BOA offering 25% on the dollar!!
Date: Thu, 08/05/2010 - 14:55
Gator....do you have any family/friends you could borrow from? I
Gator....do you have any family/friends you could borrow from? I know this is far fetched,but worth a try. If you do not have money for a settlement, would you consider BK? I know that BK is harsh, but you cannot settle without some cash....and at 180 days, that is close to the max that I have seen for settlement......I think I would rather do a chap 7 then have the account go to CA....I don't know though...maybe others have some ideas.....is BOA the only creditor you need to settle with? tell us more about your debt so we have a better idea....
Quote:Originally Posted by AnonymousGator....do you have any fam
Quote:
Originally Posted by Anonymous Gator....do you have any family/friends you could borrow from? I know this is far fetched,but worth a try. If you do not have money for a settlement, would you consider BK? I know that BK is harsh, but you cannot settle without some cash....and at 180 days, that is close to the max that I have seen for settlement......I think I would rather do a chap 7 then have the account go to CA....I don't know though...maybe others have some ideas.....is BOA the only creditor you need to settle with? tell us more about your debt so we have a better idea.... |
I settled w/ Bofa last yr for 22%. I am now working on Discover w/ no luck. Will have to do a chapter 7. Wish I did it earlier so I didn't have to pay Bofa. Either way my credit is shot, might as well save my mony and declare the chapter 7 and start fresh. I was 220 days late before Discover handed it over to a lawyer.
Quote:Originally Posted by AnonymousGator....do you have any fam
Quote:
Originally Posted by Anonymous Gator....do you have any family/friends you could borrow from? I know this is far fetched,but worth a try. If you do not have money for a settlement, would you consider BK? I know that BK is harsh, but you cannot settle without some cash....and at 180 days, that is close to the max that I have seen for settlement......I think I would rather do a chap 7 then have the account go to CA....I don't know though...maybe others have some ideas.....is BOA the only creditor you need to settle with? tell us more about your debt so we have a better idea.... |
:( On top of the bank of america I owe cap1 $8400.00 and they are not working with me at all.I've been trying to avoid BK but it's starting to look like I'm not going to make it!:confused: GLTA
Hey Gator, We split our BOA settlement payments as follows: 3/2
Hey Gator, We split our BOA settlement payments as follows: 3/26/10 $200.004/26/2010 $240.005/26/2010 $18876/12/2010 $1887.00Point is we needed the extra time to make it work. As far as Cap1, When did you default? If you defaulted in 2009 you can use arbitration as an offensive weapon. The Cap1 contract is the best for arbitration. Why? Because it would cost Cap1 $5K ++++++ in Arbitration fees that they can't get back, win or lose...Plus they agree each side pays their own attorneys fees...Gives you leverage to make them rethink their unmovable position for settlement...Check out the arbitration info on debtorboardsdotcom. I've used it twice now and once with Cap1. Cap1 voluntarily dismissed their lawsuit upon my clients election of arbitration. Now they can't sue, probably can't arbitrate either because I don't think the forums will take their claim if they try to bring it and lastly, they don't wanna pay the fees for the arbitration...Now, they say they don't wanna work with you?...Bet you could change their mind on that...
Bankruptcy stays on your record years (7 I think) and settlement
Bankruptcy stays on your record years (7 I think) and settlement does not damage your credit that much, at most 2 years but even then it is not shot just crippled.
I got my money for settlements by sellling off stuff but also by taking a 60 day cash out of my IRA. If you have a 401k you can borrow from it.
I would try anything you can to get that money! Settlement will also make you feel better about yourself and honoring your debts. Just my opinion, not everyones and I understand that too.
Good luck.
Bankruptcy should be "last" resort. If you can't pay worst case
Bankruptcy should be "last" resort. If you can't pay worst case they get judgment and you can always settle in future. Better than BR.
Discover may also have a arbitration clause. Go to board Maggie mentioned and research.
Don't let the fact it went to a lawyer freak you out. If you get summons, answer and go to court. Let them know you have no money.
Thanks guys for all your help! maggie22 I will check out the web
Thanks guys for all your help! maggie22 I will check out the website you have. TA and GLTA
Quote:Originally Posted by kayleeBankruptcy stays on your record
Quote:
Originally Posted by kaylee Bankruptcy stays on your record years (7 I think) and settlement does not damage your credit that much, at most 2 years but even then it is not shot just crippled. I got my money for settlements by sellling off stuff but also by taking a 60 day cash out of my IRA. If you have a 401k you can borrow from it. I would try anything you can to get that money! Settlement will also make you feel better about yourself and honoring your debts. Just my opinion, not everyones and I understand that too. Good luck. |
Dear Kaylee,
Please look into this info more.......I am all for anything that gets us out of debt and have already done debt settlement....but please be aware that settlement does damage your credit as much as BK....actually, my friend did her BK about the same time as my settlement and her credit looks better than my ours.....she also defautled on a mortgage....the thing about settlement is that you get to keep your home and cars.....it's all really individual....I agree, it may make you feel better ...it did me, but I had the money to settle.....if you do not have money to settle, the point is mute!!!