There are two stories here - my credit and my husband's credit. I have some good "pays as agrees" "never late" long standing TLs. (revolving and installment) But, every single thing that is bad on my CRs is less than 3 years old -- including 2 Cap One COs, a Household CO and some random collections. (medical, cable etc) The result is that my FICOs are mid 500s. So far I have disputed all old addresses. I am newly married, and no debt reported on my CRs are in my new name...so, I will dispute all old names. I am not sure how much that will help, but I will do it. My husband's credit is a fine example of genuinely terrible credit, earned by many years of poor spending habits and even worse bill paying habits. (his whole family is like that..he comes by it naturally) He has 5 repos and even more judgments (some on the repos) he has garnishments lined up and waiting their turn at his paycheck. (they will never get it that way... in michigan child support is almost always garnished, and he will be paying child support for another 10 years...so CS comes first, and his CS is 250 a week...) My husband has considered filing BK 7. So far I have him on hold. He is giving me 6 months to do what I can do for both of us. (I am a stay at home mom right now, and have lots of hours to devote to this) I think that considering the low balances that I owe, I might be able to clean mine up pretty easilly - except I have heard that Cap1 is hard to work with is this true?) Since is a real option for (at least) my H. I am wondering, has anyone had any success with telling CAs that you are considering filing -- and that if they want any money - you would settle (likely not the whole amount) for a delete?
Why spend the money filing BK when you are Judgement Proof now? Go to this thread I started a while ago: http://consumers.creditnet.com/stra...ead.php?s=&threadid=51081&highlight=Flyingifr Rather than tell the CA's that you are considering BK, I would tell them this: 1: If it's my husband's debt, there is a 10-25 year wait on his paycheck. Care to stand in line? 2: If it's my debt, there will be no paycheck for the next 10-15 years. Care to wait? 3: Now, would you like to settle for 3 cents on the dollar and deletion now or nothing 15 years from now?
I would be careful telling any CA's or OC'c that you are filing bankruptcy. They will file a judgement and go after your assets before the "Automatic Stay" kicks in. Never devulge your strategy until you understand the game.
Re: Re: telling CAs considering BK?? 1: They can't get a judgement faster than a debtor can get an Automatic Stay. If a debtor is served with a summons today, NO creditor can get a judgement faster than 2-3 weeks. It takes 24 hours to see an attorney and file a preliminary petition that brings into effect the Automatic Stay, with the details of the BK to be filed in 30 days. 2: Even if the CA does get a judgement and sieze assets, if they get over $600 they will only have to give it back as a Preferential Payment.
omg, that is so dang fun! Ok, dispute addresses, and names. Validation... green cards... dispute w/cra. wait and see. Note any violations... If validation manages to come through... make offer based off of the absolute guarantee that no money will come to them through legal means (plus any violations they may have) If validation does not come through... see what happens to TL with CRA and go from there. (another validation letter, estoppel, ITS, whatever) Then either wait for delete or make offer. Right? Or Considering I only have a couple thousand in debt (me, not H) would you just settle for deletion...and not bother with all of the validation stuff? Or... will they just scoff at that? Do I need the validation stuff as a back up? 3 cents on the dollar and I would owe about 75 bucks. <snortcackle> I think they may need more than that - but its a fun thought! Thanks!
Considering I only have a couple thousand in debt (me, not H) would you just settle for deletion...and not bother with all of the validation stuff? Or... will they just scoff at that? Do I need the validation stuff as a back up? Peri ================= If they scoff where is your paper trail if you don't validate? THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
