Is it legal for a third party to buy a credit card debt while you are in chapter 13?
Not ask for it during chapter 13 process(not listed as part of debts) then sue for it later?
Posts Tagged ‘debts’
Is debt settlement ruining our economy?
I work for a debt settlement company, and I’m very curious as to the impact of this to our nations economy. Do you think we are making things worst by negotiating debts? Do you see this industry going down anytime soon?
What are the effects of debt settlement to our nations economy?
Need to Settle Debt!! Possibly file Bankruptcy… Questions!?
I have a lot of debt (all credit cards) and I need to find a way to settle all this debt! I would much rather settle my debts than file bankruptcy. Currently, I am approximately ,000 in debt between about 8 different credit cards.
Does anyone know a good person/company that can help me settle? My good friend said she hired an attorney who helped her & her husband settle their debts for less than 40% of what was owed. Is that possible & how can I settle for a similar percentage?
Realistically what % are collections agencies willing to settle old charged off debt for?
I know they buy old debt at pennies on the dollar, and I have old cc debt, that WAS only about 6k, but with interest, and then being charged off and continuing to roll for years, is over 20k on paper, according to them. But I didn’t spend 20k, and I know the agencies will settle for much less than that.
I’m looking at ch. 7, but before I commit to it, I want to know what realistically I could pay the various collection agencies to settle it. I feel that a BK attorney will only encourage me to file, and if I call the agencies, they can legally start hounding me and my parents to get ahold of me (I’ve managed to keep my number etc private for years). Where can I turn? And what % do they usually settle for? Thanks so much.
Awesome thank you both, I’m in CA, that site shows SOL is 4years, and I believe it was all charged off in 2006, so it might be past already, I’ll get my credit report and check.
-So, if paying them off won’t improve my credit score, what’s the fastest way that I can bring my score back up? (I assume getting those debts taken off is how your score goes back up), obviously the goal is to get them off and/or qualify for a prepaid cc or some way to bring my score back up, so I can strive for the perfect score I USED to have 
etc. If you get a chance, email me at christianatheist80@yahoo.com
Thanks again, invaluable information.
Bankruptcy – Should I file now?
I was involved in an accident recently (a fender bender, really–no alcohol involved or anything), and the other party is trying to sue me for 0k (my lawyer informed me that they’ll probably seek about M with pain and suffering, etc.). I’m only covered for 0k, so the rest would be on me, which by no means am I able to pay.
My question is, would it be imprudent to file for bankruptcy now? I have other debts, and the prospect of getting rid of those as well is attractive, but I’d hate to file, then if this judgment comes up ruled against me, I still would have no way to pay it. So would I have to wait until a decision is reached before I were to file for Chapter 7?
Is indentured servitude a good idea?
Pragmatically, indentured servitude would be a great way to repay debts without declaring bankruptcy, and maybe while still being able to keep your possessions. It could also serve as an alternative currency in some situations. Of course, this would be fixed term – the period of that servitude would correspond with the debt and such.
But of course there is the morality of personal freedom, and the question of whether that always transcends debt and whether it would be right to use such a thing as a currency or tool.
This was a subject in my Ethics class today, so I just want to see what other people (maybe not college liberal arts majors) think.
addition to my last question concering a settlement. It is a credit card debt and it's been almost 10 yrs I?
I live in Rhode Island and all debts can be collected for up to 10 years and my scores are over 700. Does this mean whatever damage has already been done and I should go for the settlement instead of if I could,pay the full amount?
Armored Debt Center scam..Does anyone have advice?
