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My journey starts today! (updated regularly)

Date: Mon, 03/29/2010 - 11:44

Submitted by blackbeasst
on Mon, 03/29/2010 - 11:44

Posts: 196 Credits: [Donate]

Total Replies: 137


5 cards, $20k in debt. I am no longer able to make the minimum payments and still survive. So starting with my April payments I will be delinquent. My wife and daughter, house, car, and food/clothing come first.

Chase $2000ish
Discover $6000ish
Amex $3000ish
Cap 1 $3000ish
BOA $6000ish

I will be updating as i get letters and calls. All questions and comments are welcomed (and greatly appreciated as I get further in to it).

Also any tips or tricks that might be able to help me as I am going about it the DIY method are welcomed too :)

Here's to the beginning of a stress and debt free life:sun:


Good luck, hang in there. I just settled my own but it took one lump payment to do so. I am not sure if they would have taken payments. The final tally was 58% of the original debt. The main thing is to not let it get to charge of status. I held out payment and didn't start talking settlement until about 5 months into it. My chargeoff was 6 months of no payment. It went right down to the last day with them pushing for more. They originally wanted 75% and I told them 50% so I did not feel like it turned out all that bad at 58%. The key is stop making payments and turn your home phone off. Use a cell phone or your whole family is going to be disrupted day and night with calls relentlessly.


lrhall41

Submitted by on Mon, 04/05/2010 - 13:38

( Posts: | Credits: )


Definitely setup an extra phone line like using Skype with Voicemail. See if your home phone service allows for call blocking. It saved us a Some Panasonic phones do it also but you lose the ability for Voicemail, which is good to keep track of their communications.

Also take advantage of any pre-sent offers early. My wife's account received a 45% settlement from Citi which I didn't jump on and was able to do better later, but I received one on my account and it's gone to a 1 early.

I've settled $135K for about 39% so far. Have about 30K (Citi and B of A) to go, and my Citi has been the toughest so far. I think I'm drained of the process at this point also since I did it myself with the help of a good advisory company.


lrhall41

Submitted by Michael Stevens on Tue, 04/06/2010 - 08:06

( Posts: 34 | Credits: )


It sounds like a lot of people here did better than me as far as percentages. They took me right to the last day without budging so I don't know what I could have done different. My amount was much less though at $13k with no other debt just 50% pay cut to subsantiate my claim. Hopefully you can do much better. I am interested on how the others got the percent down lower?


lrhall41

Submitted by on Tue, 04/06/2010 - 10:21

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Quote:

Originally Posted by Anonymous
It sounds like a lot of people here did better than me as far as percentages. They took me right to the last day without budging so I don't know what I could have done different. My amount was much less though at $13k with no other debt just 50% pay cut to subsantiate my claim. Hopefully you can do much better. I am interested on how the others got the percent down lower?


im sure everyone has different circumstances surrounding their debt. maybe you just got a hard@ss on the phone when it came time to negotiate!

some seem to get a better deal if they actually let it go into collections.


lrhall41

Submitted by blackbeasst on Tue, 04/06/2010 - 11:00

( Posts: 196 | Credits: )


The phone calls were much more intense from 2 weeks late to about 90 days. Now they are practically nill. Chase wanted the name of the attorney that I had met with about bk and i gave it. They have stopped calling all together. I will call today and see if I can settle that card. Capital One even quit calling after I talked to them every day for about 2 weeks with the same offer. That one charges off tomorrow and they won't budge so hopefully I can get a better settlement in collection.

Good luck and don't worry too much. Everyone I have talked to so far on all 4 cards have been nice. No one has threatened me or been rude. I'm always nice and joke around a bit and they loosen up. The one guy at capital one (on the card that did settle) had a cold so i told hi what I use to get rid of my colds. 10 minutes later we had a settlement approved by his manager. So be nice and I think it's a much easier process for everyone.


lrhall41

Submitted by on Wed, 04/07/2010 - 06:57

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[LIST=1]

  • [QUOTE=blackbeasst;678136]thanks for the tips michael!

    im just hopin that with my small balances it won't affect me getting in the sub 40% range.[/QUOTE]

    It is SO strange that they settled $60,000 on a card for me at 30% and then are tough on a $5k card. My only thought on the small balance issue is that they may believe it is more likely that these will be paid because they are small.


