My credit card debts were settled - Page 2

[ARCHIVED THREAD] - My credit card debts were settled (Page 2 of 4)

Posted: 2/23/2006 5:51:09 PM EDT

[#1]

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What friend would loan you that kind of money and actually think you'll pay them back??

A long-time friend who did well for himself, and I WILL pay him back, if I have to work graveyard security at some seedy Las Vegas motel to do it.

~~then why didn't you do that to pay the credit card bills?~~

shit, nevermind, talking about responsibility to a person like you is a waste of time.

someone get me a beer too?

Don't bother trying to inject common sense into his little plan. He's too busy gloating.....

Posted: 2/23/2006 5:51:36 PM EDT

[#2]

Bud Select and more popcorn!

Posted: 2/23/2006 5:51:45 PM EDT

[#3]

I hope you got this settlement in writing. I've heard of collections companies doing some pretty shady things.

Posted: 2/23/2006 5:52:26 PM EDT

[#4]

Quoted:
OKAY!! OKAY!!

I spent it on HOOKERS and BLOW!!!

Are ye happy now???

DOWN IN FRONT, DAMMIT!

It's finally getting good!

Posted: 2/23/2006 5:52:40 PM EDT

[#5]

Quoted:
I hope you got this settlement in writing. I've heard of collections companies doing some pretty shady things.

I got it in writing.

Posted: 2/23/2006 5:52:49 PM EDT

[#6]

Quoted:
OKAY!! OKAY!!

I spent it on HOOKERS and BLOW!!!

Are ye happy now???

Are you trolling or is this real?

No one is going to be happy. At least no one who pays their bills. Think about it, you are bragging like it was a good thing.

Posted: 2/23/2006 5:53:30 PM EDT

[#7]

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I can't believe you people feel sorry for the credit card companies. It's not like I committed insurance fraud.

I dont feel sorry for cc companies, I feel sorry for those who can't be trusted and then brag about it on a internet forum

High and mighty aren't we.

I was laid off for a while and had no means to support myself. And I'm not too proud to work low jobs either. Had to pay COBRA (health insurance premium of $400 a month) because of an illness.

You couldn't claim unemployment?

Posted: 2/23/2006 5:54:00 PM EDT

[#8]

Quoted:
Quoted:
OKAY!! OKAY!!

I spent it on HOOKERS and BLOW!!!

Are ye happy now???

Are you trolling or is this real?

No one is going to be happy. At least no one who pays their bills. Think about it, you are bragging like it was a good thing.

I should be ashamed......

but I'm not!

[Snoopy dance]

Posted: 2/23/2006 5:54:26 PM EDT

[#9]

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Excellent job escaping your responsibility and obligation to pay.

In their eyes, I PAID.

There are a lot worse cases out there $100K debts, and the people evade for years.

Last I heard, integrity was not graded on the curve.

Posted: 2/23/2006 5:54:54 PM EDT

[#10]

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I can't believe you people feel sorry for the credit card companies. It's not like I committed insurance fraud.

I dont feel sorry for cc companies, I feel sorry for those who can't be trusted and then brag about it on a internet forum

High and mighty aren't we.

I was laid off for a while and had no means to support myself. And I'm not too proud to work low jobs either. Had to pay COBRA (health insurance premium of $400 a month) because of an illness.

You couldn't claim unemployment?

Still not enough. Car payment, rent, health insurance, gas, food, etc.....

Posted: 2/23/2006 5:54:57 PM EDT

[#11]

Quoted:
I mean, if I was a hot girl, I'd do porn to pay it off, okay?

But nobody pays that kind of money to see ugly White guy.

Posted: 2/23/2006 5:55:23 PM EDT

[#12]

Quoted:
I mean, if I was a hot girl, I'd do porn to pay it off, okay?

But nobody pays that kind of money to see ugly White guy.

Ron Jeremy.

nuf said

Posted: 2/23/2006 5:55:37 PM EDT

[#13]

Hey, guys? I'm going to throw some steaks on!

Call me when the blood starts flowing!

Posted: 2/23/2006 5:57:07 PM EDT

[#14]

I got into debt like that once and paid it all back eventually. Never thought of bargaining my way out but then you said it was the collection agency's idea so WTF.

A load off for sure but you'll be a high risk credit guy for a while.

In the islamic world you would never have been able to borrow that money in the first place.

Posted: 2/23/2006 5:57:18 PM EDT

[#15]

Quoted:
Hey, guys? I'm going to throw some steaks on!

Call me when the blood starts flowing!

Not much to see. The guy is your garden variety troll.

Posted: 2/23/2006 5:57:35 PM EDT

[#16]

Looks like I'm gonna have to make another beer run.

Posted: 2/23/2006 5:57:54 PM EDT

[#17]

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Hey, guys? I'm going to throw some steaks on!

Call me when the blood starts flowing!

Not much to see. The guy is your garden variety troll.

Why a troll?

Posted: 2/23/2006 5:58:02 PM EDT

[#18]

Hope you got that in writing first.

Posted: 2/23/2006 6:01:08 PM EDT

[#19]

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It still ruined your credit though

Not as bad as declaring bankruptcy.

Wrong. People who come out of bankruptcy generally have credit scores in the high 600's. This can be as short as 12 months. Settling for less on collections takes much longer.

Posted: 2/23/2006 6:04:24 PM EDT

[#20]

I don't know why everyone is getting on his case. I mean, I've never seen so many rightous people in one place. Oh wait, is this pleasenet ville? Does anyone give a rats ass if he stiffed the credit card companies? I don't want to here that shit everyone else is paying for him. I thought everyone here is living on a cash basis or paying their balances at the end of the month to avoid intrest. Screw the pop corn, give me a bottle of whiskey. Thanks for reading.

Posted: 2/23/2006 6:07:32 PM EDT

[#21]

Note to self:

Avoid any transaction with WMW in the EE. Doesn't follow through on commitments.

And... before you say I am too high and mighty to comment, I have been there and nearly declared bankruptcy on $35K in credit cards.

I didn’t though, and worked 56 hours a week for 7 years while going to school full time to pay them off.

I just couldn’t face myself if I did less.

Posted: 2/23/2006 6:13:04 PM EDT

[#22]

After what you did to your credit score you might have well just declared bankruptcy.
Now how will you pay back your friend??

Posted: 2/23/2006 6:20:25 PM EDT

[#23]

WMW
Member
Joined :: January 2006
Post Number :: 304

NV, USA

Posted: 2/23/2006 6:25:30 PM EDT

[#24]

I hope you got the settlement offer in writing, if not the next call will be for the balance! It is an old pratice for collection agencies. Fair or not it is the real world.

Posted: 2/23/2006 6:27:18 PM EDT

[#25]

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Oh this will get good.

[munching popcorn]

Shuddup and pass the popcorn...scoot over.

I'm gonna grab a beer. You guys want one?

Yeah, I'm getting dry over here. Want some Milk Duds?

Milk Duds......lmao.

Hold my beer and watch this...I'm gonna light a fart.

No, really...I've done this before. It will look neato in the dark. Hold my beer.

Posted: 2/23/2006 6:27:41 PM EDT

[#26]

Now you just have to hope they do not send you a 10-99 and report the savings as income to the IRS.....If they purchased the Debt they may be required to.

Posted: 2/23/2006 6:27:57 PM EDT

[#27]

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What friend would loan you that kind of money and actually think you'll pay them back??

A long-time friend who did well for himself, and I WILL pay him back, if I have to work graveyard security at some seedy Las Vegas motel to do it.

You are willing to do this to pay said friend off, but not the original debt incurred by you?[:\]

Posted: 2/23/2006 6:29:41 PM EDT

[#28]

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So now you just admitted publicly that you're a thief. Nice work

Thief of what?

The forgiven amount was the exhorbitant interest the credit card companies were charging anyway.

He's a victim!

What very progressive thinking.

Posted: 2/23/2006 6:29:42 PM EDT

[#29]

Quoted:
WMW
Member
Joined :: January 2006
Post Number :: 304

NV, USA

But they were ALL as high a quality as this one!

ETA: And as far as Thief of what goes, you are stealing money from me and everyone else when you shirked on YOUR debt to the cc companies, as they WILL pass this on to US in the form of higher fees!

Posted: 2/23/2006 6:34:29 PM EDT

[#30]

Quoted:
that cuz collections bought them at .50 on the dollar
they are making out pretty good too
meanwhile someone else in the world is paying a extra 2-4% to cover your no pay ass

Sorry your not even in the ball park.. If their paying .50 on the dollar they will be out of biz by the end of the year.

Posted: 2/23/2006 6:34:43 PM EDT

[#31]

Quoted:
According to the IRS, the forgiven portion of your debt is income and must be declared as such.

But most lowlifes dont care, they borrow money to buy shit they couldnt afford and now get to pay less for said items.

Its the American way, if you can get honest people to pay for your flaws, why not do it............

Posted: 2/23/2006 6:38:11 PM EDT

[#32]

I am awestruck.
I had to come back to this thread a second time.
It is absolutely amazing what some folks will post on the interweb.
No shame at all. No personal responsibility at all. No pride. No courage.

I am afraid for my kid, what will be "acceptable" in another 10 years?

DanM

Posted: 2/23/2006 6:40:23 PM EDT

[#33]

It will be interesting to see if the collection agency sells the paper to another agency. The next one being REAL sleazy.

The collection agencies are entitled by law to collect the full amount owed plus collection and legal fees.

Your troubles may have only just begun.

Posted: 2/23/2006 6:40:34 PM EDT

[#34]

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that cuz collections bought them at .50 on the dollar
they are making out pretty good too
meanwhile someone else in the world is paying a extra 2-4% to cover your no pay ass

Sorry your not even in the ball park.. If their paying .50 on the dollar they will be out of biz by the end of the year.

Sorry but you arent either.

One of my clients just bought 2.3 mllion in BAD DEBTS as an investment. The original asset was worth almost three times that (loans on cars from a mojor lendor). The bad debts are almost 1 year old. The oringal lending company (a major bank) just wrote off most of it and sold the rest of it at almost .33 cents to the dollar. Now my client is trying to collect on the rest, which they are. Its how they do business. Collecting on less then 33% of the original value in exchange for taking the debt off the persons credit report. If they dont they repo the vehicle.

Who pays for all this right off? Well the poeople who actually make their payments and make their insurance payments. How do I know this? The same client also sell insurance under a subsidiary. The rates for insurance are directly correlated with the funds tehy receive from the parent company collecting on the debts. How do I know this? Its one of the tests we perform during our audit. Therefore if the parent company holding the bad debt doesnt collect, it directly affects the amounts charged for insurance by the other company. In essence, those paying insurance cover the costs of those who are dead beat no lifes.

Its the way business works.

Posted: 2/23/2006 6:44:17 PM EDT

[#35]

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that cuz collections bought them at .50 on the dollar
they are making out pretty good too
meanwhile someone else in the world is paying a extra 2-4% to cover your no pay ass

Sorry your not even in the ball park.. If their paying .50 on the dollar they will be out of biz by the end of the year.

Sorry but you arent either.

One of my clients just bought 2.3 mllion in BAD DEBTS as an investment. The original asset was worth almost three times that (loans on cars from a mojor lendor). The bad debts are almost 1 year old. The oringal lending company (a major bank) just wrote off most of it and sold the rest of it at almost .33 cents to the dollar. Now my client is trying to collect on the rest, which they are. Its how they do business. Collecting on less then 33% of the original value in exchange for taking the debt off the persons credit report. If they dont they repo the vehicle.

You are talking about SECURED DEBT..He is talking about UNSECURED DEBT..2 different animals....

Posted: 2/23/2006 6:46:36 PM EDT

[#36]

Thief.

Posted: 2/23/2006 6:47:27 PM EDT

[#37]

Quoted:
Quoted:
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that cuz collections bought them at .50 on the dollar
they are making out pretty good too
meanwhile someone else in the world is paying a extra 2-4% to cover your no pay ass

Sorry your not even in the ball park.. If their paying .50 on the dollar they will be out of biz by the end of the year.

Sorry but you arent either.

One of my clients just bought 2.3 mllion in BAD DEBTS as an investment. The original asset was worth almost three times that (loans on cars from a mojor lendor). The bad debts are almost 1 year old. The oringal lending company (a major bank) just wrote off most of it and sold the rest of it at almost .33 cents to the dollar. Now my client is trying to collect on the rest, which they are. Its how they do business. Collecting on less then 33% of the original value in exchange for taking the debt off the persons credit report. If they dont they repo the vehicle.

You are talking about SECURED DEBT..He is talking about UNSECURED DEBT..2 different animals....

Really? Do you think your 15% interest rate on your unsecured debt really pays only for your debt? No. It covers the operating costs of the company. Operating costs always include bad debt expense.

My example was to show how companys pass on bad debt and bad debt expense to others. Its all part of operating costs which are shared by all customers.

Posted: 2/23/2006 6:49:52 PM EDT

[#38]

I was talking about the cost of the paper...Unsecured CC debt is not selling for 33 cents on the Dollar...Now Secured paper might be, have not looked into it.

Posted: 2/23/2006 6:52:03 PM EDT

[#39]

Jesus, what would compell someone to post this?

Posted: 2/23/2006 6:53:25 PM EDT

[#40]

Quoted:
I was talking about the cost of the paper...Unsecured CC debt is not selling for 33 cents on the Dollar...Now Secured paper might be, have not looked into it.

True, I cant really answer if my client would have bought the debt they did if it wasnt secured by something (automobiles).

