Every CRN site visitor has access to comprehensive debt settlement education and detailed information about different debt management tools that can help you succeed with your debt relief plan. That’s great! That is what our web site is designed to do – help you get informed about dealing with debt and credit issues. We have a dedicated YouTube channel, Debtbytes, that offers even more tutorials and diy debt help. We also know there are valid reasons to work with a professional who can guide you through your debt relief decision making process and assist you through settling your debts with banks and debt collectors.
Meet the professionals in our network who can help you with your individualized debt relief goals:
Michael Bovee: I founded CRN with a dedication to providing education and awareness about your ability to navigate debt and credit struggles yourself, as an alternative to using overpriced and often ineffective debt settlement services. I focus the majority of my time on publishing CRN’s credit and debt relief website and videos. I interact with site visitors every day by responding to reader questions and offering help and feedback to those posting comments.
Currently I provide one on one consultations for site visitors, while accepting a limited number of new clients.
Paul Wisuri: I have worked with and known Paul for 9 years. Paul has extensive experience in the debt and credit markets. He has over 30 years of management experience working for major financial institutions. He is a full time specialist in the Network. Paul has been recognized nationally for his dedicated work as a CASA counselor.
Paul can help coach you through negotiating settlements yourself, and also provides direct debt negotiations.
Charles Phelan: Charles pioneered DIY debt settlement education with coaching. I met Charles many years back when involved in efforts to create CRN’s “do it yourself” debt settlement materials. I reviewed the course he put together for his customers, and quickly realized I could not improve on them. A re-branded version of Charles’s Debt Settlement Success Seminar was shipped to all CRN members for many years.
Charles is dedicated to providing a tailored debt settlement strategy to his clients that is highly effective. He is a one of the better recognized debt settlement experts in the US.
Jared Strauss: I met Jared through a debt relief industry friend several years ago. Jared’s approach to negotiating and settling debts with his customers is not only unique, he is highly effective. His customer success rate is stellar, which can be attributed to his client suitability standards. Jared has been assisting people with debt negotiations for over a decade. Prior to working with people to help them achieve debt relief, Jared received awards for his achievements as a debt collector.
Jared is dedicated to offering full service debt negotiation and settlement.
Check out my interview with Jared in one of our YouTube videos.
Andrew Weber: I got to know Andrew through a colleague who settles most types of debt, but not student loans. He had been referring people to Andrew who needed assistance negotiating private student loans. While Andrew is focused on helping with private loans, watch the video I did with him where he shows he knows a thing or two about repaying federal loans too!
Andrew has been assisting people to resolve student loans for several years. He can help you look at all of your options.
Working with a debt settlement professional
Here is just a brief outline of why you should consider working one on one with an experienced debt settlement professional to resolve your debt:
- Know when your specific creditors are going to negotiate a debt for less then you owe.
- How to negotiate and save the most when settling your debt with each one of your creditors.
- How different debt collectors that call and send you collection letters are best handled in order to get the best settlement, or payment terms.
- How to manage multiple collection accounts and debt collectors until you are free from debt.
- How to reduce balances AND get time to pay a settlement with your credit card bank, debt collectors, and debt buyers, in order to limit your risks of being sued.
- How to settle debts when collections have already been to court and how to best resolve judgments you already have.
- How to limit damage to your credit report when settling credit cards and other debts.
- How to deal with other accounts you are not settling, while negotiating the best outcome on others.
One on one support provided by a dedicated specialist who will be assisting you in designing and implementing debt relief strategies that are tailored to you, your goals and needs, not only makes sense, but helps you maximize your results.
You can settle your debt while being guided by a pro, and for a fraction of what it would cost to enroll with a typical debt settlement company. You have access to professionals that will negotiate and settle your debts for you.
The approach we advocate to settling your debt provides the flexibility that is missing from other options available to you to manage your debt. We have had tremendous success working with our customers and site visitors since 2004.