    • lrhall41

    Submitted by dantheman on Wed, 04/07/2010 - 14:42

    ( Posts: 860 | Credits: )


    [QUOTE=dantheman;679234]
    [LIST=1]



  • It is SO strange that they settled $60,000 on a card for me at 30% and then are tough on a $5k card. My only thought on the small balance issue is that they may believe it is more likely that these will be paid because they are small.[/QUOTE]

    well i hope they get the point when i don't pay for 6 months and tell them i have no income!


    • lrhall41

    Submitted by blackbeasst on Wed, 04/07/2010 - 17:39

    ( Posts: 196 | Credits: )


    first call from discover (801-902-2938 ) today. told them i was unable to make a payment right now and that i didn't know when i would be able to make one. she was telling me all the credits and fees she could give me if i only make the minimum payment for the next 4 months with a check over the phone.

    i politely told her that i would have to re-evaluate my finances and get back in touch with them!

    i have also saved their number in my phone for future calls that come in :)


    lrhall41

    Submitted by blackbeasst on Thu, 04/15/2010 - 07:50

    ( Posts: 196 | Credits: )


    looks like discover is hot and heavy on the calls! got another call even after Jamie said yesterday she would stop the calls for a week!

    thank goodness they called from the same number so i know who it is!

    edit: they are some ruthless people when the calls do start! number 2 on the day and its just now 12:30pm :)

    HA! make that number 3 on the day.....so far!


    lrhall41

    Submitted by blackbeasst on Fri, 04/16/2010 - 07:16

    ( Posts: 196 | Credits: )


    And this would be what is commonly called a troll...How bout we take away your job and income and then have you pay your minimum payments? Or maybe you'd like to make his payments for him, or give him a 45 billion dollar loan?
    If you haven't a clue, most people's min payments are larger than their house payments, with almost all the payment going toward the corporate jet...Maybe you live in the woods or somewhere without news but people are losing everything and these same companies have engaged in fraud and greedy tactics designed for their bottom, Enron ring a Bell?


    lrhall41

    Submitted by maggie22 on Fri, 04/16/2010 - 13:04

    ( Posts: 140 | Credits: )


    Quote:

    Originally Posted by blackbeasst
    so i ended up with 5 calls from discover yesterday and only taking 2 of them.

    boa started today with the calls.


    Suggest you take a call from BOA every week or so . they are not bad. most were friendly and understanding when I told them my sad story. When we hit 4 months, it was an easy settle at 30%. But, if you ignore them I have read they can move them outside and not be as easy to settle.


    lrhall41

    Submitted by dantheman on Sun, 04/18/2010 - 19:48

    ( Posts: 860 | Credits: )


    Quote:

    Originally Posted by maggie22
    And this would be what is commonly called a troll...How bout we take away your job and income and then have you pay your minimum payments? Or maybe you'd like to make his payments for him, or give him a 45 billion dollar loan?
    If you haven't a clue, most people's min payments are larger than their house payments, with almost all the payment going toward the corporate jet...Maybe you live in the woods or somewhere without news but people are losing everything and these same companies have engaged in fraud and greedy tactics designed for their bottom, Enron ring a Bell?


    Right, these almost always come from non-registered users. If I ran this board, there would be no commenting unless registered.


    lrhall41

    Submitted by dantheman on Sun, 04/18/2010 - 19:49

    ( Posts: 860 | Credits: )


    Quote:

    Originally Posted by Anonymous
    If you spent as much time looking for a job as you do on this board, you'd be a millionaire.



    I have a job. My activities on this board are meant to help others...something you know nothing about. I know that it empowers you to hear that you define the term: loser.


    lrhall41

    Submitted by dantheman on Mon, 04/19/2010 - 11:56

    ( Posts: 860 | Credits: )


    Quote:

    Originally Posted by dantheman
    Right, these almost always come from non-registered users. If I ran this board, there would be no commenting unless registered.


    hey,if i had my way that would be the case.however this topic has been broached more than once.that is what MODS are for.btw i erradicated all humanoid attacks.better late than never right?another btw.i applaud blackbeast,and do want to be kept posted on their progress.let's see what the humanoids think of that.


    lrhall41

    Submitted by paulmergel on Mon, 04/19/2010 - 12:30

    ( Posts: 15514 | Credits: )


    Hello Paul,

    No I am not you. I am a slightly frustrated humanoid. My story is simple- I see people in my neighborhood who thought they were buying the dream by taking out big loans they couldn't afford. They'll blame the mortgage companies, the government, their employers, and anyone else but themselves. The lenders made a lot of bad choices, and they've paid the price. I want to hold the other side accountable. I am willing to listen to a sob story. But folks like the OP in this thread need to change their behavior. The person is giddy over getting calls from banks.

