Not to sound rotten here (I'm looking at this from a creditor's perspective) but why would a creditor REWARD someone who charged $20K in debt and then went 5 months without paying them back? And to take it one step further - even if the creditor pays back 1/2 of it, what has the creditor done that deserves a reward?
Re: This board is driving me crazy. tmitchell, I agree -- I think you're responding to lbrown59's asinine comment that the creditor should have been rewarded for her behavior. I agree! I don't view credit repair as a process where we fish for rewards. Rather, I see it as an exercise in defending our right to have tradelines or debts validated. lbrown59 also used the phrase "treating the consumer properly" -- lol. Well, I have one thing to say about that. When I defaulted on my Citibank student loan, they treated me properly by reporting it as an R9, which it was, and by turning it over to the guarantor (collection agency). I was similarly within my rights to try to get the thing rehabilitated, which I did. As far as lbrown59 is concerned, Citibank didn't treat me properly -- they should have rewarded me by forgiving the debt and updating my credit files to "paid, never late." I received a wonderful email from a Creditnet old-timer who wrote, "Doc, I finally went ahead and put lbrown59 on ignore because I just couldn't stand it anymore," lol. I'm getting mighty close to doing that myself. Doc P.S. I second Lizardking's request that lbrown59 learn how to quote messages properly.
Re: This board is driving me crazy. HEY WAIT A MINUTE!!! She is NOT OLD!! Alright a bit stuck in her ways...but very young at heart. LOL Hahahahahahaha ) Sorry I just couldn't resist. -Peace, Dave
Ok, had to throw in my 2 cents: I don't condone BK at all, but I have seen people 2 yrs. post BK with better scores than mine. You need to look at the whole picture and ask yourself a few questions: 1. do you plan to buy a car in the next 2-3 yrs? 2. do you plan to buy a home in 2-3 years? 3. do you really want to be making payments to MIL for $8K? 4. what if something happens and you can't pay MIL in a timely fashion, or at all? Now, by filing BK, you are saving the $8K they are requesting, as well as the $20K you spent on the card. Someone please answer me this, when you dispute a creditor tradeline, they check with the creditor, but if you are disputing a BK, don't they check with the courts? Most courts (if any) don't have "tape" updates. PERSONALLY, I would opt for the BK route, and I would let MBNA(?) know that you are considering it, but I would also attempt Lizardkings method, NEVER ADMIT ANYTHING!! It makes more sense to spend a couple of hundred bucks for a BK, than $8K and the possibility that MBNA sells the $12K to a CA and THEY sue you for the difference! Again just my two cents, and as always do what feels right for you!
Even if the "unpaid" portion of a settlement is NOT resold, you still have a problem. By IRS rules, if they don't dump the balance on to another bottom feeding scum ca, they are required to report the balance as taxable income to you on a 1099C.This is something else to consider when deciding between BK and settlement.
Re: This board is driving me crazy... tmitchell | 945 posts since Jun 2001 141.158.12.215 | 05.22.2002 @ 22:51 Not to sound rotten here (I'm looking at this from a creditor's perspective) but why would a creditor REWARD someone who charged $20K in debt and then went 5 months without paying them back? And to take it one step further - even if the creditor pays back 1/2 of it, what has the creditor done that deserves a reward? ======================= My post was taken out of context as I never said anything about a reward.The issue is going overboard to make folks pay-Has nothing to do with reward. Also nobody deserves to be badgered,harassed or treated like an animal by an industry that is totally corrupt and has no ethics themselves!!
Why would a creditor REWARD someone who charged $20K in debt and then went 5 months without paying them back? And to take it one step further - even if the creditor pays back 1/2 of it, what has the creditor ( Debtor) done that deserves a reward? tmitchell ================== Let me ask the same question about debtors who file bk. Get sued and have no assets for the creditor to collect on Wind up never paying a dime of the balance. Do you really feel the person making the effort to pay something deserves the same fate? If so you must believe a shoplifter should get the same sentence as a murder:
tmitchell, Most BK information is now available online from the courts themselves. Whether the CRA's subscribe to the services, I don't yet know, but I'm expecting to find out any day now. Sassy
what has the creditor done that deserves a reward? tmitchell ========================= REWARD What reward it has nothing to do with reward !