Debt relief program costs:
Most of the specialists you can connect with through this site have more than a decade of experience working directly with people to help them succeed with their debt and credit goals. All of us recognize the benefit of working with you to first understand how to best reach your financial goals.
hello about 2 years ago my someone used my identity to start a verizon wirless contract and now im stuck with the bill for 5,100 Dollars which is alot more than i can afford is there anyway out of this or at least a way to take care of if with low payments
This sounds like a version of ID theft. I would follow the tips laid out in this article: http://consumerrecoverynetwork.com/identity-theft-prevention/
Hello CRN I have two capital one credit card both when to charge off status, I been paying a in house debt collector who deals with capital one. I owe ($1050)on one account and ($2800)on the other ,I want to negotiate to settle on both accounts to rebuild my credit, it been 3years sense charged off, what is the lowest $$ among to settle both accounts I listen to your YouTube videos, capital one will not delete off my credit report for Payment in full can you give me some advice tks u Briscoe
I would encourage you to get help on these Lawrence. You can create a user profile and schedule a call with me, or one of the other counselors, using the Get Debt Help tab at the top of the page.
Hello,
In 1999 my wife and I purchased and financed a vehicle. We had a loss of income and it was repossessed about 6 months later. There was a deficiency balance of 8,146 and at the time I tried to make pmt arrangements But the collection folks would only accept pmt in full. I stopped receiving communications and when I went to refi my home a year or so ago and was informed that I had a lien on my property which prevented me from being able to refi. There was a judgement granted in 2009 which I was unaware of, the title company was able to provide me a copy an looks like the judgement was for the deficiency balance but with interest accrual beginning April 2006. This is being handled by an attorneys office and they said the balance is around 28,000 with all of the interest. I want to get this settled so I can refinance and want to find out the best way to go about it. I have not talked with them or mentioned that i am trying to refinance. Thanks!
Check out this post about settling judgments: http://consumerrecoverynetwork.com/question/can-you-settle-credit-card-judgements-like-other-debts-stressed/
How much equity do you have in the home?
Hello CRN,
I sold my home in a short sell and I agreed to a $20,000 note to pay to the credit union (NFCU). I the remainder of the loan is $17 plus thousand dollars. I wanted to know what kind of offer in your professional expertise would be a possible point for the credit union to agree. (Possibly offer them $2500 maybe 15%) I understand you can’t predict a response but I wanted some form of guidance prior to me offering them a settlement. I am current with all my bills but a hardship is fast approaching my financial situation. Any advice would be very much appreciated.
Do you have other accounts at NFCU?
What does the rest of your credit look like? Do you have any unresolved collections?
Thank you for your timely response Mr. Bovee,
I do not have any other accounts at NFCU. My credit is in decent shape now but still in repair from a 800 score.
I have no other unresolved collections.
I regularly see Navy Federal settle credit card debts that are late 5 months or more at 40 to 50 percent.
This promissory note is a little different, where I have seen NFCU settle lower than that, but back when short sales were being negotiated as an every day occurrence.
I am not optimistic about them approving a 15% settlement. You can start the negotiations that low, but I would want to be prepared for twice, or more than that.
Hello,
I woke up this morning with a text from my bank stating that I had a 0.00 balance on my bank account. Midland Funding garnish the amount of $23,000 on one account and $24,000 on another checking account. I live in Texas and as per Midland Funding I we $9.000 to Sams and Express card and they state they can garnish triple the amount I owe. Can they do this to my personal bank account? I don’t even have these amounts in my banks??? I need your help and assistance
Hi, I am located in California. I have a 5000$ debt in collections. I think the statue of limitations is almost up in February 2020 based on my last payment. The account has been closed and is no longer usable. I read somewhere that in California the statue of limitations cannot be reset if you make a payment on a UNUSABLE/CLOSED account. However I would like to fix my credit and move on with my life although I only have 3000 saved and am in need of a car also. I am not sure whether to pay it now or pay after the statue of limitations is up. I am confused because I also read that if I settle it could restart the statue of limitations.
