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Lowered debt settlement - how low will they go

Date: Fri, 05/04/2018 - 06:23

Submitted by rob.mckellar
on Fri, 05/04/2018 - 06:23

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Total Replies: 7

Lowered debt settlement - how low will they go


I have a Chase CC bill in default from a failed business 2 years ago. The original amount owed is $27,xxx Its gone to collections and I have had to unfortunately haven't been in a position to address it the last two years. They started sending lower amounts to settled - starting at about 10% off, ~$24k - ~$20k - ~$16k - ~$10 - ~$7k - ~$5k I was going to take them up on the $5k as now I can afford a payment again... and then I missed the cut off date. I was going to call them anyway, but then received a new letter for $2700. I was both happy, and surprised. But now my question comes to, how low will they go? And for how long. A bankruptcy lawyer told me if it goes 3 yrs without contact, they can't collect. I don't know the truth or law behind that, but its been over 2 yrs already. I don't really want it hanging over my head for another year if I'm taking a big chance they will just quit and sue for the full amount. At the same time I'm a single father of four and everyday is a struggle.
Any thoughts and recommendations would be appreciated, I tried searching but it didn't return any results.
Thanks in advance-


They have give you a fabulous offer. You have 2 options now. You can pay $2700 and get rid of the debt. They are giving you such a low offer since the SOL period is about to expire. They can't sue you after the SOL period has expired.

Now if you don't pay $2700, they might give you even a better offer or they can sue you for the full amount. Remember, the SOL period is not over yet.

Do you want to take the risk or do you want to pay $2700 and get back your mental peace?

Some people may advice to ignore the debt since they would have sued you if they wanted. They didn't walk on that path. But I feel you should settle it. The choice is yours.


lrhall41

Submitted by ditchdebt on Mon, 05/07/2018 - 21:36

( Posts: 675 | Credits: )


I would pay the $2700 and be done with it. I have been in the debt settlement industry for years and that's a good deal, however they will issue you a 1099C for the remaining balance, but if you have a seasoned accountant he/she could make that go away.


lrhall41

Submitted by Chimpy on Tue, 05/08/2018 - 11:13

( Posts: 10 | Credits: )


You don't mention the state you live in. However, from the response of the CA, I can guess that the SOL is about to expire. This is why they offered you a less amount to settle the debts. My suggestions pay the offered amount to settle the debts because they can sue you for the full amount.

However, make the full amount and ask them for the written agreement. Once you pay off the debts, make sure you receive the receipt of payments from them. Keep the receipt safely to prove that you have settled the debt.


lrhall41

Submitted by Sanders Patricia on Wed, 05/09/2018 - 00:09

( Posts: 1241 | Credits: )


Wait for a minute.
Don't settle your debt right now. Just read what I found in the official website of Client Services.


Client Services, Inc. has discovered a fraudulent business that is calling consumers offering mortgage modifications and credit card rate reductions representing themselves as “Client Services.” Please be assured our company does not partake in this business practice and is not affiliated with this company in any way. Client Services, Inc. encourages consumers to report the fraudulent “Client Services” to the proper authorities.


Contact Client Services as soon as possible.

This is their address:

St. Charles Campus
3451 Harry S. Truman Blvd.
St. Charles, MO 63301


lrhall41

Submitted by SC on Tue, 05/15/2018 - 23:33

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Thank you all for the comments. The offer is from a company called Client Services Inc. Looking online I see many varied opinions on how legitimate and what the final resolutions would be. Also a class action law suit. I am in Maryland if that makes a difference, on the back of the letter it has state blurbs about rights and such, just not Md.I do think its a fair offer and now that I'm in a slightly better place, I would like to make all this go away, I just want to be sure it is proper.
~R


lrhall41

Submitted by rob.mckellar on Tue, 05/15/2018 - 13:18

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In Maryland, the statute of limitations needs that a lawsuit should be filed within 3 years for written contracts, and 3 years for credit cards. So, I think, you should wait for some time, if 3 years are over, then they can't collect from you. Check your credit report to know the exact time period of the debts you owe.


lrhall41

Submitted by Sanders Patricia on Thu, 05/17/2018 - 06:39

( Posts: 1241 | Credits: )