I have been a single mom for 9 years. I was using several credit cards for things we needed and actually was doing well making payments until the credit card companies began to increase their interest rates and amounts owed per month. My credit score was perfect. I never missed a payment. I began to be unable to pay what I owed due to increased monthly demands from the credit card companies. I spoke to a representative from Armored Debt Center who convinced me that they would settle my debts for amounts less than I owed, therefore giving me a chance to get out of credit card debt altogether and I agreed to pay 8 per month for them to do so. It seemed like the right thing to do for me and my family’s future. I have put a lot of effort into making that payment every month starting last October. Armored Debt Center told me not to answer calls from my creditors and sent me a script to basically get off the phone without telling them anything. I followed this advice. They tell you to tell the debt collectors that they are only to communicate with you in writing and then you are to fax everything to Armored Debt Center. When the first credit card company took me to court, I followed Armored Debt Center’s instructions to go to a particular website and retrieve documents to fill out. It was a website that anybody could have googled, not affiliated with Armored Debt Center. It was difficult to figure out what I needed to put on the documents that were to be sent to the court. At one point, I called Armored Debt Center and was told that they “cannot give legal advice” so I was left to figure things out on my own. I was told by Armored Debt Center not to worry, that this was part of the process. I filed everything the website suggested with the court. Prior to my court date, I called Armored Debt Center and was told nothing more than, “Don’t sign anything”. Judgement was awarded for the full amount, plus interest, plus court costs to the credit card company. I continued to keep in contact with Armored Debt Center and fax them everything that was sent to me. It would take up to several weeks for them to call me just to state that they received my fax. They have a well-rehearsed spiel that they give on a continued basis stating that “This is a process. Don’t worry. Keep faxing us documents sent to you. Don‘t give any information to debt collectors when they call you. Use your script. No further action is needed at this time.” They led me to believe that they would be settling with the debt collector “after my next payment”. This went on for several months with no settlement. Armored Debt Center did not settle my 44 debt with the very first credit card company that filed, after a full 12 months of payments at 8 per month. I had given them 96 of hard-earned money and they had not settled anything. Every time I would call, I would get the same run-around, rehearsed speech and be coerced into continuing the program. I would explain that other credit card companies were getting ready to take me to court. Now, the court has allowed the debt collector to garnish my wages by 25%. Because Armored Debt Center failed to settle with the first credit card company to take me to court and my wages are being garnished, I no longer have hopes of being able to get myself out of debt because I don’t have any extra money to give to a debt settlement company, or to save on my own, for such a purpose. At this time, my 3 other credit card companies have indeed initiated taking me to court and I have summons for those now.
I spoke to a representative at Armored Debt Center, Mark, about what had happened and that their debt settlement program had failed miserably. I called Armor Debt Center to ask for my money back for a program that had failed. He eventually said that he would give me back my “reserves” which was 38 but they would not refund their “service” fees which were 30. When asked what services they had provided for 30, Mark stated “education”.. Education on a program that did not work, that did not do me any good whatsoever, and in fact got my wages garnished and ruined my credit. My “education” was a script on how to get off the phone with debt collectors and what website to go to to fill out paperwork to send to court that anybody could have accessed. Upon further pleading with Mark, he stated that they would refund 3 to 4 payments. By the end of the conversation, however, he was saying 2 to 3 payments. Therefore, Armored Debt Center was intending to keep 98. I received an e-mail today asking me to sign a form stating that I will accept 32 back from them, which is only 2 payments and indeed would award them 98 for doing nothing that benefited me. I have been so stressed out, I’ve nearly made myself sick. I have heard that there has been a law passed to safeguard people from these debt relief scams. I have not yet had a chance to find out the specifics.
Read my story below and write your suggetions?
I got married from a marriage proposal,then after the honeymoon my husband told me that he has debts of us100,00 dollars. So now his mom and he is telling me to bear this and help him to settle debts.I was not told about these debts before and I was shocked after I heard it…..It is unbearable because this is a big amount for us. I am living with him in a developed country ,whenever i remembers this i go crazy.Because they lied me………..Please tell me wot to do now?????????
Need to dispute items on credit report, but do not know how to word it or go about doing it?
To be successful, I’d like to not leave anything out when I communicate with them? Anyone know of any forms I can use to dispute debts with creditors?
Or forms to settle the debt for less?
Payday loans said they recieved our payment?
I was over my head in payday loans. I went with a payday loan debt settlement place who has settled my debts, but one of our payday loans claims they have recieved their payment AFTER I closed my checking account where they ACH the payments. My Bank has made it clear that not one person has access to our savings account. How the heck are these people able to get their money when the account is closed, and there is no funds there anyways
should i file bankruptcy chapter 13?