I’ve been paying a collection agency, Eastern Revenue INC $50.oo when I can; typically once a month ( I have not paid them faithfully). The original debt was with Eastern University for about $11,904. The balance was sent to collections on 12/2011 ,who bumped up the payment to about $15000. I’ve managed to get it down to $12,930. I want to settle the debt as the school refused to give me an official transcript to complete my degree else where and I cannot take anymore course with them. I tried paying $100 biweekly in the begining in an effort for the collector to settle the debt and free my name with the school. But that didnt work. I’ve since got married and fallen on hard times. I can only afford to settle with $2,000. Do you think thats possbile? Please assist. Thank you.
I wish I had better news, but a $2000.00 settlement on a 13k student loan balance is just not likely.
Are you certain your loan with Eastern is private? There are some good options to pursue with federal loans.
Unfortunately, I think it’s a private loan (tuition billed to me because my financial aid fell thru) What are my options at this point?
I do have a $5000. fed loans that I’m also paying down slowly…what are my options with them? I really would like to get back to school and complete my degree. Any information/guidance would greatly be appreciated. Thank you
Nice talking with you on the phone just now.
Let me know how things go with the student loan servicer next week and if you submit anything to the CFPB about student loan payment stress points.
Just for my greater knowledge, and not intending to pursue non payment of cc debts…..What is the worst thing that can happen to a credit card debtor if he or she does not pay credit cards?
I have seen around the net that at least three things can be levied on the debtor in this case:
1) a judgement can be issued on the debtor’s assets such as savings and checking accts or other liquid assets,
2) garnishment of the debtor’s wages
3) lien on home or car equity
I do not know what these things mean. I had questions on each. For example, what are the constraints or rules placed on the creditors placing these items on the debtors? For any of the three listed above, must the amount of the judgement, garnishment, or lien be the same as the amount of the debt? Is interest added to the judgement , garnishment, or lien over time? Are court costs and attn fees added in to the judgement , garnishment , or lien?
For garnishment, does the garnishment need to be a reasonable portion so that the debtor can pay off the regular bills or can it take over the whole paycheck?
any info would be helpful. thanks
I can help you better understand all of those risks if I knew what state you are in. State law will dictate most of the protections and limitations.
This post will have little more insight into what you are looking for: https://consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/ – if you do not see where your state is covered in the comments on that page, post a comment and include your state.
IL
Court costs and fees are normally added to the balance being sued for.
Interest is charged on judgments as set by the court. State law will generally cap interest. That cap In Illinois is 9%.
Illinois protects 85% of wages from garnishment. You can petition the court and get a hearing to contest any garnishment amount as creating a hardship. If your income and expenses warrant it, the hearing could result in your being partially or fully exempt from wage garnishment.
Your vehicle is protected up to 2400 dollars of value.
Your home equity is protected up to 15k.
Your household and personal belongs are protected up to 4k.
Your bank account is protected up to the amount you would use as a wildcard that would include household goods exemptions.
Illinois is not a great place to be with unpaid judgment debts.
Hello,
I’ve had two credit cards go to a judgement. Is there any possibility of settling? One is for $6000 and the other is for $2000. Should I file Chapter 13?
Thanks,
Phil
Settling judgment debt is possible. How long have they gone unpaid? Are you paying other credit cards and loans on time, and t=does that show on your credit reports? Are there other collections on your credit reports?
Who are the plaintiffs that sued and has the judgments?
Settling judgment debts on credit cards is best done in a single lump sum payment. How much money can you pull together, and over what period of time, in order to negotiate and pay these off?
Thanks for the reply! $6000 judgment is about 2 years old and they tried to attach a lien (although I don’t own any real property). $2000 judgment was this past spring. I have paid off auto loan and have one credit card paid and in good standing. I think there might be a couple small accounts that went to collection but are past statute of limitations.
