SOL expired in CA; time to see how low I can go
Date: Sat, 07/28/2012 - 12:51
Long time reader here, and now its time for my plan to take action!
Four years ago I was going to stop making payments on my 30k of CC debt, but my family convinced me to "do the right thing" so I took my savings of 10k and started paying down my cards.
Well, a few days later my engine seized and when I went to swipe for the bill, I learned that my credit limits had been lowered by the amount I had paid off.
POOF, 10k was GONE. I was so mad. Mad at myself for listening to my sheeple family, mad at the CC companies for being scumbags, and mad at my car for dying.
Well its been 4 years, and I have about 10k saved up again, and the 30k in CC debt hasnt gone anywhere....so lets try and pay it off shall we?
Im shooting for 10% of total balance and will send out letters on monday.
Here is the debt I owe
12k LVNV (cosigned card with a friend, he will pay whatever I negotiate)
9k Portfolio Recovery
8k North Coast Collection
3.5k Midland Funding
2.7k Portfolio Recovery
2.4k Midland Funding
1k Midland Funding
So about 38k, with me responsible for 26k worth.
Hopefully I can pay all this off for under 5k. I will post here and let everone know how its going!
All the debts are with junk debt buyers....personally I wouldnt
All the debts are with junk debt buyers....personally I wouldnt pay them a dime. They cannot sue you and paying will do nothing for your credit. Bank the cash.
My understanding was that I could negotiate all my debt as paid
My understanding was that I could negotiate all my debt as paid and that I could also negotiate to have those items removed from my credit report
Pay for delete is a thing of he past. Midland wont do it...they
Pay for delete is a thing of he past. Midland wont do it...they have no reason to.
Pay For Delete If you can't remove the debt by disputing it,
Pay For Delete
If you can't remove the debt by disputing it, you can negotiate with the collector to have the account removed from your credit report in exchange for payment. Send the collector a letter stating your interest in paying the account. Offer to make payment if the collector agrees to remove the entry from your credit report. Ask that the collector return a signed copy of the letter to you to seal the agreement. (Sample Pay for Delete Letter.)
If you negotiate a pay for delete over the phone, make sure you get the agreement in writing before you make a payment. Don't make payment until you have the agreement in writing.
Send all correspondence via certified mail with return receipt requested. That way, you have proof if there's ever a question about whether the debt collector received your mail.
After you've paid the collection, check your credit report to make sure the entry has been deleted. If not, dispute it and provide the credit bureau with a copy of your agreement with the debt collector and proof of payment.
http://credit.about.com/od/creditrepair/qt/ridcollection.htm
Well I guess that Im going to find out the hard way about that.
Well I guess that Im going to find out the hard way about that.
Hopefully youre wrong!
Well your wallet will be thinner. Read people's experiences on
Well your wallet will be thinner. Read people's experiences on pay for deletes....they just do not happen. Midland and LVNV I know for a fact will NOT do it.
Personally I would stay under the radar....you settle you WILL get a 1099 for the written off portion for next year. You will end up with tax liability. By staying under the radar, they forget about you....
as much as Id like to do that, Id like even more to buy a house!
as much as Id like to do that, Id like even more to buy a house!
You are better off banking the $10k and waiting 3 years. Or doi
You are better off banking the $10k and waiting 3 years. Or doing an owner finance.
Well Im going to try and use whatever legal means necessary, and
Well Im going to try and use whatever legal means necessary, and I will post in this thread as my updates continue!
I have nothing to lose by trying! (as long as I dont re initiate the SOL)
well
got news for you.LVNV won't settle,and if they do won't hesitate to sell the remainder.same with midland and portfolio rec.btw settling these does technically restart the SOL clock so if you won't heed soaplady's advice then tread reaaaal carefully.
