needs and pay with cash only...I hope to be debt free by end of year and start a new Stress-Free life..I feel i have aged 10 years in the last year but after today feeling more of a pep-in my step! Once again, thanks to all out here for the words of wisdom and advise...I will continue to post my progress and post any new questions.
Cheers!
"feeling more of a pep-in my step!" That pep in your step is a
"feeling more of a pep-in my step!"
That pep in your step is a result of the chains of credit card bondage being broken.
I know the feeling well.
Great settlement!
Quote:Originally Posted by kayleeWay to go King Jabba! Keep us p
Quote:
Originally Posted by kaylee Way to go King Jabba! Keep us posted. |
I'm not King Jabba but do read his posts.....
Hey congratulations!! When I settled my first one I was bouncin
Hey congratulations!! When I settled my first one I was bouncing off the walls. OMG I can do this attitude. I have settled 3 of my 4 so far and hoping to get the 4th done soon.
For me, once I had settled the first one, the others followed within a week or two except for the 2nd cap one card. So I hope that you experience that as well and just get it done and over with.
Keep the good attitude and it will happen for you!
Quote:Originally Posted by AnonymousI'm not King Jabba but do re
Quote:
Originally Posted by Anonymous I'm not King Jabba but do read his posts..... |
Greetings!
I am King Jabba Labba. :)
Come on now....you've gotten a lot of great & wonderful information reading posts from folks a lot smarter than me.
So get off of the sideline and signup/register!
Your story will be an inspiration to others.:D
It's kind of a pay it forward thing.
BTW: Congrats again!
Quote:Originally Posted by King Jabba LabbaGreetings! I am King
Quote:
Originally Posted by King Jabba Labba Greetings! I am King Jabba Labba. :) Come on now....you've gotten a lot of great & wonderful information reading posts from folks a lot smarter than me. So get off of the sideline and signup/register! Your story will be an inspiration to others.:D It's kind of a pay it forward thing. BTW: Congrats again! |
Will do....thanks
Quote:Originally Posted by King Jabba LabbaGreetings! I am Kin
Quote:
Originally Posted by King Jabba Labba Greetings! I am King Jabba Labba. :) Come on now....you've gotten a lot of great & wonderful information reading posts from folks a lot smarter than me. So get off of the sideline and signup/register! Your story will be an inspiration to others.:D It's kind of a pay it forward thing. BTW: Congrats again! |
Registered....Viktor Lazlo
Yeah King Jabba Labba, So many of us have learned a dear hard le
Yeah King Jabba Labba, So many of us have learned a dear hard lesson since 2007. My congrats to your first and definatinely not your last settlements from you credit cards. I didnt know who much begin in credit card doom and gloom could just make everyday feel like 3 days Lol. "You know, I havent done one thing right in my life; and that takes skill." Sammuel L Jackson "The Long kiss Goodnight"
Congrats to you all, Kind Jabba, Viktor and chitown! And of cour
Congrats to you all, Kind Jabba, Viktor and chitown!
And of course the lovely Debt Free to Be!
You guys are way ahead of me but you have all been an inspiration.
I think that like me though you will all get the 1099 for 2010, right? Do any of you know what tax implication will be. Like for me I will add approx. 50k to my income, that sounds bad!
Quoting "I think that like me though you will all get the 1099 f
Quoting "I think that like me though you will all get the 1099 for 2010, right? Do any of you know what tax implication will be. Like for me I will add approx. 50k to my income, that sounds bad! "
Yes indeed there is the 1099 to be applied for 2010 for me.
There's the insolvency thing with the IRS, a very interesting procedure.
Gotta read up some more on that rascal.
But even with the additional fed taxes to pay, we all have cut the chains that financially bond us!
Was it worth it?
Without a doubt it was.
Keep on settling!
hello all, I currently owe about 24k spread across 7 CC. All I
hello all,
I currently owe about 24k spread across 7 CC. All I do is to work to pay minimum payments, and in addition school loan payments... it seems never ending. Although my interest rate is most of Credit Cards have a low APR (6%-10%) it would take about 10 years to pay them off, that is why am cosidering settleling with the bank.
Please advise,
thanks!
Quote:Originally Posted by Anonymoushello all, I currently owe
Quote:
Originally Posted by Anonymous hello all, I currently owe about 24k spread across 7 CC. All I do is to work to pay minimum payments, and in addition school loan payments... it seems never ending. Although my interest rate is most of Credit Cards have a low APR (6%-10%) it would take about 10 years to pay them off, that is why am cosidering settleling with the bank. Please advise, thanks! |
Thats the same reason I am doing debt settlements ! I could pay the balances off in 7-8 years, but forget that. I have 27k on 3 cards . I started in March and the way things are going am not concerned with people calling me about a stupid credit card when iam trying to keep my electric on and a roof over my head.:rolleyes: