Author Topic: Settlement offered , need advice fast!  (Read 1397 times)

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bankrupt trader

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Re: Settlement offered , need advice fast!
« Reply #30 on: May 30, 2018 05:01:52 AM »

Deal is done, I paid the money. Honestly, best thing I could have done and feel a lot better about this being over. Greatest thing is my father never found out about any of this nonsense. But he does find it odd that I want to actually get a job after years of not working.

Now I can begin working on paying back my credit cards ASAP before 0% interest runs out, going to be doing major selling of my assets, like my collectibles, antiques like that I never really look at anyway.

I also spoke for a while with my original creditor and also the credit agency. I asked them a lot of questions about settling etc. I did this before paying the settlement.

From what I can gather it seems that 40% was really the best my creditor would offer anyone, and they rarely go that low.  So I am content that I really got the best deal at 40% without it going into judgement.

I asked both the brokerage firm and the creditor similar questions and they both seemed to give the same answer on  how everything works and how they both work with each other for approvals. I don't believe anyone was lying.

I can't remember everything that was said but both said enough to where I realized 35% was out of the question. This was why the credit agency raised me to 40% from my original offer of 35%. The creditor said that the credit agency is not allowed to go below 40%.

E. Normis Debtor

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Re: Settlement offered , need advice fast!
« Reply #31 on: May 30, 2018 11:02:13 AM »
Serious question -- why not?

I know there are scams involving cashier's checks, which means one must be careful accepting one.

Is it because the other party now has access to you bank account information?
Has to do with replacing it if it is destroyed, lost, or stolen. It can take 90 days, plus you usually have to post a bond equal to its value. A money order is the better option, and generally just as acceptable.
I don't respond to PM's or emails for advice on specific circumstances.  My participation in this forum is general in nature, and not intended to create an attorney/client relationship.


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Re: Settlement offered , need advice fast!
« Reply #32 on: May 30, 2018 02:23:20 PM »

Deal is done, I paid the money. Honestly, best thing I could have done and feel a lot better about this being over.

We all knew you would have a brighter outlook on life if you got yourself out from underneath the cloud.  We are pleased that you have found the away to make the cloud dissipate in a manner acceptable to both you and the creditor.   :drinking:

How about rewarding Debtorboards and the Debtorboards community with a donation for the $60k in savings that you were able to achieve?

A donation of, say, 1% of the total savings?  $600 would be a lot less than you would have paid if you had to have hired an attorney, and it would have been a foregone conclusion that the tab would have been $100k plus attorneys fees, interest, THEIR attorneys fees, and court costs had it gone to trial.

And since Debtorboards is a volunteer organization with no one being paid for their services and is supported by the generosity of its members, a donation will certainly help DB continue to help people who find themselves in situations like yours.

To make a contribution, just click on the Donations tab at the top of any page.  It will take you to the page where you can make the donation via PayPal.

Donations to Debtorboards are deductible from your taxes to the extent permitted by law as we are an IRS-recognized 501.c.3 charitable educational corporation.

« Last Edit: May 30, 2018 02:28:35 PM by Admin0248 »

bankrupt trader

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Re: Settlement offered , need advice fast!
« Reply #33 on: May 31, 2018 10:56:22 PM »
Just something I wanted to point out which may have helped me. Taking that 45K  or maxing out 2 of my 3 credit cards I believe helped me get a better settlement. This also dropped my credit score from a whopping 821 to 705 in just a single month, my credit score now remains at 705 and says the #1 reason is because my balances are too high for my credit limits or something.

The credit agency probably only had my credit report to look at, I am not sure what else they can look at, but they probably figured I was deep in trouble with my credit score dropping that much in a month and my credit cards being maxed out.

They must have also figured I had no house, not sure if they can find those things out, but I assume they checked if I was working and if I had a home. He did ask me when the last time I worked and I told him the truth which was years and also that I was trading to make money as my most recent job.

Just thought I'd share that so if anyone is going to settle, might as well max out those credit cards with balance transfer offers ASAP to make it look like you are broke and struggling. However, most of you guys here probably already had your credit cards maxed out already, so this only matters for people who take huge business losses or in my case a brokerage loss.


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Re: Settlement offered , need advice fast!
« Reply #34 on: June 01, 2018 04:56:06 PM »
You'd be amazed at how much a debt collector can find out about you with your name, address, date of birth, and social security number and a day or two of persistent researcy.

The Internet is an absolute treasure trove of information, much of which you have supplied yourself through indiscreet postings and general braggadocio.

You can run, but you can't hide.  Which is one of the reasons why making yourself judgment-proof takes a bit of planning and a fair amount of time.

You might want to consider arranging for your prized auto to be transferred to an LLC holding company now before the buzzards start circling again, which, given your seeming penchant to give in to personal indulgences, would seem to to have a certain degree of inevitability.