All 5 of my cards have all been sent to collections. Out of the 5 cards (Chase, Chase, Citibank, MBNA, and Discover) the only ones that I have settled with is the two chase cards. They were very quick and fast and offered way below what I was expecting! The first week they had my two accounts, they came back at 15% and the larger on at 12.?% and that was a shock! One we owed a little over 13k and they took $2022 to settle in full. The other one we owed 3,200 and they too $500 to settle it. I have already recieved my letters to hold on to Collectors were Creditors Interchange for the larger on and NAF on the other). Discover CA is Client Services Inc, and they are not wanting to settle for less than 30% which is 3,842....... Citibank is Alliance One, which I have read on here is horrible to deal with. She has been really nice with me, but will not go lower than 35% after 3 months. MBNA I am settling with them and not a CA. They agreed to 2155.52 so we have to come up with that---Total amount was a little over 11k. I was hoping that the others would go as low as the chase folks did, but that is not looking likely.
Should I go ahead and accept the 30 and 35% offered by the other companies? I think I can get the money from family. Will they send me something in writing first? I have heard of them getting what they can and then selling the remainder off. That had me worried. Any help would be appreciated. right now we stand at 52,000 in debt
If the real estate market had not took such a hit, we would not be in this situation. I was selling 20 houses a year and getting over 80k a year. but the last two years...... I didn't even bring home 10k.....So I have a part time job that I do as well that I just was able to get a couple months ago. I am hoping that nothing like this will ever happen again. I will never live WITHIN my means again, I will always live below them.....That way, if something happens like a job loss---I am still within my means.... I hope to find a lot of comfort on this board hearing from others that are going through the same thing. I have felt so alone for so long. Thanks so much!!!;)
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