$6000 judgment is from Legal Recovery Law Offices (Capital One Bank)
$2000 is from Winn Law Group (Calvary portfolio – HSBC Bank)
I have had a job and some stability for the past couple years. I would like to satisfy these debts and willing to gather the lump sums within the next 6 months.
Phil
With the details I have to go on, I would look at accumulating 50% to 60% for the settlements. If they see you as highly collectable you could be looking at 70%.
While there are some exceptions, I generally do not see much productive coming from reaching out to negotiate any pay off amounts, until you have most of the money you will need in hand, or readily available. You could settle one at a time, but that first one could update the court record and your credit report as satisfied, which can sometimes lead to more aggressive collection from the remaining judgment creditor.
Dear Michael ,
I live in Nevada.
Do far only a Target showing on credit report, I have not made payments for almost two years and was in bankruptcy ch 13 for a year with no payments made since attorney never completed the filings it was dismissed in March if this year . So far only capitol management has written a letter…. And the validation I asked for came from Disvover not capitol management … Very odd not sure who is collecting. So far I am waiting to see who comes after me . I would like to work with your debt counselors as I am so depleated after fighting the dishonest attorney for a year in court . I of not have money for settlement now but may after the disgorgement comes if the attorney goes not appeal , which slows everything down . I was told that since it has been two years the credit card companies may leave me alone .
Thank you
Meta
It may be that creditors leave you alone, but they may not.
Discover has not been much for selling their defaulted credit card debts for several years now. They responded with validation directly to you because they likely still own the account (AMEX does not sell debt either). Your validation letter to Capital Management may lead to someone looking at your collectability more closely. What type of collections notices or calls have you received from anyone else?
You will benefit from talking to a specialist, or even working directly with one. Call and talk to one at 800-939-8357.
Dear Michael,
Hello, I have not paid my credit cards for almost two years per advice from a very dishonest attorney who said he could file a ch 11 if I moved out of my home and rented it out. The attorney filed a chapter 13 without my permission and I was in ch 13 for a year no payments were maid since no 341 meeting was attended by me since I did not know I was even in ch 13 .long story short I fired this attorney and am now disgorging fees of over $40,000 between his and new attorney to fight the bad one . My bankruptcy was dismissed in March of this year and so far only capitol management has said I owe a Discover Bank. $5,200. I asked for validation from Capitol management and got a reply from Discover card with wrong amount and cancelled checks from 2008, very weird. No sure who owns this . My
Question is I owe $48,000 total credit card debt wit Discover , a Chase, Capitol one , American Express. Since bankruptcy ch 13 was dismissed do to lack of doing anything by attorney , how likely is is collections will resume ? Most accounts are over two years old? If I get the disgorgement $$$ back I would like to settle but I don’t want to offer if the credit cards and collectors aren’t coming after me. Thank you not sure what will happen or what to do to keep everyone at bay till disgorgement settles in. 8-10 months if it does .
The Chapter 13 may have tolled the SOL to legitimately sue to collect, so you will be looking over your shoulder for collection lawsuits by those creditors that pay close enough attention. What state are you in?
Have you a recent copy of your credit reports? Can you see any debt collector reporting an account, or is it all the original creditors? How about inquiries listed by debt collection companies? Any names you can post will help me get a bead on how aggressive collections will be other than Discover.
Trying to settle a debt with CIBC visa. It is in the phase before it gets sent off to collections. They are telling me that they cant negotiate a settlement until the account is either brought up to date or sent off to a third party and then i can try and settle with them. The debt is for $24,000
mike – How much money can you pull together right now in order to settle this account?
15k
You will be in good shape when settlement time comes. If it is with a third party debt collector, that is just how it is sometimes with this stuff. If you want some coaching on how you may be able to still knock this out earlier, or when it is assigned out for collection, call and talk to one of the specialists at 800-939-8357.
