Posts Tagged ‘bankruptcy’

Bank of America changing their mind on settlement?

Sunday, October 31st, 2010

Last week I called BOA for a settlement of 2 accounts that have been consistantly late or not paid and are over 30% interest. I was given a settlement amount, but when I called back with my banking information, they said no call was ever made and they can't give one to me, I have to pay it in full. They told me to file bankruptcy. My payment due is over 00. It's over 22K and the payoff was 70%. What to do now? I got a loan for the amount and they will only release the funds to BOA. Its all business debt on a business that went under.

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BoA says negotiating a settlement is worse off than bankruptcy?

Sunday, October 24th, 2010

the debt payment i have on a credit card with boa is current but adding the interest and fees is making the debt more worse like am not getting ahead of it or anywhere anyway. so i simply want to negotiote on an reasonable amount i know i can now afford and just pay off and clear this debt once and for all. a bank of america employee told me this is worse off than bankruptcy. i don't believe him and i don't think this is true, right?

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Accident Settlement.. not enough to pay medical bills? Bankruptcy?

Saturday, October 2nd, 2010

I was in a car accident in 05. It's been five years now. Just yesterday I accepted a ,000 dollar settlement. My medical bills are several times that amount. There is no way I can pay them off. After five years of court date after court date.. depositions.. paper filing and two lawyers. I'm sick of it. And even though I will have to live with my injuries for the rest of my life.. I'm sick of fighting and want to put this behind me. So I accepted. My lawyers told me in the beginning to expect 0,000 or more due to my injuries and the nature of the accident. But the case got more and more twisted as time went on and now the insurance company just wants to take me to court.. where I could walk away with nothing.

This is my question. . I kind of asked my lawyer this. He said that the only bill that I HAD to pay from the settlement was to a hospital due to a lien? Then I would be down near ,000.

Anyways. I'm twenty-one years old. And don't see how I am ever going to get these bills paid. My question is:

Can I spend the money and then file for bankruptcy? Or would that make me ineligible?

I want to use the money for schooling and to fix up my parents house. I don't think it's wrong of me to do such a thing. I have suffered for five years now with major back injuries and severe PTSD. I deserve to use that money how I please.. right?

Thanks :)
Let me edit something. Before I ever looked into a lawyer the insurance company offered me ,000 dollars. I then began to look for a lawyer. When I found one and retained him. It was in the contract that his cut would not leave me with anything less than ,000 dollars. So he is actually only going to get ,000 dollars from the settlement. The lein from one of the hospitals is ,000 dollars. That leaves me with a check for ,000 dollars. My question is.. if I spend the money can I file for bankruptcy? I haven't signed the papers yet. The problem with this whole case was that my lawyer hasn't been able to prove that the farmer was negligent. His cows got out of their pasture and .. in a vehicle.. I hit one. It came through the windshield and smothered me. Most of my bills are for PTSD.. which i've been told is hard to sell to a jury.

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What would you like to ask?HELP,I am debating on using a credit settlement company or debt management company,?

Thursday, September 30th, 2010

I make my payments on time every month to my cards, but wont be able to soon.
I have reached out to my 2 credit cards numerous times telling them I may file for bankruptcy and they wont get anything, and asking for them to lower interest rate so I can make my monthly payments and actually see my balance go down instead of mostly toward interest. I was refused on any time of payment plan, settlement offer, or interest rate reduction.
NEXT: I spoke at length with Take Charge America, who will set me up on a 5 year payment plan (after the banks negotiate with THEM apparently), and I will pay off my full balance in 5 years, along with about k in interest and 00 or so in fees to the company. Cards will be closed.

OR: I use Credit Solutions and I default on my cards so they can negotiate with the banks on my behalf and present me with settlement amounts which could be half if not more of the balance! I pay them 0. for 18 months and my debts to cards is paid within 36 months, if not sooner, at almost k less than what I owed.

BUT: Credit solutions has many scary reviews online. I spoke at length with 2 of their reps and they explained the process to me and it sounds like garden variety debt settlement, so.. i dunno. Which company? Anyone have any experience with either?

I also just called the collection dept. of my cards again and told them all this, can THEY offer me a settlement or payment plan so that there are no 3rd parties and the bank gets their money. They said nope, sorry. So i am kind of backed into a corner of having to use one or the other

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HELP,I am debating on using a credit settlement company or debt management company, what were your experiences?