I am on the edge of losing grip on my debts. I’m missing payments on some just to pay the other. My score is below 600 so no bank will loan me money, I’ve tried. No family / friends can help. I read that chapter 13 is like a consolidation repayment plan which is all I need. Will this hurt or help my credit? Should I go with a debt consolidation company instead? If so which comany is best?
I meant no bank will give me personal loan to consolidate my bills..
Does it hurt your credit to negotiate collection accounts?
I am trying to repair my credit myself and was told that if I negotiate with my creditors to settle for a lower payoff that it would make my credit worse? My debts are 2-3 years old, so what happens to my credit if I pay them or if I file bankruptcy?
Chapter 7 Bankruptcy question?
Ok. So my significant other is over her head and doesn’t make enough to pay her debts. Her income is less than half the median income here. A sample means test shows she easily and completely qualifies.
My question is this. She is going to have a hard time coming up with the attorney fees associated with filing (around here it seems to be 800-1500 bucks). I am curious how hard is it to file by yourself or if there is an alternative like a Pro Bono attorney option or discounts for low income persons.
EDIT: Her debt amount is roughly 30k. That is with medical bills WITHOUT college loans. Her monthly income is about 1200 bucks. Her monthly bills are more than that. That does not include food or gas. I am not looking for a moral lecture. She is doing this. I am trying to help her through it. She has exhausted all other options.
Can a creditor seize personal property after Chapter 7 bankruptcy discharge?
My debts have been discharged in Chapter 7. However, a major electronics store has contacted me indicating they have a lien against a laptop computer purchased from their store (on a store credit card) and they want the property returned. Can this property be seized?
Should I File Bankruptcy?
I have accumulated approximately ,000 in CC debt, and about ,000 in Medical bills. My credit score is around 525, and I have had most of these debts for 3-6 years. I’m 25 with no college degree, a job making ,000 Net year, and I live in an apartment. I own 2 cars, One with no engine in it valued at ,000 with an engine ,500 w/out an engine, and another valued at 0. I usually have about -100 left over every month for extra. 20-40% of that I try to put in a "cushion fund" for if I have a medical emergency.
I don’t plan on buying a new house for atleast 2-5 years, and my next car (If i get one) will be, at a max ,000.
My question is; Would filing for a Chapter 7 bankruptcy be an option for me, and If so what are the repercussions?
debt management?
I’m looking for the most reputable top knotch debt management company to go with to settle some debts from my younger years..I’ve heard stories though of people getting ripped off and scammed by these "so called companies" So can I ask out there anyone know a good company to go with?
What can I do about being contacted by arbitrators regarding my credit cards?
In June I enrolled in a debt settlement/consolidation plan with a company. They said they would settle my debts and as long as I was putting the money aside I was supposed to then everything would be fine. They would be contacting my creditors and I should no longer talk to them. Well that is all well and good until I am contacted by an arbitrator and a law office. My accounts were fast tracked to arbitration when they found out the program was in. Each has offered me a settlement but I can’t afford it without a loan. I have perfect credit except for these two past due credit card balances and that is preventing me from getting a loan. The law office said I could make payments, but they would be nearly 00 for six months. There is absolutely no way I can afford that. What can I do? I’m really scared because I thought I was doing a a good thing and ended up in a terrible situation.
I have contacted the debt settlement company and they keep saying I’m not even supposed to talk to the attorney. I am so scared of them taking me to court though. I am putting the correct amount of money aside each month. The attorney’s office told me to go to ripoffreport.com and look up debt settlement companies and I found a lot of other people in this situation.
Need to dispute items on credit report, but do not know how to word it or go about doing it?
To be successful, and not to be taken advantage of I’d like to not leave anything out when I communicate with them? Anyone know of any forms I can use to dispute debts with creditors?
Or forms to settle the debt for less?
Need to dispute items on credit report, but do not know how to word it or go about doing it?
To be successful, I’d like to not leave anything out when I communicate with them? Anyone know of any forms I can use to dispute debts with creditors?
Or forms to settle the debt for less?
Need to dispute items on credit report, but do not know how to word it or go about doing it?
To be successful, I’d like to not leave anything out when I communicate with them? Anyone know of any forms I can use to dispute debts with creditors?
Or forms to settle the debt for less?
Did you hear about the 8year old and the 47 yeard old marriage?