I have recently pulled a credit report and found an old debt that was quite sizable, its was during a long and hard divorce that let me financially drained. The last payment activity was 2009-02 it was a balance of 7,777.00 (7 is no longer my lucky number) It was sold to a Collection agency in 2010. but the collection agency is saying its 18,800+ owing for their interest and fees, its the only collection on my file, and I was not sued, so how should I handle this, Im told if I call to inquire it will update the “last activity” , in a few months the original loan is no longer on my credit list at all as it will be past 6 years. What should I do, and I was not sent anything in writing about the collection, however I have moved since the divorce so they may not have been able to find me, I do see they ran a soft credit report without my consent in 2013
Angela – The date of last activity on your credit report will not get updated by you calling the debt collector that now owns your account. The debt collector can run that soft credit pull without your consent.
Are you in New York? What credit goals do you have that you are looking to accomplish in the next few months? It would help to know the name of the collection outfit in order to assess your risks of them suing.
Is it possible to settle for around 10-15% of the debt with FIA Service? The credit card debt is “charged off” and hasn’t been paid for almost a year. In this case, the card holder is in a nursing home, she has only $45/ month avaialbe from her SS check, she has no properties, and no savings. Prior to defaulting on payments she added 2 authorized users to facilitate buying for her food and other items before going to the nursing home. Now the 2 authorized users have this debt in their credit and are not able to work for many agencies because of the “charge off”.
What we are trying to accomplish is to pay around10-15% of debt on behalf of all 3 users, get them to agree to report “pay as agreed” to all 3 credit agencies, and get them to agree that the balance is not reported on a 1099 to the IRS. Will your group be able to help with this?
Mery – No, no, and no. You cannot typically settle BofA debt with FIA card services for 10 to 15% of the balance. You are looking at something more like 40-ish percent. There are some instances where limited income and severe hardship conditions could result in a better settlement, but I would not set an expectation of 15% even with the right conditions (maybe in 2007 or 2008, but not now).
You will not get a pays as agreed on the credit report.
1099 forgiven debt reporting is required. It is not the authorized users debt though, and it sounds like the actual account holder would be deemed technically insolvent, so probably not a taxable event. Run that by a tax pro of your own to be sure.
Hi, thank you for your site. I have two b of a cards that after trying to get them to work with me to lower my payments, stopped paying . I have called to try to get a settlement or some type of program to no avail. The last call was told they are meeting again on the 5 th of the month , call back. I just want to get a number, What they will be willing to settle for, and what my credit report needs to read to make it better.. My other cards are up to date only because monthly payments are much lower, balances are lower, and I have medical bills not paid. I am on disability, and starting in January my perscription coverage changed to where my meds aren’t being fully covered and co pays are high as are Dr visits. I’ve heard horror stories where banks take over your bank account and freeze them, I. Don’t know what to do? I stopped trying to pay to attempt to get their attention because they wouldn’t work with me on lowering my payments, The total amount between the two cards is 12,500. I can sell some things and scrape up about 6000.00 .how best to use it. Thank you for your wisdom! Kathy
Kathy – The answer to what type of debt relief you can seek with BofA can vary. My first reaction after reading your post is to want to know the sum of all of your debts combined – not including those medical bills. But do add up all the medical debts and post that total in a comment reply too. I want to see how affordable a debt management plan might be for you.
That 6k would likely be enough to settle BofA, but I am not sure a deal would get approved if everyone else on your credit reports are getting I cannot know this with 100% certainty, but have no problem telling you they aren’t.
I have 5 major credit cards that I am behind on (2 Chase, Discover, Bank of America, CITI), for a total of about 72,000. I also have aobut 8 store cards that I am behind on. I will be getting a tax refund that will allow me to get current on all my store cards. As for te major cards – I have my house up for sale and expect to make between 20 – 30 thousand profit.