    Here is my deal- I am going to register on this site and try to provide my perspective. I'll attempt to be politically correct. Hopefully, I can inject some counter thoughts to the prevailing, "it's ok, hang in there, it's not your fault" logic that seems pervasive around here.


    lrhall41

    Submitted by on Mon, 04/19/2010 - 13:14

    ( Posts: | Credits: )


    Quote:

    Originally Posted by Anonymous
    Hello Paul,

    No I am not you. I am a slightly frustrated humanoid. My story is simple- I see people in my neighborhood who thought they were buying the dream by taking out big loans they couldn't afford. They'll blame the mortgage companies, the government, their employers, and anyone else but themselves. The lenders made a lot of bad choices, and they've paid the price. I want to hold the other side accountable. I am willing to listen to a sob story. But folks like the OP in this thread need to change their behavior. The person is giddy over getting calls from banks.

    Here is my deal- I am going to register on this site and try to provide my perspective. I'll attempt to be politically correct. Hopefully, I can inject some counter thoughts to the prevailing, "it's ok, hang in there, it's not your fault" logic that seems pervasive around here.


    don't bother,your point of view is not welcome here,and i'm suprised you have any friends left with that thinking.you are a complete humanoid.


    lrhall41

    Submitted by paulmergel on Mon, 04/19/2010 - 13:23

    ( Posts: 15514 | Credits: )


    Quote:

    Originally Posted by Anonymous
    Hello Paul,

    No I am not you. I am a slightly frustrated humanoid. My story is simple- I see people in my neighborhood who thought they were buying the dream by taking out big loans they couldn't afford. They'll blame the mortgage companies, the government, their employers, and anyone else but themselves. The lenders made a lot of bad choices, and they've paid the price. I want to hold the other side accountable. I am willing to listen to a sob story. But folks like the OP in this thread need to change their behavior. The person is giddy over getting calls from banks.

    Here is my deal- I am going to register on this site and try to provide my perspective. I'll attempt to be politically correct. Hopefully, I can inject some counter thoughts to the prevailing, "it's ok, hang in there, it's not your fault" logic that seems pervasive around here.



    you are so far from the truth its stupid. of course i hold myself responsible. i was the one that swiped the card or punched the numbers in online. but times have changed and so have i. time to live and learn and move on and never do it again.

    and what makes you think im giddy about getting calls? i hate it more than anything i've had to do so far. but unlike your devils advocate ass, i want to keep a positive outlook on things!

    so how about keeping your "politically correct perspective" out of my thread :)


    lrhall41

    Submitted by blackbeasst on Mon, 04/19/2010 - 13:23

    ( Posts: 196 | Credits: )


    Quote:

    Originally Posted by Anonymous
    I owe you an apology. I responded to your posts without thinking things through. I want to engage in a conversation with you to be sure you don't get yourself buried again.


    not gonna happen. i don't need a pep talk. i have all i need with my 10 month old daughter to not get buried again :)

    she will also be my "teaching them to fish" as you like to call it, to not get in my situation when she is old enough to start getting CC's.


    lrhall41

    Submitted by blackbeasst on Mon, 04/19/2010 - 13:35

    ( Posts: 196 | Credits: )


    Quote:

    Originally Posted by Anonymous
    I owe you an apology. I responded to your posts without thinking things through. I want to engage in a conversation with you to be sure you don't get yourself buried again.


    you elitist scum. funny you come to attacked and then try to retract. have you a heart or sole?


    lrhall41

    Submitted by on Mon, 04/19/2010 - 14:13

    ( Posts: | Credits: )


    Quote:

    Originally Posted by blackbeasst
    not gonna happen. i don't need a pep talk. i have all i need with my 10 month old daughter to not get buried again :)
    she will also be my "teaching them to fish" as you like to call it, to not get in my situation when she is old enough to start getting CC's.


    Well then a lesson has been learn, and the cycle will not repeat. For the sake of this country, that is all I want. Hopefully, you and your husband will raise your daughter to be a fine, upstanding citizen.

