Starting settlement, BIG or small?

Date: Fri, 07/29/2011 - 09:13

Submitted by paynemw
on Fri, 07/29/2011 - 09:13

Posts: 8 Credits: [Donate]

Total Replies: 6

Ok guys, I've got myself in a mess. About 50+K in CC debt, LONG story short, due to inept lawyer sparring with trustee for a YEAR, I have a bankruptsy filed, but dismissed (attorney advised). Anyhoo, signed up with debt settlement co 4 mo ago. Having 2nd thoughts as creditors are now calling more, not less. Big ones are BB&T, Capital One, and BOA, each is about 10K. Others 500 to 2K. I have about 5K saved. Captial sent me a settlement letter knocking off 30%. BB&T has sent only one letter referering to a law firm asking for $$. I'm in TN scared of litigation here, common sense tells me these guys won't wait years for bucks. Co. JJ Christensen has got 3 of the smaller ones asking for 50% off. Advise?

Settlement

You're going to want to wait on the Capital One account. They don't typically settle for a significantly reduced amount, but you can definitely do better than 70% of the balance.

Is the BB&T account with an attorney, or were they simply threatening legal action? If it's with an attorney please let me know which one so I can let you know if they will likely litigate.

Thanks so much!

Marie Megge

lrhall41

Submitted by mariemegge on Fri, 07/29/2011 - 11:38

( Posts: 168 | Credits: )

keep an eye out on cap one.....they are not one settle very low

keep an eye out on cap one.....they are not one settle very low plus they are very agressive in litigation.

lrhall41

Submitted by SOAPLADY on Fri, 07/29/2011 - 12:29

( Posts: 17315 | Credits: )

Bbt

I have 2 accounts with BB&T, one about 3K, is with Menefeee and Brown, here in my home town.. The 10K one is with Professional Recovery Consultants, Durham, NC.

Does that help? And thanks for the replys!

lrhall41

Submitted by paynemw on Fri, 07/29/2011 - 15:23

( Posts: 8 | Credits: )

Should I start with the big ones first, if so, which? Don't wan

Should I start with the big ones first, if so, which? Don't want a summons if I can help it. Just found out through a phone call today that home depot was sold to Brachfield law Firm. They're sending me a 50% off deal in the mail.

lrhall41

Submitted by paynemw on Sat, 07/30/2011 - 18:12

( Posts: 8 | Credits: )

I wouldn't have signed with the debt relief co but I felt I had

I wouldn't have signed with the debt relief co but I felt I had so many debts I couldn't handle them all.

lrhall41

Submitted by paynemw on Sat, 07/30/2011 - 18:31

( Posts: 8 | Credits: )

Just got off the phone with a very nice young lady from Alliance

Just got off the phone with a very nice young lady from Alliance One representing capital one. She 'reluctantly' told me the very best she could do was knock off another 5%, total 35% of the balance. She said cap 1 sent them my info in June, so should I wait for a better offer?
Also considering kicking debt settlement co to the curb, they are non-responsive to emails and phone calls of late. Save me $560.00 a month.

lrhall41

Submitted by paynemw on Mon, 08/01/2011 - 15:06

( Posts: 8 | Credits: )