Re: welcome back MomofTriplets

Posted by MomOfTriplets (205.188.209.12) on April 10, 2003 at 12:00:44:

In Reply to: welcome back MomofTriplets posted by eric on April 10, 2003 at 10:12:32:

Hi Eric! With my card companies, I told them my situation right from the first missed payment that I was no longer able to pay monthly payments and kept in contact with them once a week until the phone calls were coming at an endless pace from them demamning payments. I explained my hardship to every one who called, 10 times a day like a broken record until I could not take the calls anymore. And started egnoring them, unplugging the phone, turning the answering machine down when I was expecting another call etc. The people I delt with didn't offer a settlement, in fact I don't think they want people to know about it until the end, if that. I think they would rather just sue for larger amounts. I initiated it all. My MBNA was about $6000.00 before all the lates, over-limits fees and then it was push to like an extra $900.00 when time to settle. If you have 2 months until charge off, I would start calling them now, asking for the settlement department. If they say they do not have one, tell them you will call back and get someone else who will direct you. Chase at first will tell you they will work out settlements only through the mail and they are full of poo..if you have them, tell them you already talked to someone and lost the number and need re-connected. lol The creditors will check your credit report to see if there are any other missed payments with anyone else, and monitor it often (as they did me) so you want to work up settlement arrangements at the same time if you can, so it doesn't look like you have the money to pay one of entirely. If there are other missed payments, you have a better chance at a faster, lower settlement. Of course, you will have those...as with me, "You are current on your JC Penny account, why not with us". I had to laugh. I think the balance on that account was like $80.00 and the payment was $15.00 a month, only used for portrait studio pictures of my girls...vs. $168/mo to catch up with them. NOT! I just said, Hey, they must not be reporting correct information. lol

I would not wait to long to initiate your settlement letter though. Give them about 2 weeks to phone settle and then start with the letters. That $10,000.00 MBNA one might be harder to settle on, but you can't give up! And by all means, settle both account seperate to be sure you are credited for each one, rather than one payment to one and have the other to deal with.

Just get your story together, tell them that you may be heading for bankruptcy because you have other debts from other situations and you will no longer be able to pay. Let them know you have whatever money on hand and that is it. There will be no funds later and if it is not accepted, you will offer it to another creditor. Wait for a response and offer what else you have to the next and so on. I tried to get enough funds to at least settle for 50%, but no matter how I stretched it, it didn't fit so I had to sort it out and offer each one as much as I could. Of course, have the funds, or get them ready so you can settle. As far as making settlement payments, I didn't do that. However, I am sure others on the board may have and can offer you some expierence. I assume it is not much different. I don't know why you are not able to pay, but whatever reason, it is not your fault. Just learn from your mistakes and move on! I would however get your stuff together, decide what you can and can't do, put it on paper so you can keep your figures straight while talking on the phone and propose an offer you can stick with.

When I started here, WhyChat told me and others that it is a good thing to settle with the original creditors and not with collection agencies. I believed that then and I sure do now. That is why I pushed to the very last day to get it done. Of course, not everyone can come up with the funds to do it, but if you can, go for it. I am not sure if it is the last I will hear of the account or not. They may pop-up within the CA environment sooner or later, who knows. But if they do, I will be ready to fight back. I am also, at the end of Jan. going to contact the IRS and tell them I had not received a 1099C for earned income for each one on them, if I do not get one automatically. Even if I do not have enough total income to pay taxes on them, at least I have the forms and know the balances were reported as they are supposed to be. I would rather do that, than contact the creditors again. That is a story I want to write out of my life. My next contact with them will be to turn down another credit card offer. lol
I left my e-mail in the link if you want to chat in e-mail. I have MBNA's number to contact settlement departments if you need that too. In prep. I would get a hold of your nearest OfficeMax or office supply store and get their local comsumer fax number, incase you near a deadline and need a quick fax. I would not give them your office/home/friends fax number. For 50 cents, it is worth it. Most places will allow you to send a fax too if you ever need to. I would also get your settlement letters ready for your creditors and have addresses etc. If they give you a stick about it, just tell them that incase you loose your phone service, you need to be able to get a hold of them. That should do it.

Just be careful what you say because they type everything you say out on the computer and use it for reference during future contacts. I had to listen close but heard their fingers going mad on the keys, everytime I called them or vice-versa.

Got to run, let me knwo how things are going and I will always be willing to help if I can. This board is wonderful!

Thanks for reading, yet another of my BOOKS! lol

Catch you gaters later! :)

Follow Ups:

Post a Followup