DTG, Thank you for posting this twice -- I felt relieved after reading it. That's really the point -- you have been there and know the consequences. I keep thinking -- OMG 7 years! But, getting this over with is really what I want. The amount of time I have spent worrying about this -- posting here and obssesing...Well, I have learned a lot. This is a great board with so many caring people. I don't know what I would have done had I not found you all. Thanks
40 percent is a decent settlement. Since you can pay it without compromising your life, do it and get it over with... Later you can try to dispute and see if you get it off. Dispute the balance as 0 quickly and get the cras caught on an error and you can push for removal in full. As per the effect, after 24 mos it won't even hurt that much. Lenders look at the last 2 years. Congrats on getting this over with I do remember the relief as each issue concluded. These issues aren't huge in the scheme of things... now you can concentrate on what's really important like your family and rebuilding your life
Many thanks, Marie. You were one of the first posts I got when I came on this board trying to resolve this account. Your advice has remained sound. I thought just deciding what to do would make me feel better, but it didn't. I started to second-guess me decision and got hung up on the tradeline thinking (based on a few posts) that I was a fool if I didn't get total deletion.( I wonder how many people here have been able to negotiate a deletion with a prime lender they owe 20K to...they are more skilled than I) What I did, though, as a final gasp, was have my attorney call MBNA today about the tradeline, just to see if there was any room there. Haven't talked with him yet (he left a vm),but I don't expect he was successful. As keepmine said to me earlier -- "You are out of bullets. Settle." So, tomorrow I hand over my MBNA cashier's check to the Fed Ex guy and wave bye-bye. I am sure I will feel better by then... Thank you and all the truly wonderful people on this board. I don't know what I would have done with you. So many of you really hung in there with me even posting repeat messages just to help me get through this. To all of you -- a big hug( )
Dear Susanna, Congrats on your FINAL decision. Sounds like a good one to me and we're all behind ya all the way. You can relax now. (now lets leave her alone)
Thanks, Butch. I also appreciated your advice on getting a lawyer involved. My lawyer said he "struck out" with MBNA yesterday -- they would not budge for anything on the tradeline issue. But, at least I have some satisfaction in knowing I did everything I could to negotiate with them. So, given MBNA's dismal track record in dealing with consumers post-chargeoff, I am happy to be done with them. One less problem in my life. (Like Dave always says...peace) I feel like a weight has been lifted. Now, I'll relax a bit, then focus on a dispute strategy... Many thanks to you and all the other creditnetters who helped me with this
Marie, I have a question about disputing this off. In the settlement letter it says that the zero balance will show in 60-90 days. You mentioned "disputing the balance as 0 quickly" -- how quickly?
I didn't realize the letter said 60 days. That's a long update period. why can't they just UDF a zero balance to the bureaus? anyway, I'd dispute with the bureaus a 0 balance once the check clears... then again then again. If it keeps coming back as not 0 then you could perhaps push the fcra issue. If you really want to push it, you could sue the bureau for full deletion as they're going to verify a balance at least once, maybe more. again, up to your tolerance to push the issue. It could get you a full deletion. On Tu, if there's no response they delete the trade line completely.
Marie, This is my first run at something like this... So, I dispute with the CRA's (online, letter -- does it matter?) I would assume that MBNA will report a balance. Right? If they do, I dispute this again with CRAs, or just send a letter about fcra violations? Not sure where to go from there. Also, at the same time I was dealing with MBNA, I was trying to handle my 2-year old AMEX chargeoff (SOL one more year). Coldata is contacting me. I sent them a validation letter and they did not respond. Since then, I have received two letters from them offering to settle for 50%. They sent those letters 2 weeks apart. Not sure how to handle this one, since the SOL hasn't passed. I know you have experience with Coldata...what should I expect next from them? How should I proceed? (Whyspers posted to me that AMEX will probably sue me right away and attach my bank account. Is that likely??)
How many inquires is to many ? -------------------- cherie | 215 posts since Jul --------------------------------- Any over Zero.
As per the effect, after 24 mos it won't even hurt that much. Lenders look at the last 2 years. Marie | ============================ So what's the point of reporting for 7 Yrs?
Actually if I am not mistaken, 1 is good, and better than 0, 2 is worse than 1 and 2 is worse than 0. George posted this, and I read it earlier somewhere on MyFico site (I think). I guess the outcome of which creates a situation where you should plan to get exactly 1 inquiry on each report and make your mortgage your 2nd inquiry for credit, strange huh. -Peace, Dave