Friday, September 24th, 2010

I make my payments on time every month to my cards, but wont be able to soon.
I have reached out to my 2 credit cards numerous times telling them I may file for bankruptcy and they wont get anything, and asking for them to lower interest rate so I can make my monthly payments and actually see my balance go down instead of mostly toward interest. I was refused on any time of payment plan, settlement offer, or interest rate reduction.
NEXT: I spoke at length with Take Charge America, who will set me up on a 5 year payment plan (after the banks negotiate with THEM apparently), and I will pay off my full balance in 5 years, along with about k in interest and 00 or so in fees to the company. Cards will be closed.

OR: I use Credit Solutions and I default on my cards so they can negotiate with the banks on my behalf and present me with settlement amounts which could be half if not more of the balance! I pay them 0. for 18 months and my debts to cards is paid within 36 months, if not sooner, at almost k less than what I owed.

BUT: Credit solutions has many scary reviews online. I spoke at length with 2 of their reps and they explained the process to me and it sounds like garden variety debt settlement, so.. i dunno. Which company? Anyone have any experience with either?

I also just called the collection dept. of my cards again and told them all this, can THEY offer me a settlement or payment plan so that there are no 3rd parties and the bank gets their money. They said nope, sorry. So i am kind of backed into a corner of having to use one or the other

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debt settlement simple question?

Monday, September 20th, 2010

i have agreed to settle a debt with boa for far less than the balance they sent me a letter that states by send ing the settlement payment " my account will be considered settled,and i will not be obligated to pay the remaining balance" i guess what im trying to find out is this binding or can they still try to get the full balance because i am sending them everything i have to settle this i know my credit will take a hard hit but it is better than bankruptcy and wiping 25 yrs of perfect credit out

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If you can't make credit card payments anymore?

Sunday, September 5th, 2010

If you are going to have to stop making payments because of other living expenses, then down the road do a debt settlement with them or file bankruptcy, can you max out your cards first? I read that you should pay cards for 90 days after using them so it doesn't look like planned fraud. But is that for major purchases or just anything? I have a few hundred on several cards that I could leave be or buy some things first.

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I am facing a divorce settlement and want to know how to ensure I get my monthly payments…?

Saturday, July 24th, 2010

My husband has created fraudulent debts to make it look like I cannot cash out the equity in our home. Its a long story and has cost me over k in attny fees to get awarded very basic equity that he wants to make in structured monthly payments. There is a clause in my divorce papers that says bankruptcy is not an release for this debt. However, he has already made it clear he has no intention of making any of the monthly payments. His checking acct is continually overdrawn and he rarely pays banks and creditors on time, so there is little reason to believe I will get my money. I am wondering what experience you have to help me? I have requested a lein on the house (he wants it), an insurance policy or some other penalty be attached to non-payment, I also suggested there be a "bonus" for regular monthly payments (say a 00 less owed). But my attorney has not responded to any of these saying "he has to pay". But I know better. What did you do to protect yourself?

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What is the best program for consolidating or debt settlement?

Saturday, June 5th, 2010

I need to consolidate my debts, either by getting a loan (unlikely with my credit) or through a settlement company. I want to use a good one, though, so does anyone have any recommendations? I could easily file bankruptcy with my income and lack of assets, but I would rather pay off the debts. Some of the collections are hostile, now, though, because I have so many different ones after me that I can't possibly make my payments each month to each of them. This all stems from two hospital trips earlier this year. I don't even own a credit card, so I'm not financially irresponsible. Just poor and uninsured. Any reccomendations would be very much appreciated!

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Settlement Finance

Saturday, June 5th, 2010

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Does Debt Settlement Affect Your Credit Score?

Author: Ben Xenoo

Does debt settlement affect your credit score is a question being asked by many as we continue to struggle through the financial crisis? Many debt settlement companies claim that they can help you with your finances without damaging your credit score. In most cases this is simply not the case. If you have already missed payments on credit cards and loans then you have already damaged your credit score.

Debt settlement can though have some good effects on your credit score. For instance someone viewing your credit score after your debt settlement will see that several accounts will appear to be paid off. Yes of course debt consolidation creates a new credit account but lenders will consider the other accounts as paid in full. Compare your post debt settlement credit history to how it looked prior and there is no doubt that it will look improved.

It is simply amazing how few actually check their own credit report. Have you? Most do not realise how easy it is to access their own credit report. We live in an age where vast amounts of data are readily available and can be accessed online quickly and easily. The simple facts are that you can view your own credit report online for free as many companies will offer you a free trial.

It is always a good idea to check your credit score at least once per year. Sometimes mistakes can appear on your credit report and these can severely damage your credit worthiness. Mistakes though can be removed but of course you need to know they are there in the first place.

So if you have gone through a debt settlement plan and you want to know exactly how this process has effected your credit score simply view your credit score online yourself to find out.

Article Source: http://www.articlesbase.com/personal-finance-articles/does-debt-settlement-affect-your-credit-score-1305129.html

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