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Sib10 | How long should I wait to offer settlement to my creditcards in order to get the best deal, after Charged off. |
Owe around 80K, average of 10-15 K on each, Is it likley they all will sue? It has been over one year since I made last payment. I can try to borrow from family. What kind of a deal can I get for debt settlement, and what are the tips to negociate? Should I negociate with the orignal Debtor, or Collection agency?... I think lot of people are in my shoes these days .. Your advise will help a lot of peps out there.. |
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OC1999
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1. "How long should you wait". The problem here in waiting is that the amount keeps rising because of interest and fees.
Example: If you currently owe 10K on one account right now, and you offer to settle for 80% you would pay them $8,000. But say you wait 2 years and the debt is now 18K. You now offer them 50% but because of the higher balance that is $9,000. So sure you got them to settle for only 50% but because you waited you now owe an extra $1000.
Also, settlement is not always the best route to go. Ideally you want to have them remove the collection account from your report, this will do your report the most good. However, for this they usually only accept payment in full.
2. Is it likey they will all sue? Short answer is probably, if these debts are only a year old you are still in the time they can. There is something called the Statute of Limitations. This is the period of time they have to sue you. The time starts from the date of last delinquency and is usually 2-6 years depending on the state. You can see the link below for the SOL for every state. Please do not listen to the answers that says that they will not sue you because it costs too much money. If a creditor sues you and wins, YOU are responsible for the court costs. This will easily add several hundred to a couple thousand dollars to your debt.
3. Can you negociate with the original debtor or collection agency. Once a debt has been "charged-off" the original creditor no longer controls the account and legally can not talk to you about it. You MUST deal with the collection agency. Even if you called the original debtor they will direct you to the current company that owns your debt.
Now, when you negociate with the collection agencies, do it only in writting, never over the phone. DO NOT send any money to them until you have an agreement from them in writting that they will accept the offer. Be sure it includes the payment amounts, payment dates, and what action they will take when it is complete. |
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steve b
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As far as you being sued, the longer that goes by the less of a chance. And if you are sued it is highly unlikely that all will sue you. The vast majority of people do not get sued, because it costs money for them to bring you to court.
One tip when dealing with the collectors is to never give them any personal info, they will use this against you later.
For example if they think you have assets and are worth going after this might promt them to sue, and they way they find this info out is by you opening your mouth to them.
If you want to learn more about how these collectors operate I highly recommend renting the documentary "maxed out" you will see what I am talking about.
Anyway good luck |
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Ms. Wiggles
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I strongly suggest filing bankruptcy. Consult with a lawyer. I have a feeling that credit card debt isn't the only debt you have on your credit and there may be some things you can catch up on without letting your credit card bills continue to stress you. Let's be honest - you owe a lot of money and most people giving suggestions can't really answer correctly due to the unusually large amounts of debt. You definitely need a new start and bankruptcy will be the easiest way to clear up your past mistakes. I hope you have something to show for your 80,000 in purchases. Bankruptcy isn't that bad - in two years you'll be good to go. Good luck to you and your financial security. |
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Sandy Sandals
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For that large amount I would contact a financial consultant for advice. You can get a good deal if you play it smart. Do not borrow from family! This is your predicament to work out and money can cause bad blood between the closest of families. |
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TomT
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I was once in your shoes and I can tell you what I did. I took responsibility for the debt I created and paid off every penny of it as a matter of personal honor. Yeah, I had to give up some goodies for a few years, but goodies got me int the mess in the first place. Now, I use only one credit card and pay it off in full every month. I discovered that my good name meant more to me than the goodies did. ...and now I have both. |
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Chicka
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Well usually the best deal is 50%. I always get those things... I am not good at paying some of my bills. So I get them all the time... usually 50% is the best I see. I wouldn't suggest borrowing from family bc it will seem like you are paying them back forever, and then you will feel guilty if you don't pay them when you say you do. If you do owe that much, it is better to go a debit settler. Most of my bills are small little things here and there so I can't. But it may just be better to file bankruptcy and start fresh after a couple of years. |
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BJ
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From my own personal experience the best time that the debtors will offer the best settlement is between Feb-Apr because that is usually the time people get their tax returns. Not really sure if they will sue since most credit cards are unsecured debt I don't think that they can sue, but they can put a judgement on your credit which is just as bad. |
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tonetones03
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The collection agency bought it from the original debtor, usually for "pennies on the dollar." You can't go through the original creditor. I would definitely start negotiating now, and pay no more than half of what you owe. Make sure they agree to stop interest accumulation as well. After you pay everything off, I recommend taking a financial class (Dave Ramsey offers an excellent one that teaches how to live without using credit). Good luck! |
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Debt Guru
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I am sure that most of the accounts will prefer to negotiate a settlement rather than go the litigation route. However they have nothing to lose by paying court costs and tacking them onto your balance. You do not want it to get to this point. The hearings regarding debt and non payment are cut and dry the plaintiff says that this is your signature and you agreed to these terms. The judge will ask you is this your signature and you will say yes and he will say then you are in violation of the agreement and that you have no case. The judge will award for the plaintiff and then your chances of settling a court ordered judgment are slim to none. They can garnish your wages and depending upon the state take up to 25% of your gross income.
There are a few articles regarding big debt at http://www.fdnsolutions.com/blogs one for 100k and another for the big debt at 80k. You should try and read both.
Settling debts is a hassle if your not careful. Some tactics to try and use are the following:
Never send a payment without having the terms in writing from the bank or the collector for the bank. They will take your money and apply it to the total balance not the settlement figure.
You owe them the money and they will be aggressive about collecting it from you. Listen to their point of view and agree with them however explain your hardship and what will work for you.
Save your money for settlements. Debt settlement companies typically have hand shake agreements with creditors to settle accounts for clients in a legitimate hardship and based upon client base have substantial buying power with creditors. Example is you owe a creditor 15k and you agree to settle for 7500. (50%) Well a debt settlement company may have hundreds of client with millions of dollars worth of debt and may be able to settle for a lower percentage because the payout is higher anyway for the creditor.
Settlement letters like these are what you need to have before you pay out your settlement payments to the creditors. http://www.fdnsolutions.com/settlementletters
Be careful settling your accounts and if you have a lawyer friend definitely ask for advice. They may even be able to help in some way if you cannot afford a conventional debt settlement program whereas you would make a monthly payment to settle all of your accounts over a 2-3 year period of time. |
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