$75k in CC Debt: BofA, Chase, Citi, Discover, Home Depot ...
Date: Mon, 10/11/2010 - 12:11
BofA - $20k (Settled @ 30% on 03/10/11) - PAID
BofA - $10k (Settled @ 30% on 03/10/11) - PAID
Chase - $13k (Settled @ 29% on 03/09/11) - PAID
Citi - $20k (Settled @ 30% on 02/28/11) - PAID
Discover - $7k (Settled @ 65% on 03/15/11) - PAID
Home Depot - $5k
Total = $75k
- I set up a new phone number today with MagicJack and have changed all of my contact info with the CC companies to the new number. That way they should stay off my home line and I can answer the new line as I please ... I hope. However, I will answer their calls and talk to them if they call at reasonable hours.
- I will stop making payments as of today and hope to get reasonable settlement offers around the 120 day mark. I am ready for the flood of calls and hardball tactics that I am sure to receive.
- I made a short script of talking points and placed it by the phone for when the vultures start calling.
- I am hoping to reduce the debts down to 25% - 30% of their current levels. If successful, I can borrow $20k from family to make the pay offs.
- As I received great inspiration from reading other people's stories here, I will post updates to this thread as things unfold.
Thanks to the owners of this forum for providing a place to learn invaluable methods for significantly improving the quality of one's life. Wish me luck ...
:-)
********** STATUS UPDATES ************
03/15/11 - Discover offered to settle $7k for $4.5k (65%) - DONE DEAL ;-)
03/10/11 - BofA offered to settle $30k for $9k (30%) - DONE DEAL ;-)
03/09/11 - Chase accepted my offer to settle $14k for $4k (29%) - DONE DEAL ;-)
03/05/11 - Home Depot offered to settle $5k for $3k (55%).
03/03/11 - Discover offered to settle $7k for $5k (70%).
02/28/11 - Citi offered to settle $22k for $6.5k (30%) - DONE DEAL ;-)
02/25/11 - Chase offered to settle $14k for $5.5k (40%).
01/25/11 - Chase offered to settle $14k for $8k (60%).
******************************
Apparently, my Home Depot (owned by Citibank) account was sent t
Apparently, my Home Depot (owned by Citibank) account was sent to a scumbag CA called United Recovery Services ... I just asked for a debt verification and the guy said "Fork You" (but used a more intense term). I will NEVER give that scumbag CA a freakin' dime :-) Funny, that the last card with the smallest balance is giving me the most difficult time ...
Citi was actually my easiest to deal with. The number that I ca
Citi was actually my easiest to deal with. The number that I called was 866-544-5501.
Now, can you negotiate directly with the cc companies or is it b
Now, can you negotiate directly with the cc companies or is it better to allow another company to negitiate with you?
If so, who do you talk to?
Also, what situation do you have to be in, in order to negotiate with these cc companies? I have 60,000+ cc debt, and although i have an income, I still want to negotiate, so i can get the debt down, and not have to pay for the next 10 years on the ccs.
Any help? thanks...
The small ones are the most difficult to settle because once the
The small ones are the most difficult to settle because once they see you have settled the bigger ones they figure you have the money to pay them in full. Cap One did this to me, but I caught the collection agency at the end of the month when they were trying to hit their goals and they finally settled. So wait until a few days before the end of the month and they may pop. Also if you get someone who is rude, politely hang up and call back - you will get someone different.
Made my final payment on my Citicard settlement today ... have m
Made my final payment on my Citicard settlement today ... have my final payments on my two BofA and my Chase settlements next week :-) Now, I just have to get Home Depot to dance ...
You're my hero!! Boy this is stressful, even having all calls
You're my hero!!
Boy this is stressful, even having all calls go directly to voicemail. Hoping to begin soon as amex ig going on a third missed payment.
it sounds to me like it is best to settle the smaller balances f
it sounds to me like it is best to settle the smaller balances first... so far, we have only been able to settle 2 out of 3 BOA accounts, 3rd one has same offer of 25%, and we have until the end of the month to accept and set up payments, but our large balances at citi are due to charge off (& due to balance, most likely go to attorney or collections asap) in late june and early july. we dont have the funds available to settle the large ones, not even over a 4 month period.
Did you borrow money?
Hey IOsoMuch, When you initiated your post you mentioned something about having no income and having to borrow money from family. Did you settle your credit cards with this money? Won't you be in debt the money you borrowed?
Made my final payment on my Chase settlement today ;-)
Made my final payment on my Chase settlement today ;-)
Both BofA account settlements have now been paid as well ... tha
Both BofA account settlements have now been paid as well ... that is HUGE. I have now settled and paid off $75,000.00 in debt for approximately $25,000.00. Now, I just have to get the last one to settle ... Home Depot (owned by Citi). For some reason, they are not budging.
;-)