What happened to go plain old family values? Why do people think that they can give away a child’s innocence because they made a mistake? The story goes that the man married his daughter off to his "close friend" to settle debts that he had with him. They can only annull the marriage until the girls reaches puberty. That’s messed up. I think the father, the friend and the judge that decided that should all be put in jail. That’s a child!
Which is more common bankruptcy Chapter 7 or Chapter 13?
I would think Chapter 7 where all of your debts are essentially wiped clear.
Chapter 13, is more expensive and you still have to pay back your creditors what you can afford to pay in a 3 to 5 year period.
Clearly, Chapter 7 has to be the more common one.
Debt collector, Hudson and Keyse,LLC anyone know them ?
The agents have made contact with me regarding the debt and suggested a ,make an offer to settle this debt.The co provided a websight that I could use to make the settlement offer to them,however this sight does not pop up when tryed. What could I do ? They have other ways for contacting them, I do not wish to talk on the phone or return the fill in the spaces letter. Websight is best . What could I do ?Besides I would need help in making such a deal anyway, I’am not the best at making deals for debts I’am not sure I owe. Help
Charles
bigredcharles@yahoo.com
Settling credit card debt with original creditor?
I have a Citi card with 3K debt. 2 years. For 1 year, payments were on time and above minimum. The account is now closed.
I have a Key card with 5K debt. 6 years. For 5 years, payments were on time and far above minimum. The account is open and on a payment plan.
I was out of work for over a year which is when almost all of this debt was accumulated. I eventually had to move across the country to move back with my parents. I now have a new job in a with an expensive (0/week) and long (4 hours/day) commute plus low pay. The job is in NYC and I can’t find a decent place. I’d like to settle with Citi.
Nothing is in collections though the Citi could be soon. I’m now looking for jobs abroad and want to sort out everything before leaving. If they were to attempt to garnish my wages, they would get a lower amount than I am willing to pay. 50% of my income (2K/month net) is going towards paying my debts (I have student loans as well). 30% of it is going towards getting to work. I hope it never comes to this.
I want to settle this by the end of April 09. How do I go about this and what impact will it have on my credit (I will probably return to the US at some point) and what else does it entail?
Has anyone settled their credit card debts and received a "Target" letter to avoid their credit being hurt?
I have a ,000 school loan as well as ,000 in credit card debt. Up to this point I have stayed up-to-date on all my payments keeping my credit rating intact, but my job situation has taken a big turn for the worse. I’m trying to find if anyone has managed to settle on some of their debts recently without their credit going down the toilet. If so, how did you go about doing it and what were the results?
If i work on my current debt now will it help my chances of getting a Secret Clearance?
I just joined the ANG and I’m prior service the process went so fast the recruiter never asked me about my credit. Now it has come up about me needing a Secret Clearance but I’m worried about credit. Should i try to settle some of the debts before I do my clearance application? I know to be honest I have no intention to lie about it I just want to know what options I have so I won’t be rejected.
Credit score hurt because bed debt filed with Chex systems, interesting question.?
Hi. I had a bad period with Bank of America, I owe them roughly 2k over 3 accounts. I have the money, went to the bank and they said they’d accept payment, but would not open a new account.
They have sold all 3 debts off, and I get calls from the agency they have sold the debt to. They want like 1,200 for all 2 thousand worth of debt! Do I get a benefit from paying BankAmerica directly? I pay less with the credit agency.
I know once you pay the bank, they are supposed to send something to Chex systems saying I’ve paid in full. My question is wont the debt agency send that same report? And if they do dosn’t it just make ALOT more sense to settle with the debt agency at a discount then pay BankofAmerica (who were VERY RUDE). The lady called me a deadbeat. I accept that I made mistakes, and I want to correct them.
Strategically does it make sense to give the Bank the money, despite the fact they’ve already sold the debt?? Effectively there making money of my mistakes!
Rebuild credit after settling debts for less than amount owed?
whats the best way to rebuild your credit score after having just settled 5 collection agency debts by settling for less than the amount owed? (credit cards)
How much do the Credit bureaus charge a lender to report a delinquent account?
I’am not trying to settle any debts, I want to report a debt.