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The journey has ended!!!

Date: Wed, 03/17/2010 - 07:27

Submitted by anonymous
on Wed, 03/17/2010 - 07:27

Posts: 202330 Credits: [Donate]

Total Replies: 15


Just wanted to post my story as a motivational (and brag) post:

I am officially finished with my settlement adventure.

I settled with 5 different creditors: AmEx, Chase, Advanta, Discover, and BofA.

If you search, you will find several posts of mine dealing with each of these different settlements, but in total, I settled $61,500 of debt for $21,800 (35%). I did this on my own - there is absolutely no reason whatsoever to use a third party debt settlement group.

If you have any questions, ask away.


Congrats!!:hug:I can't wait to join you, I have technically 2 more to resolve. A CITI, which I think has charged off and a Amex lawsuit to shut down. I'm also helping with 2 other remaining cards for a close friend, a Cap1 and a Discover. Discover has been extremely difficult, harassing, and the callers make stupid statements such as "We are very angry that you haven't paid this", "You did this on purpose" etc...seems like they take it personally or something. Can you share your experience with them, Thanks...


lrhall41

Submitted by maggie22 on Wed, 03/17/2010 - 07:47

( Posts: 140 | Credits: )


Quote:

Originally Posted by Anonymous
Just wanted to post my story as a motivational (and brag) post:
I am officially finished with my settlement adventure.
I settled with 5 different creditors: AmEx, Chase, Advanta, Discover, and BofA.
If you search, you will find several posts of mine dealing with each of these different settlements, but in total, I settled $61,500 of debt for $21,800 (35%). I did this on my own - there is absolutely no reason whatsoever to use a third party debt settlement group.
If you have any questions, ask away.



How long did it take to settle your accounts? How did you get the money to settle?


lrhall41

Submitted by on Wed, 03/17/2010 - 10:24

( Posts: | Credits: )


Did u have the money upfront to settle or did you save monthly?


Quote:

Originally Posted by Anonymous
Just wanted to post my story as a motivational (and brag) post:
I am officially finished with my settlement adventure.
I settled with 5 different creditors: AmEx, Chase, Advanta, Discover, and BofA.
If you search, you will find several posts of mine dealing with each of these different settlements, but in total, I settled $61,500 of debt for $21,800 (35%). I did this on my own - there is absolutely no reason whatsoever to use a third party debt settlement group.
If you have any questions, ask away.


lrhall41

Submitted by on Wed, 03/17/2010 - 10:26

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
Just wanted to post my story as a motivational (and brag) post:
I am officially finished with my settlement adventure.
I settled with 5 different creditors: AmEx, Chase, Advanta, Discover, and BofA.
If you search, you will find several posts of mine dealing with each of these different settlements, but in total, I settled $61,500 of debt for $21,800 (35%). I did this on my own - there is absolutely no reason whatsoever to use a third party debt settlement group.
If you have any questions, ask away.


I can't wait to join this club too! Just got my first offer of 45% but don't have it. I do have 30% and could scape up 35%. Will know in a couple days if they have accepted my offer of 30%. Meanwhile I'm stressing, just want this all to end!!!!


lrhall41

Submitted by on Wed, 03/17/2010 - 11:23

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Congratulations!!! I hope someday soon I can join that club. I would be happy to settle mine at 50%. Keep us informed on how you are doing with capital one. I am very close to charge off and the settlement offer from them is like 85%. They want me to bring card current so they can reactivate the card. No thanks.


lrhall41

Submitted by on Wed, 03/17/2010 - 11:58

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Good job Anony!

Love to hear more on your dealings with Advanta. I'm 60 days late with them for $20K (current with other companies for another $40K). India call center calls stopped at 30 days, then got two recorded phone messages from "senior managers" who "took over my account to offer assistance." Offers in the mail include a possible Budget program for five years at 9% or Hardship program @ 3.99% for 12 months then 16.99%. When will they charge off and how long till a settlement offer?

P.S. After a second ratejack to 29.99% I decided to stop paying Advanta. Can't believe Dennis would do this to his brother...


lrhall41

Submitted by on Wed, 03/17/2010 - 14:50

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We had an Advanta Business card that was closed due to Advanta not able to get funding from their client. They were charging us 37.99% interest on $16k. At that time, we were never late & had great credit. We decided to stop paying on this account & after about 3 months we reached a deal of 9% for 5 years. We could have had 0% for the balance, but were unable to come up with the $850.00 down payment they wanted. Just keep on them, I'm sure they are willing to settle. Also, I was able to settle with Chase Bank on a $14k balance for $4k over two installment payments. THEY WILL SETTLE!!


lrhall41

Submitted by on Wed, 03/17/2010 - 15:11

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To answer some of the questions:

Chase, Advanta, and AmEx were all settled around the 120-day mark. BofA and Discover were settled after 150 days. As for the money, I did my best to save everything I could, but I started with a decent base. Luckily, I recognized in advance that I was not going to be able to continue using up all of my savings to make the monthly minimum payments. At the time that I figured this out, I still had a decent amount of savings, which I used as a source for the settlements.

I also subscribed to the zipdebt program. I don't want to sound like a shill for Charles, but his advice kept me sane throughout the process. The CDs he sends weren't all that helpful -- mostly info you can figure out on this website. But his e-mail coaching was a godsend. There were numerous times, particularly with AmEx, that reps were threatening me with litigation or other scary-sounding threats. Charles was always able to quickly allay my fears and give me the proper guidance for how to move forward. Again, don't want to rave too much, but I would definitely recommend his program if you are going this alone.

To be honest, all of the settlements, with the exception of AmEx, went unbelievably smoothly. The hardest part is waiting out the 4-5 months necessary before you can really start talking settlement. Advanta was no exception. They made a TON of threats, but never did a darn thing. Once they sent my account to Phillips and Cohen, it was cake.

Of all the creditors, BofA and Chase were BY FAR the easiest to deal with. Called me infrequently and every single rep was always friendly and understanding on the phone.

Any other questions?


lrhall41

Submitted by on Fri, 03/19/2010 - 08:26

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Quote:

Originally Posted by Anonymous
To answer some of the questions:
Chase, Advanta, and AmEx were all settled around the 120-day mark. BofA and Discover were settled after 150 days. As for the money, I did my best to save everything I could, but I started with a decent base. Luckily, I recognized in advance that I was not going to be able to continue using up all of my savings to make the monthly minimum payments. At the time that I figured this out, I still had a decent amount of savings, which I used as a source for the settlements.
I also subscribed to the zipdebt program. I don't want to sound like a shill for Charles, but his advice kept me sane throughout the process. The CDs he sends weren't all that helpful -- mostly info you can figure out on this website. But his e-mail coaching was a godsend. There were numerous times, particularly with AmEx, that reps were threatening me with litigation or other scary-sounding threats. Charles was always able to quickly allay my fears and give me the proper guidance for how to move forward. Again, don't want to rave too much, but I would definitely recommend his program if you are going this alone.
To be honest, all of the settlements, with the exception of AmEx, went unbelievably smoothly. The hardest part is waiting out the 4-5 months necessary before you can really start talking settlement. Advanta was no exception. They made a TON of threats, but never did a darn thing. Once they sent my account to Phillips and Cohen, it was cake.
Of all the creditors, BofA and Chase were BY FAR the easiest to deal with. Called me infrequently and every single rep was always friendly and understanding on the phone.
Any other questions?


How well did you do with Advanta once it went to Phillips?


lrhall41

Submitted by on Fri, 03/19/2010 - 12:43

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