Comments on: Why did I write “The Do-It-Yourself Bailout?” http://settleyourcreditcards.com/blog/?p=4 Credit Card Debt settlement Tue, 19 Jan 2010 19:00:43 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: kelley http://settleyourcreditcards.com/blog/?p=4#comment-257 kelley Wed, 29 Apr 2009 04:17:24 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-257 Every Credit Card company has been willing to accept a settlement, except for Capital One. Is it just too soon? Have you heard anyone else having trouble with Capital One. Do they ever settle? Thank you Every Credit Card company has been willing to accept a settlement, except for Capital One. Is it just too soon? Have you heard anyone else having trouble with Capital One. Do they ever settle?
Thank you

]]> By: admin http://settleyourcreditcards.com/blog/?p=4#comment-256 admin Tue, 28 Apr 2009 03:08:25 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-256 What have the phone calls been like with them so far? Have you indicated that you are interested in settling? If so, what has their response been? What have the phone calls been like with them so far? Have you indicated that you are interested in settling? If so, what has their response been?

]]> By: kelley http://settleyourcreditcards.com/blog/?p=4#comment-255 kelley Tue, 28 Apr 2009 01:56:21 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-255 hi ken, im waiting for your book however i wanted to know if you have delt with capital one. They will not settle at this point we have not made a payment since february. Should we wait it out?? hi ken,
im waiting for your book however i wanted to know if you have delt with capital one. They will not settle at this point we have not made a payment since february. Should we wait it out??

]]> By: Elizabeth L http://settleyourcreditcards.com/blog/?p=4#comment-102 Elizabeth L Fri, 13 Mar 2009 06:46:20 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-102 Hello Kenny Thank you for your suggestions. Will the credit card companies still lower my rate even if it is around 9% ? That way I could maybe make the payment. If they do not I just will not have enough money to pay them next month. I have a Visa with USAA, an American Express card and a MasterCard with Citibank. They are the worst. Last month they did not properly credit me for a payment and jacked up my rates to 25%. I was very relieved I could prove when it was paid. They backed down. I also was forced to opt out a couple of months ago. They were more than doubling my interest. With the opt out I am still locked in at my previous rates which are from 2.99-4.99 for lots of balance transfers and 9.99 for new purchases. If I can not pay that card next month and they jack it back up will I still be able to negotiate with them? I really want to get your book but I do not have the money and I can not put anything on my cards now. Thank You Elizabeth Hello Kenny

Thank you for your suggestions.
Will the credit card companies still lower my rate even if it is around 9% ?
That way I could maybe make the payment. If they do not I just will not have enough money to pay them next month.
I have a Visa with USAA, an American Express card and a MasterCard with Citibank. They are the worst. Last month they did not properly credit me for a payment and jacked up my rates to 25%. I was very relieved I could prove when it was paid. They backed down. I also was forced to opt out a couple of months ago. They were more than doubling my interest. With the opt out I am still locked in at my previous rates which are from 2.99-4.99 for lots of balance transfers and 9.99 for new purchases.
If I can not pay that card next month and they jack it back up will I still be able to negotiate with them?
I really want to get your book but I do not have the money and I can not put anything on my cards now.

Thank You
Elizabeth

]]> By: admin http://settleyourcreditcards.com/blog/?p=4#comment-97 admin Thu, 12 Mar 2009 13:58:38 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-97 I settled personal credit cards, business credit cards and business lines of credit. As far as I can tell, these different names are just marketing, in the end, all unsecured credit seems to be treated the same from a settlement perspective. Of course you can get a printed copy of the book. It is available on the website, just go to www.SettleYourCreditCards.com, click on Order or Buy it Now, that will take you to an order page where you have a choice to buy the printed copy (top button), or the digital download below that. The printed copy is also available on Amazon.com. Good luck. I settled personal credit cards, business credit cards and business lines of credit. As far as I can tell, these different names are just marketing, in the end, all unsecured credit seems to be treated the same from a settlement perspective. Of course you can get a printed copy of the book. It is available on the website, just go to http://www.SettleYourCreditCards.com, click on Order or Buy it Now, that will take you to an order page where you have a choice to buy the printed copy (top button), or the digital download below that. The printed copy is also available on Amazon.com. Good luck.

]]> By: admin http://settleyourcreditcards.com/blog/?p=4#comment-96 admin Thu, 12 Mar 2009 13:55:54 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-96 Wow, Elizabeth. What a story. I'm so very sorry to hear of your car accident and injuries, and even as someone talking about settling credit card debt, I can't believe your attorney advised you to live off credit cards while waiting for an accident settlement. Given that you want to avoid the risk of a lawsuit and anyone having the opportunity to claim your invested money which you are living off of, rather than go straight to settlement mode (which could lead to a lawsuit, as it did for me), my first suggestion would be to call your banks to whom you owe the $47,000 and tell them your situation. Very often, in such situations, banks will lower your interest rate (if you're paying 15-25% right now you could get it down to 4-5%, sometimes in one phone call), which could instantly reduce your monthly payments to a more manageable level. You could also ask them to reduce your payments to below interest level, which will increase the overall loan amount but give you more time to hope for the accident suit to be settled, or even ask them to suspend payments entirely for six months or more. The first time you call, if they say no to these things, follow up with a letter. Call again, follow up with another letter. If it comes to it, then consider skipping a few payments, and when they start calling from collections, point to your previous calls, your letters, your attempts to communicate and work with them, and ask for reductions and suspensions again. If you have the accident lawsuit, accident report, medical reports and bills, etc. that you can send to them to support your case, you might find them willing to help you. If you're still considering going through the settlement process, I highly recommend you take a look at The Do-It-Yourself Bailout as that will give you a good idea of the pro's and con's of settlement to help you make informed choices. I wish you all the best, Elizabeth. Kenny Wow, Elizabeth. What a story. I’m so very sorry to hear of your car accident and injuries, and even as someone talking about settling credit card debt, I can’t believe your attorney advised you to live off credit cards while waiting for an accident settlement. Given that you want to avoid the risk of a lawsuit and anyone having the opportunity to claim your invested money which you are living off of, rather than go straight to settlement mode (which could lead to a lawsuit, as it did for me), my first suggestion would be to call your banks to whom you owe the $47,000 and tell them your situation. Very often, in such situations, banks will lower your interest rate (if you’re paying 15-25% right now you could get it down to 4-5%, sometimes in one phone call), which could instantly reduce your monthly payments to a more manageable level. You could also ask them to reduce your payments to below interest level, which will increase the overall loan amount but give you more time to hope for the accident suit to be settled, or even ask them to suspend payments entirely for six months or more. The first time you call, if they say no to these things, follow up with a letter. Call again, follow up with another letter. If it comes to it, then consider skipping a few payments, and when they start calling from collections, point to your previous calls, your letters, your attempts to communicate and work with them, and ask for reductions and suspensions again. If you have the accident lawsuit, accident report, medical reports and bills, etc. that you can send to them to support your case, you might find them willing to help you.

If you’re still considering going through the settlement process, I highly recommend you take a look at The Do-It-Yourself Bailout as that will give you a good idea of the pro’s and con’s of settlement to help you make informed choices.

I wish you all the best, Elizabeth.

Kenny

]]> By: Elizabeth L http://settleyourcreditcards.com/blog/?p=4#comment-95 Elizabeth L Thu, 12 Mar 2009 09:39:27 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-95 Hello Ken I saw you on the Channel 2 news at 11:00 in L.A. You are what I have been looking for. I have around 47,000.00 in debt on credit cards. A lawyer I saw regarding bankruptcy mentioned negotiating my debts down like you did but did not tell me how. Must I stop paying on the cards to negotiate with them? I lost my job 2 years ago because I was rear ended on the freeway on my way to work. I received damage to my neck and low back. A very bad attorney which I have since fired told me to put all my expenses on credit and pay them off at the end of the case. 3 years later I have all this debt. The case is still not finished with the good attorney's I hired after the bad one was fired. I still can not work and do not know when or if I will ever be able to again. I do have some small income left from investments so I can not file for bankruptcy. I am afraid credit card company's will see my investments that provide me with an income of less than half of what it was before and will sue me to take it away. If that happens I will be completely destitute! I have only been making the minimum payments with help from my Dad but now that he will no longer help. My health insurance premiums are $803.00 a month and my income is 1,900.00 a month. i just do not have enough cash to make the payments without using the cards to survive(gas etc.) because of the payments on the cards. They are around $785.00. I can not afford to lose my insurance because I am still receiving treatment for my back and neck injuries. What do you suggest I do? Hello Ken

I saw you on the Channel 2 news at 11:00 in L.A.

