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I can see the light at the end of debt tunnel

Submitted by on Mon, 04/07/2008 - 05:17
Posts: 202330

Hi Everyone

I am a happy and almost free man who has risen from the debt hell. Past 5 years, I was falling deeper into debt from my 11 credit card accounts. Last October of 2007, I hit the wall of reality by ran out of credit card balance juggling tricks. I was denied for opening any more new accounts and my credit card debt was way more than my yearly income. I was under 130K credit card debt by end of Nov. 2007. It was very depressing Nov. , Dec. and Jan.. I talked to bankruptcy lawyers and credit counselors to find any way out. Monthly payment of credit counseling debt management plan was too much for my income to have any room for any fall backs for 5 years. Bankruptcy was not a good option neither because I am currently self employed small business man. My business was getting better but not getting better fast enough to pay off monthly minimums but it was only bright side of my financial future. In Feb. 2008 , I stumbled in to this web site. I found debt settlement options with unheard- fraction of settlement amounts per original balance. I talked few debt settlement companies but I did not liked idea of paying 15 to 12 % (15K) of my debt as enrollment fees up front before settle any accounts. I was already getting 5 to 8 collection calls from 11 credit cards a day at that time. Also I was told that I can not enroll my business credit card accounts and Amex cards. So only less than half of my credit card accounts were qualified for debt settlement programs. I was so depressed of reality of my debt burden and was hopeless for the life all together. Lots of unthinkable thoughts became more acceptable to save my family from the hell of debt I was in. From this website, I learned and read more about other people’s stories. By mere coincidence, I found gentleman named James Lombardo of on one of success stories on this website.

I emailed James about intention of signing up on his program. James was a very calm and assuring guy. He told me that he can settle all of my credit card accounts including business accounts and Amex before 180 day charge off and will not jeopardize my business.. When he said that I could not believe what I heard. It was sing from heaven for me. I signed up with James for all of my 11 credit accounts. He wants to wait for little while to make credit card companies anxious to talk the settlements. By middle of March, I saved up 8k from not making monthly payments and unexpected surprise from my business and I borrowed 14k from my IRA accounts. James settled Chase $26k balance for 10K – this was on the way to litigation on 4 month delinquency, Bank of America- 26K for 6K and Advanta- 14k for 7k and Amex and Citi had offered to settle. This totals about 100k off of my debt balance in just 2 month!! My phone does not go crazy from all collection calls. I feel very strange about silence. I pick up my phone time to time and see if it is still working. Ha Ha Ha…. Now when phone rings, I do not feel depressed any more. I can answer phone calls with brighter face. I can sleep much better and I can concentrate on my future and daily work and living. I am happy and my family wears brighter smile more often. I still need to settle 30K. But I can see the light at the end of tunnel and I can smell the Spring. Thank you James. You saved my life, family and future.


Since I posted this, there has been lot of things happened with James Lombardo. I do not recommend him any more. He took $3200 of my money for fee of settlements that never happened. He has not work on any of my accounts at all. I settled almost all of my accounts by myself because he did not do any.

I settled 7 accounts since I posted first page. I used medical reason for my hardship and told my creditors I would not have regular income from work for some time. Some of creditors like Amex-NCO & Citi was easy to deal with. They were eager to offer settlements of 55 % and 40% at few days from charge off.
US bank was tough to talk down to the range I want to pay. US Bank end up costing me 70% of balance before charge off.
I am now down to one Sears account at this point. It has been charged off and sold to CA. (according to Sears-Citi, but my credit report shows no change of ownership ) I sent DV letter and waiting on their reply. and will find out who ownes my account from it. I will send settlement offer if they send me verifications I requested for this account.

I used some tricks such as using medical reason for hardship and " help from family member for settlement" and wait till just charge off for settlement offer and not talk to them until they are ready to accept my offer after all all they want is my money. Citi was not talking until my account reached close to charge off then they send me a letter for 40% settlement. James Lombardo manage to mess up on this letter by not doing anything until it got charge-off. Thanks to him I ended up paying 55% to close this account but he managed to lie and took 3200 for settlement fee even before settlement of the account.

I am breathing much freely as of now. I just need to settle one more then CC card debts are out of my life. It feels great to be free from CA calls and letters. I can start new chapter of my life with out credit cards.

Submitted by on Wed, 08/06/2008 - 15:22

( Posts: 202330 | Credits: )

I am in the process of putting a plan together to settle my cc accounts my self. What should I do first? Am being sued by one now, thining the debt settlement company Hess & Kennedy had communicated with them. How do you know when an account is going to charged off. Thanks

Submitted by on Wed, 08/13/2008 - 17:39

( Posts: 202330 | Credits: )