I would like to have a settlement on the major cards, I have spoken Bank America – the settlement abount is about 70% of what I owe. Is this high?
Also, will I hurt my ability to get a settlement if I bring the store cards current?
Thank you
marsha – I would consider 70% as a high settlement on a Bank of America credit card, but there are reasons why settlements can be higher than others. Have you read through the fist stasge debt settlement guide on the site? Start here if not.
Bringing your store cards current is something I recommend doing (if recommendable)early on in the process. If you are more than 2 or 3 months late with all credit cards, it may not be a great idea, as paying other creditors can indeed impact the deals you can negotiate with others. Read this report for more details: https://consumerrecoverynetwork.com/credit-card-debt-to-include-in-settlement-plan/.
I would encourage you consult with a specialist about the timing and targets of all of your settlements (and other accounts). Fill in the “contact us” box in the right side bar and submit. I will get that over to a specialist for you to speak with.
Thank you for the information. I have submited my contact information in the “contact us”
Hello, we have concerns about our Mother. She suffered a stroke back in 2011 and fell into debt. She received a notice of levy for money judgement. Hunt & Henriquez for Capitol One for the amount of $4,725.91.
At this point we don’t know what to do, she tried to get free legal help but she doesn’t qualify. She receives retirement pension (not sure if it’s widow pension or what to call it) Is that pension exempt from garnishment? The form states the garnishee bank. She has an bank account but under another family members name since she couldn’t manage her finances after her stroke. The garnishee bank is Chase as it states on the form.
We haven’t filled the exemption form yet. We were told within 10 days from the day it was mailed and then someone else told us it’s 15 days.
She can’t afford the money to file for bankruptcy but we were hoping to pay monthly payment plans with the creditor, if that’s possible.
I’ll take a look around the site! I’m sure the answer will be there too but it would be nice to get feedback. Thank you!!!
Robert – Before agreeing to any repayment plan, request a hearing regarding the garnishment exemption. What state is she in? Do you have power of attorney?
Thank you for the prompt response! I appreciate it!
She lives in California and I currently do not have power of attorney. Should I consider it now?
I will look into the hearing, in the meantime, I don’t need to fill the form out they sent to her for the exemption?
She’s worried they will take her pension as that is used to pay the mortgage.
Robert – Many pensions are protected from garnishment based on federal laws. State laws may protect more, but consult with an experienced debt defense attorney about that. You should also ask the attorney about the forms. The exemptions are often calculated based on income and expenses, so different for each person.
I am being sued for 3186.69 by LVNV Funding LLC for a credit card with Credit One. The last payment I made was 10/6/10 and the balance was 1492.79. I was unemployed for 2 1/2 years and my unemployment compensation had expired. I now have 14 days, as of yesterday, to send my answer to the court. This credit card was one where you deposited money to rebuild credit after being widowed. What do you advise. I live in Texas.
Andrea – Do you have any cash resources right now?
Hi!
I thought I posted a question last week but looks like I forgot to hit the “send” button so lets try this again. Here is our situation:
This is our current debt situation:
1. Care Credit /GE Bank = Total debt = $382 = Last payment 8-8-13
(Was sent to Allied Interstate Collections on 10-21-13 but still getting statements from Care Credit?)
2. CititBank =Total debt = $1,152.14 = Last payment 7-15-13
(Recieved a settlement offer letter from them on 11/30/13 for $576.07. I didn’t have the money together at the time so do you think I could still negotiate this with installments?)