You are what I have been looking for. I have around 47,000.00 in debt on credit cards. A lawyer I saw regarding bankruptcy mentioned negotiating my debts down like you did but did not tell me how.
Must I stop paying on the cards to negotiate with them?
I lost my job 2 years ago because I was rear ended on the freeway on my way to work. I received damage to my neck and low back.
A very bad attorney which I have since fired told me to put all my expenses on credit and pay them off at the end of the case. 3 years later I have all this debt. The case is still not finished with the good attorney’s I hired after the bad one was fired. I still can not work and do not know when or if I will ever be able to again.
I do have some small income left from investments so I can not file for bankruptcy.
I am afraid credit card company’s will see my investments that provide me with an income of less than half of what it was before and will sue me to take it away. If that happens I will be completely destitute!
I have only been making the minimum payments with help from my Dad but now that he will no longer help.
My health insurance premiums are $803.00 a month and my income is 1,900.00 a month. i just do not have enough cash to make the payments without using the cards to survive(gas etc.) because of the payments on the cards. They are around $785.00. I can not afford to lose my insurance because I am still receiving treatment for my back and neck injuries.
What do you suggest I do?

]]> By: John Gonzales http://settleyourcreditcards.com/blog/?p=4#comment-94 John Gonzales Thu, 12 Mar 2009 07:28:01 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-94 I have about 50,000 dollars woth of credit card debt. I would loike to purchase your book but I would like a hard copy like the one on the news tonight. (CBS 11PM) Also, I have a line of credit with Wells Fargo. I have my business accounts with them too. Can I settle that debt as well? I have about 50,000 dollars woth of credit card debt. I would loike to purchase your book but I would like a hard copy like the one on the news tonight. (CBS 11PM)

Also, I have a line of credit with Wells Fargo. I have my business accounts with them too. Can I settle that debt as well?

]]> By: admin http://settleyourcreditcards.com/blog/?p=4#comment-54 admin Tue, 03 Mar 2009 00:01:30 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-54 Hi, Matt. The pattern you are describing looks quite similar to the experiences I went through. 60-75% on the first call is actually better than the first offers I received, which ranged from 85-92%. Have you made a counter offer to them? Have you suggested that you would be willing to settle and in what range? I had to wait about six months for the offers to start coming in around 35%. As for the cards I kept current, one did drop my credit line from $20,000 to $12,500, which is how much I had on it so it basically was then maxed out and unusable. I'm not sure if they did it because I wasn't paying on the other cards or because most banks seemed to be wrangling in their exposed credit in Sept and Oct of last year. But yes, I did lose access to $7500 in credit on one of the cards I was keeping current. One way to take advantage of open credit if you are concerned it might be taken away is to use it for a large ticket item you'd be paying for anyway with cash, like your mortgage. Then then take the cash you would have put into your mortgage and put it into a newly opened and separate bank account that then acts like the credit you would have had access to through the card. In the end, this will cost you more (since you're paying interest on the card you're keeping current) but is a way to have access to the funds if you need them. Hi, Matt. The pattern you are describing looks quite similar to the experiences I went through. 60-75% on the first call is actually better than the first offers I received, which ranged from 85-92%.

Have you made a counter offer to them? Have you suggested that you would be willing to settle and in what range? I had to wait about six months for the offers to start coming in around 35%.

As for the cards I kept current, one did drop my credit line from $20,000 to $12,500, which is how much I had on it so it basically was then maxed out and unusable. I’m not sure if they did it because I wasn’t paying on the other cards or because most banks seemed to be wrangling in their exposed credit in Sept and Oct of last year. But yes, I did lose access to $7500 in credit on one of the cards I was keeping current.

One way to take advantage of open credit if you are concerned it might be taken away is to use it for a large ticket item you’d be paying for anyway with cash, like your mortgage. Then then take the cash you would have put into your mortgage and put it into a newly opened and separate bank account that then acts like the credit you would have had access to through the card. In the end, this will cost you more (since you’re paying interest on the card you’re keeping current) but is a way to have access to the funds if you need them.

]]> By: Matt Sims http://settleyourcreditcards.com/blog/?p=4#comment-52 Matt Sims Mon, 02 Mar 2009 18:37:01 +0000 http://settleyourcreditcards.com/blog/?p=4#comment-52 Ken I am trying to settle with BofA, Chase and WAMU. What is your experience if any with these three in regards to the settlement process. So far WAMU has been very hard to work with and not offered anything. Chase has offered a settlement of 75 cents on the dollar on our first call, and I am waiting to see if they can do better. BoA offered 60 cents on the dollar on the first call, and I did not accept it. So at this point to I just sit and wait. I know they can do better based on all the info I have gathered. Its been 90 days on each account since I quit paying. Thanks Matt Ken

I am trying to settle with BofA, Chase and WAMU. What is your experience if any with these three in regards to the settlement process.

So far WAMU has been very hard to work with and not offered anything. Chase has offered a settlement of 75 cents on the dollar on our first call, and I am waiting to see if they can do better. BoA offered 60 cents on the dollar on the first call, and I did not accept it.

So at this point to I just sit and wait. I know they can do better based on all the info I have gathered. Its been 90 days on each account since I quit paying.

Thanks
Matt

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