    And yes Paul, you have to dance carefully after you step on the girl's feet. :)


    lrhall41

    Submitted by on Mon, 04/19/2010 - 14:16

    ( Posts: | Credits: )


    Quote:

    Originally Posted by blackbeasst
    you mean my wife right? and step on guy's feet right?
    do you still recant your thoughts since im a guy?


    I intend to make amends blackbeasst regardless of your gender. Your courage is admirable even if your decision making has been less than stellar. We will find a way to overcome.


    Paul, it's ok. I have repented and will now proceed to share my thoughts in a more rational way.

    Bruce Stavos is back.


    lrhall41

    Submitted by on Tue, 04/20/2010 - 05:45

    ( Posts: | Credits: )


    Quote:

    Originally Posted by blackbeasst
    Bruce, I appreciate your change of heart. But I'm going out on a limb here and say that you haven't gone through what a lot of people on this board have, nor what I am going through. So I'm not 100% sure you are able to add anything of value since you haven't dealt with the CC companies as we are.


    well i will be watching bruce veeeeery carefully.as stated before he was on another thread by dantheman,and his snide attitude was in full bloom.if he is sincere then he can prove it.


    lrhall41

    Submitted by paulmergel on Tue, 04/20/2010 - 06:43

    ( Posts: 15514 | Credits: )


    Quote:

    Originally Posted by blackbeasst
    Bruce, I appreciate your change of heart. But I'm going out on a limb here and say that you haven't gone through what a lot of people on this board have, nor what I am going through. So I'm not 100% sure you are able to add anything of value since you haven't dealt with the CC companies as we are.



    100% correct BB. Maybe my experiences as a responsible users of credit can provide some helpful advice, while you'll be giving back with your postings. I only own one personal credit card, which I pay off in full each month. I have found my debit card to be a handy tool. Why you ask? Because it forces you to only spend the money you have in your account. And in that way, you evaluate the necessity of each purchase before buying something.

    Now on the advice side, I would recommend that you fully outline all your expenses and be sure they are below your income. Stop incurring debt now, and that is the first step in the road to recovery.

    Paul, you are right. Guilty as charged. Now, I must earn back the trust. But if I wasn't sincere, I would merely post on this board under another name. That would erase my history. But I have come out of the closet and am posting under the same name. I am accepting responsibility.


    lrhall41

    Submitted by on Tue, 04/20/2010 - 07:08

    ( Posts: | Credits: )


    Quote:

    Originally Posted by Anonymous
    Stop incurring debt now, and that is the first step in the road to recovery.


    bruce i haven't used any of my 5 cards in almost 6 months (and that was for an emergency) and some well over a year.

    Quote:
    Originally Posted by Anonymous
    Now on the advice side, I would recommend that you fully outline all your expenses and be sure they are below your income.


    already done it. and you know what, our house, car, food, insurance, and clothing/diapers for our daughter takes precedence over CC payments. and please don't say anything about getting a house or having a baby while in debt. i don't want to hear it.

    now, i am politely asking you to not clog up this thread as people that will read it in the future do not want to read all of the bickering :)


    lrhall41

    Submitted by blackbeasst on Tue, 04/20/2010 - 07:34

    ( Posts: 196 | Credits: )


    Great job beasst. You've done all the right stuff. Now you show those creditors that you want out. Let's see some settlement amounts below 30%!!!

    Looking back on my own situation, I wonder why they were dumb enough to give me 10 cc's? They don't deserve their money. We're moving to a cash world.


    lrhall41

    Submitted by on Tue, 04/20/2010 - 08:30

    ( Posts: | Credits: )


    Quote:

    Originally Posted by blackbeasst
    bruce i haven't used any of my 5 cards in almost 6 months (and that was for an emergency) and some well over a year.
    already done it. and you know what, our house, car, food, insurance, and clothing/diapers for our daughter takes precedence over CC payments. and please don't say anything about getting a house or having a baby while in debt. i don't want to hear it.
    now, i am politely asking you to not clog up this thread as people that will read it in the future do not want to read all of the bickering :)



    You won't get rid of me that easily. I am too interested in your progress to leave now!!!!

    Good job on those items. You're on the right path now.


    lrhall41

    Submitted by on Tue, 04/20/2010 - 08:39

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