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Help!! Hiring Lawyer? Take offer Now?

Date: Tue, 06/29/2010 - 12:40

Submitted by anonymous
on Tue, 06/29/2010 - 12:40

Posts: 202330 Credits: [Donate]

Total Replies: 4


Hi all,

As I posted here, I have been successfully settled with 4 accounts so far.
Citi: 20% out of $25000 and three Chase at 30% out of $21000.
Thanks again to all of your advice here.

As usual, I have stuck with Capital one and Discover along with one citi card.
All three account is about to charged off end of this week since it's been 6 month now.

Citi: asking 40% out of $26000
Discover : asking 60% out of $16000 (around $4000 is added by all the fees)
Capital One: Asking 80% out of $26000

Here's my question, I talked to one of law office today and they charge $2000 for all three account for one year service agreement.

I really need you guys advice here again. I was thinking to settle with Citi and Discover before it charged off and asking only Capital one to lawyer. Law officer is confident that they can settle for around 30% on all accounts which is different story that I read here.

My question is should I settle with Citi and Discover before charged off or is there any chances that Lawyer can deal with them after charged off?

Please let me know if you have any idea or opinion.

Thanks in advance!!


If you yourself can settle with the creditors, then you need not join a law firm for negotiating settlements with your creditors. Moreover, you should not wait for the accounts to get charged off. This will hurt your credit all the more. Moreover, after charge-off accounts are generally sent to collections. As said, it is much easier to work with the original creditors than the collection agencies.

You can agree to the settlement offers made by Citi and Discover card. As for the Capital One, see if you can negotiate a lower settlement percentage. Try to explain to them that you won't be able to afford what they are asking for. However, you will have to provide proof of your financial status for them to agree to your settlement offer. See, if this works out.


lrhall41

Submitted by SC on Wed, 06/30/2010 - 00:38

( Posts: 3937 | Credits: )


Thank a lot for your advise as always.

What I read here was Capital One will not give us reasonable settlement until it charged off so I was waitting it charged off. Since one account will be charged off, what would be a difference charged off extra two account which will hurt my credit anyway, I may still get a better deal with Citi and Discover.

Another reason I am trying to hire Lawyer is that I am afraid of sued by creditors after charged off. Also, trying to avoid collection agencies harrasements after it is charged off.

Still you think it is better to settle with Citi (40%) and Discover (60%) now?

Thanks in advance!


lrhall41

Submitted by on Wed, 06/30/2010 - 08:29

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So far you have done a great job on your own negotiating settlements, why would you stop now? The $2,000 you are willing to spend on an attorney could go a long way in helping you settle some of the other accounts. If you continue to work on those three remaining creditors even after they charge off you may still receive excellent settlement percentages, remember simply because they are charging off does not mean they will be referred for legal action.


lrhall41

Submitted by Alexander J Heredia on Wed, 06/30/2010 - 09:21

( Posts: 9 | Credits: )


I just got call from Capital One and they know i have enought money on my Wachovia Bank to settle with them at 80%. I was so shocked that they have access on my checking account. I bollowed from my co-worker $10000 each so $20000 was available for settle with Citi and Discovery and they call me immediatly when funds are available.

What is my strategy here, I don't think I can say that money is for settle with other creditors. Also, how they can access my account to know my balalnce?

Please share with me any idea.


lrhall41

Submitted by on Wed, 06/30/2010 - 11:16

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