What would be a fair settlement offer? If my case is the same, with a debt of about $4400, at .02, they paid about $90 for it. I'll happily settle for $300-400 and deletion... Think I have a chance in hell of being happy?
pulse, Is this the debt that you were talking about in this post? http://consumers.creditnet.com/stra...p?s=&postid=210935&highlight=arrow#post210935 "I have (4) CA sending me letters to collect on the same debt for American Express. I am 5 years into the charge off (Per Amex) and can not afford to pay the bill. Each CA has different dates of last activity. Ranging from 2 months to 18 months in differences."
No - thats a different one. This debt is with Citibank N.A. Thanks everyone for your help and kind words. BTW... Arrow called me at work today and they are willing to settle on this debt for $5000.00. No lower. I spoke to the V.P. of Collections. He is a very nice man. Speaks very low. So lets see: Original Debt was $5600.00 Debt now is : $7300.00 Arrow Paid : $150.00 for it Now they will settle at $5000.00 Now thats a deal!!! Scum Suckers CA. If they get a judgment I will be forced to quit. I make $7.00 a hour. I can't afford wage garnishment. My state allows up to 35% of my gross pay to be garnished. He did mention that he would sue me if I would not pay him - But in a real nice way!! What a @ss ....
I wouldn't suggest talking to these people on the phone. You did tell them they shouldn't call you at work anymore, right? Have you ever claimed bankruptcy? If not write a letter to them, tell them you only have 1500 dollars (or whatever) and you're only going to give it someone who agrees to your terms, if they don't want it, it will go to one of your other debts before you claim. briana
I simply meant that buying a four year old debt that a consumer refuses to pay does not make much sense. Why does the collector think they will be any more successful at collecting than the previous debt holder. It is a high risk transaction any way one slices it. A piece of a business model can be tweaked to better the whole thing - infact, that is what consultants do for a living. CA could set up guidlines to help reduce risk, Ie do not purchase a debt more than 2 years old with no activity etc... Certainly didn't intend to mislead anyone, and I am sorry if I did - I was merely stating my opinion and trying to lend some consolation to pulse.
I don't mean to say that she should actually claim bankruptcy. But this is the method used by people who settle with the CAs to convince them that they can't get much money out of you. Which is also why you settle with your OC chargeoffs before cleaning up your credit report, because it looks like you're about to cave under the financial pressure...so they'll jump at the chance of getting any money briana
Briana, Never threaten to file bk unless you really mean it. These guys hear that sort of thing dozens of times a day. It doesn't really impress anyone. With nearly 15 million bk's in the past 10 years, I can promise that ca's and oc's will call the bluff. In pulse's case, she has a mountain of debt and a very motivated creditor plus, bk laws will be changing next year. She really needs to seriously explore this option.
That's right. This site is intended for people who are honestly trying to resolve their credit issues by insuring that the collectors, and the CRA's follow Federal law. It's not an easy quick scheme to get out of your debts...where did you get that idea???
It just looked that way. So if a item does get deleted are you still going to pay for it. A debt is a debt. If they delete it by mistake, or by going the valadation route, then you should still pay for it. Is that what you are saying? Then 90% of the people on here have alot of paying to do. From the threads I have read it sure looks that way......
There already is a disclaimer on the site. It can be found here: http://consumers.creditnet.com/au/terms.html
High risk, Yes! Thats why they rate it a 50 to 1 bet. (2 cents on a dollar) They really do have guidelines. It is called a pricing structure. Debt that is 90 to 120 delinquent and fresh (never worked by another CA) w/ good addresss and phone number might be worth 30 cents on a dollar. Chargeoff debt worked to death might be a steal at say 400 to 1 odds. Pulse needs consolation and our support as well as a reality check. No magic bullet exists for this stuff. To deal with this a person needs to hear the truth along with soothing words. JohnM PS I really am not defending the CA's, I have spent time researching on the enemies (CA's)sites to get a feel for how they operate.
Thanks all I just received a Summons and Complaint today from Arrow. Validation for me got me a lawsuit. The one thing I did not want.
I think that the main reason they went to 'great lengths' to satisfy your validation request is because they had so much to gain. $5000+ for a debt bought for $150. Who would pass that up? Not to be harsh, but did you ever think of what you would do if they did validate?
Hell No !!! I am an honest man but not a stupid man. If I need to put food on the table, I'd never call and tell them. On the other hand I once paid a $300 debt to someone, a debt that was over 7 years old, they had forgotten about it entirely. I did it because I had to drive by the business every day on the way to the office and I thought about the bill every time I drove past. It just kept bothering me. I went in with $300 cash and asked for the owner, he didn't remember me and was shocked when I handed him cash money. You know, I smile when I drive by now. It was worth the money to clear my concience. Man, I am glad it was $300 and not $3000, I'd like to think I am man enough to do the same if it would really hurt but I am glad I don't have to find out. (TRUE story!!) JohnM
Also, Citibank has IMMACULATE record keeping (as most major issuers do). I'm not at all suprised that Citi was able to dig up the original signature, etc... Pulse, I don't know what to tell you except that: 1. I'm sorry that your validation led to a lawsuit. 2. It's time to explore BK options or it's time to settle, which brings me to... 3. It's past time to get totally honest with your husband, for better or worse. He needs to know everything, and you need to ask him for a $5000 loan to settle with Arrow. Then pay him back. Keeping finances separate works in some instances, but in this instance, you need his help. Eat crow with him, explore better job opportunities, and learn to manage your finances. But do not let them get a judgement on you. 4. A significant number of people who post on creditnet do not validate only to get out of debt payment. I'm sorry that that is the impression that you walked away with.
Maybe if you started BK proceedings, then got continuances throught he 6 year SOL, that might work, any thoughts on that? BTW, Why don't you try to get a personal loan or sell your car or save a few paychecks and offer to settle before court, put it in writing and then if they refuse, at least it will shwo the judge that you care and tried! If all else failes, cry and beg the judge and tell him what ****s the CA were.
SD Boy, There are no continuances in a bk proceeding. If you or the trustee dismiss the bk, you are barred from filing again for 180 days and you lose the automatic stay protection. Also, the bk will stay on your credit report for the 10 years regardless of if you carried through or not. If you file bk, you are on a strict timeline.
I agree John - that is why I tried to dispell the rumor that one can claim they no longer owe the debt because it was charged off which seemed to be implied earlier in this discussion last night. Again I was merely stating my disdain for the entire collection industry. I would, however, like to review a set of arrows financial statement to see just how profitable they actually are... Anyone have a link to thier Web Site - are they Arrow Financial?
