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I was skeptical about advise forums, however; you guys are right on top of it!! After, reading several of the blogs here, I thought I would post my own soap story...here goes... I have a small bussiness that was NOT incorporated..dumb mistake..Anyway, I got a small bussiness charge card to estabolish bussiness credit..mistake #2...Economy got to my bussiness, cashflow dwindled, wife got laid off, life happened to us-and the charge card unfortunately wasn't paid. My dear friends(lol) at amex closed my card and sent it to collections. It was NOT a charge off.

Amex recently sent my account to collections because we're behind on payments. We've had at least 3 different agencies contact us so far. I don't want to enter into any kind of agreement with these collection agencies - can I continue to pay down the debt by paying Amex directly, or do I have no choice but to engage these bottom-feeding collection agencies?

Back in 2007, I had 17 payday loans. I do not have all of them paid of yet (just principle) but I am working on it. Thank goodness for this forum - it provides invaluable information. Here is my sad story. I opened a new bank account with Chase one year ago. I was short on money yesterday so I applied for a payday loan. This morning, Nationwide Cash took four hundred dollars from my account through an electronic check. I owed them $75 on principle only. Chase WILL NOT file a dispute against Nationwide since they are a payday loan company.

Sallie Mae said they stopped forbearance on private loans?? What is going on here????

From my Inside Arm newsletter..

I am trying to settle accts. myself, sent arrow financial a settlement offer. Capital Management called to day with a settlement offer. Discussed with them discretly. The offer is not terrible but they say that Arrow will update file with Paid by settlement or something like that. I don't want this! Should i deal directly with Arrow? Capital has not purchased the debt from Arrow, I asked. I have been trying to get the few things i have removed through the settlement deals. But i also know some of these hardball companies probably won't due that.

I have recieved a settlement offer from a CA who has purchased the debt (????) from the OC. I have neigotiated this and its a good deal. the problem is why would they want the check made to the OC if they have purchased the debt? This debt is from 2005 and the OC never filed on my report but this CA has and I don't want after i settle the OC to file a report. Is this possible for the OC to due this. The CA has agreed to remove there report from my CR in writing but i am concerned about the OC. I didn't validate as I was looking to get it over with quickly.

Hi, I have posted on here a few times over the past couple weeks. My household income has been dropping over the past few months and my DH and I initially wanted to do a DMP with CCCS but unfortunately the program they offered us would not help our situation, so debt settlement is where we are headed. My question is when everyone is talking about settlement percentages, is the percent that you settle for a percent of the balance before you defaulted or after?

where do i find info as to whether my pdls are legal or illegal? i have found info from other posts on here about some of them but i want to know where to find the info myself

Hi everyone, I got some very good news today. I received a letter settling m y largest account! I have been working with a debt settlement company, and they settled the biggest one first. This is exciting news, and an example that this process can work. However, not all is great. I am wondering about a 1099-C form that the bank said they will send me. The debt I am not paying will most likely be considered income - so I will have to pay taxes on it?