Comments for The Do-It-Yourself Bailout

Comment on Credit Card Settlements – Top 5 Pointers by nick

nick — Tue, 19 Jan 2010 19:00:43 +0000

I found when I do speak with the collection agencies, it is a waste of time. It is amazing at how little infomation they have – and the information that they do have is incorrect.
They seem to have a name, a telephone number, a $ amount (Unverified) and an attitude. – and NO AUTHORITY WHATSOEVER. When I spoke, it just increased the frequency of the calls, with no details or link to previous conversations – most of them made antagonistic statements and false accusations. It was a pointless excercise – on both our parts.
Do those tactics actually get them results?

Comment on I just settled another credit card, for 22% by admin

admin — Mon, 16 Nov 2009 00:03:05 +0000

Nick, thanks so much for the update. Congratulations on the settlement. I’ve invited everyone to post as many details as they can and I hope the word keeps spreading. Kenny

Comment on I just settled another credit card, for 22% by nick

nick — Mon, 09 Nov 2009 23:20:28 +0000

It is great that you are collecting data for what people are settling for – I believe it is helpful. It would be great if you could publish them or if people could post details.

I settled with a major Bank for under 7.5% – $1,500 for over $20,000 debt. There are others asking for 10-20% and the odd one asking for 35%.

Comment on Credit Card Settlements – Top 5 Pointers by admin

admin — Tue, 28 Jul 2009 04:42:10 +0000

Hi Tucker,
I did have personal guarantees on all my business lines of credit. It would be difficult for me to assess whether or not my halting payment on those loans, and then settling them, had an effect on my personal credit. When I stopped making payments on five cards, three business, two personal, both my business and personal credit scores adjusted lower. I wouldn’t be able to separate the effects. It’s a good question, though. I’ll look into it and let you know if I find anything. Please do the same. And thanks for ordering the book. Kenny

Comment on Credit Card Settlements – Top 5 Pointers by netwerks

netwerks — Tue, 28 Jul 2009 02:21:22 +0000

Kenny-

Did you uhave personal guarantees on your business lines of credit?

When you stopped paying and eventually settled on your business credit cards/business lines of credit, did they report the engative information on your personal credit? The reason I ask is because i hve several business credit cards yet none of them currently appear on my personal credit report. I am wondering if when I start your process, the results will show up on my personal credit. What’s your experience with this?

Comment on Do you need a bankruptcy attorney? by admin

admin — Fri, 12 Jun 2009 03:02:51 +0000

Hi, thanks so much for writing in. Feel free to share stories and insights here any time. Everyone’s stories are unique and they all help others with their own debt settlement process. All the best, Kenny

Comment on Do you need a bankruptcy attorney? by EarnIt

EarnIt — Fri, 12 Jun 2009 01:30:51 +0000

Finally, someone else who has done this. I have been reading your blog and wishing that you had been around when I started my settlement journey. One of the things that I am reading and agreeing with you on is the many benefits of having a bankruptcy lawyer on retainer while traveling down the road of debt settlement. I too had a Bankruptcy lawyer on retainer when I started debt settlement. Although for me, it was a bit different as I had every intention of filing (a dreaded chapter 13, darn the means test) until the wife and I realized that we could possibly find another option.

Best of luck with this site and your book,
EarnIt

Comment on Credit Card Settlements – Top 5 Pointers by admin

admin — Wed, 20 May 2009 06:37:24 +0000

Hi Steve,
First, let me express my regret for your situation. You are not alone. I have so many readers whose stories are so similar to mine and yours. Small business owners and entrepreneurs have been especially hard hit in the recent financial situation because our normal practice of business and cash flow has been interrupted by unexpected changes in the economy.

The answer to your question is that, in my personal experience, a bank line of credit was treated no differently than a personal credit card. I had seven different credit accounts at six major US banks, and three of those were business lines of credit. In each case I was able to settle the debt for about 35% of the balance.

Thanks for your question, and I wish you the best of success in settling your debt.

Kenny

Comment on Credit Card Settlements – Top 5 Pointers by Steve_I_Am

Steve_I_Am — Wed, 20 May 2009 05:17:10 +0000

Kenny,

I heard you today on a podcast of the Thom Hartmann Show. It was like you were talking directly to me. I am a Personal Injury Attorney, and two years ago I tried a wrongful death case that “needed to be tried.” Unfortunately, after deliberating for three days (I obviously gave them something to think about) the Jury found against my client. Not only did I NOT get paid for the 6 years of work I put into the case, but also, (because my client didn’t have any money to reimburse me for the costs), I was left “holding the bag” for the $50,000 in costs that I borrowed on a bank line-of-credit to hire the experts, etc., necessary to prosecute the case. I have been making minimum monthly payments on the line-of-credit for the last two years (it was a “signature” loan, so even though it was “firm debt,” I was personally liable for it). I have been working my cases, hoping for my “next big verdict” so I could pay off the line-of-credit. Unfortunately, with a $50,000 “mill-stone” hanging around my neck, I was never able to get my little solo practice “healthy” again. I shut down the practice at the beginning of the year, and have been working for a larger firm that can afford to give me a regular pay check.

Here is my question: Do you think your “credit card” program will work with a bank line-of-credit?

Comment on Do you need a bankruptcy attorney? by admin

admin — Tue, 19 May 2009 09:00:34 +0000

Hi. Many readers are asking your very question. I just posted a new entry to my blog to discuss it. “Can you settle your credit cards even if you don’t have any money? http://settleyourcreditcards.com/blog/?p=38

All the best, Kenny