3. Capital One #1 = Total debt = $914.91 = Last payment (not sure but this account was sold to Capital One from HSBC) but got a letter that I am 6 payments behind & threatening a charge off on 12-23-13 which is now past…
4. Capital One #2 = Total debt = $2,189 = Last payment = 7-23-13
5. Home Depot = Total debt = $6,070.70 = Last payment 8-5-13
I was laid off 1.5 years ago & when unemployment ran out in August (earlier than expected due to our state falling below the unemployment limit) I wasn’t able to afford all the payments + the new medical debt that we accrued having a baby in June. Fast forward 5 months. I have about $800 saved to help settle some of these debts. I am also anticipating a tax return this coming year that will hopefully cover the remainder of the settlement money. Since I don’t know those numbers quite yet, I am a little hesitate to start negotiating with all of my creditors. So, I have a few questions before I attempt to do this:
1. With the $800 I have now, how should I prioritize which creditors to settle with & for how much?
2. From what I have read, it sounds like 50% is what I should anticipate if the creditors are negotiable & accepting settlements. Should I start my negotiation lower like 30% or is that unreasonable?
3. Who specifically do I need to speak with when I make a settlement call? Do I need to request a manager right away?
4. I am really nervous about the Home Depot account. I am really keeping my fingers crossed that I can use my tax return to settle this. How much time do you think I have on this account? I am hoping to have my tax return figured out late January….
Any advice would be extremely helpful.
Thanks so much for your time!
-Lis
Lis – Sorry to have missed your prior questions. I was able to locate your original submission and am going to publish that as a new page with my feedback. You should get an email notification and link to that new page when it goes live, and we can correspond in the comments of that page after that (I have some follow up questions for you).
Hi,
I am looking to settle my accounts with b of a is current at $6000, chase cards at total of $ 9000, a capital one card at $3000 and a citibank card at 3000. My bills are all up todate however I have been unemployed for over a year and have a few about 10000 in savings. all i’m wiling to spend just to pay these bills off so I can have some peace of mind. I am suffering from major depression and do not need creditors hounding me about bills. I have offered bank of america $2000 as a settlement but they refuse to work with me. I was on the payment protection plan over a year but that has now ended as well as capital one’s. I am at currently behind on my mortgage so I’m just trying to do my best here. any help would be appreciated.
tina – Using settlement as your debt relief option I estimate (on the high side) you would need about 8900.00 to settle with those credit cards. You would not be able to settle while current, or even when you are only late a month or two. But you would likely be able to hit those settlement targets prior to 6 months of delinquency, based on today’s trends. This is why you are not getting anywhere with premature negotiation efforts with Bank of America.
How much are you behind on your mortgage? What is the reason for being behind? I can offer more feedback about settlements, and other debt relief options, if you can post a comment reply with answers to those questions.
I am currently dealing with MCM. This debt was originally with Chase and sold to MCM. My last payment to Chase was 9/31/09. The original debt was 14K
I sent them a debt validation letter and requested my signed contract and a few other items and they sent me 3 bills with Chase’s letter head with a date of 2/10, 3/10 and 4/10 and stated here are the items you asked for. I have never seen those bills on that date it looks like something they just made up.
Do I have to send them a letter back stating I still do not recognize the debt?
Thanks
GC – I am not quite sure I understand your question about sending another letter. You appear to be saying you had a debt with Chase, but are not able to recognize “this one” that is being collected on as yours?
If it is yours, debt validation is pretty simple for collectors to meet. Not sure where you heard you would get a signed contract back.
What is your goal with this?
Hi Mike,
Thanks for the response..I am just trying to understand all this and what I should do to get the least possible settlement.
I just thought they should at least send me a signed contract. I had other debts that filed suit against me and each one attached the signed contract so I just figured they would also when they returned the validation. Is the signed contract just needed for a lawsuit?
I went thru a divorce back in 2009 and right now I do not have the money to settle but would like to try and work out a settlement so I need to try and settle for has little has possible. Now that I got the validation letter back can I start to settle?
Thanks again
Gabe
PS I would borrow money to do this..
Hi Mike,
You asked what are my goals..Has I stated above I would like to settle but do I have other options? Again just trying to understand all this and what options I have when I debt collector purchases from the original creditor.
Thanks