Posted: 2/23/2006 6:59:59 PM EDT

[#41]

Hope your client does well with the package they purchased.

Posted: 2/23/2006 7:02:07 PM EDT

[#42]

Quoted:
I owed $7,000 on my Chase MC , and $6,000 on my B of A VISA. Well, I hadn't been making payments for 6 months, and so I get a call from collection agencies. They said, if I pay them $4900 for Chase, and $3800 for B of A, then they will write off the rest and call my accounts settled. So, I borrowed money from a friend, and paid off those two accts.

I thought I would be in serious trouble for not paying the minimum for so long, but it actually worked out for the better.

you sucker. They only have a certain amount of time within their statute of limitations to collect a debt. However, if you send them money, any amount, you are confirming the debt and starting the statute all over again. if they didn't sign a release, get ready for the collection of the rest of the money.

Posted: 2/23/2006 7:08:22 PM EDT

[#43]

Is your friends name Peter?

Posted: 2/23/2006 7:16:09 PM EDT

[#44]

Quoted:

One of my clients just bought 2.3 mllion in BAD DEBTS as an investment. The original asset was worth almost three times that (loans on cars from a mojor lendor). The bad debts are almost 1 year old. The oringal lending company (a major bank) just wrote off most of it and sold the rest of it at almost .33 cents to the dollar. Now my client is trying to collect on the rest, which they are. Its how they do business. Collecting on less then 33% of the original value in exchange for taking the debt off the persons credit report. If they dont they repo the vehicle.

No kidding, bad debts where the vehicle was not repo-ed? I haven't seen them not come get a vehicle very often, once in awhile, but not frequently.

Oh and those guy are right about this possibly costind some extra taxes and still causing credit damage-if they didn't lie about the deal in the first place.

Posted: 2/23/2006 7:16:35 PM EDT

[#45]

Quoted:
Quoted:
I owed $7,000 on my Chase MC , and $6,000 on my B of A VISA. Well, I hadn't been making payments for 6 months, and so I get a call from collection agencies. They said, if I pay them $4900 for Chase, and $3800 for B of A, then they will write off the rest and call my accounts settled. So, I borrowed money from a friend, and paid off those two accts.

I thought I would be in serious trouble for not paying the minimum for so long, but it actually worked out for the better.

you sucker. They only have a certain amount of time within their statute of limitations to collect a debt. However, if you send them money, any amount, you are confirming the debt and starting the statute all over again. if they didn't sign a release, get ready for the collection of the rest of the money.

Good point

Posted: 2/23/2006 7:27:09 PM EDT

[#46]

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Quoted:
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I owed $7,000 on my Chase MC , and $6,000 on my B of A VISA. Well, I hadn't been making payments for 6 months, and so I get a call from collection agencies. They said, if I pay them $4900 for Chase, and $3800 for B of A, then they will write off the rest and call my accounts settled. So, I borrowed money from a friend, and paid off those two accts.

I thought I would be in serious trouble for not paying the minimum for so long, but it actually worked out for the better.

you sucker. They only have a certain amount of time within their statute of limitations to collect a debt. However, if you send them money, any amount, you are confirming the debt and starting the statute all over again. if they didn't sign a release, get ready for the collection of the rest of the money.

Good point

So, let me get this straight. You are chastising me for cheating the credit card companies of their full amount, and here you are scolding me for not waiting longer until the statute of limitations runs out in which I don't have to pay them ANYTHING?

You people also say declaring bankruptcy would be better - it wouldn't be better for the credit companies because they would get NOTHING. At least, with the settlement, they got something back (most in fact).

Talk about hyprocrisy.

I have a builder who owes me $1,300.00 for some CAD work I did for him. It's been 5 months now and he hasn't paid me for it. At this point if he offered $800 to settle I would take it and be content.

Posted: 2/23/2006 7:30:10 PM EDT

[#47]

So what you are saying is, you are half-assed all the way around?

Posted: 2/23/2006 7:34:07 PM EDT

[#48]

Arfcom has failed to make me feel bad about this.

Sure, I made some mistakes.

But this is the best I could do to get out of it, and I took it. I don't have Bill Gates as a relative.

Posted: 2/23/2006 7:39:32 PM EDT

[#49]

Quoted:
Quoted:
Quoted:
Quoted:
I owed $7,000 on my Chase MC , and $6,000 on my B of A VISA. Well, I hadn't been making payments for 6 months, and so I get a call from collection agencies. They said, if I pay them $4900 for Chase, and $3800 for B of A, then they will write off the rest and call my accounts settled. So, I borrowed money from a friend, and paid off those two accts.

I thought I would be in serious trouble for not paying the minimum for so long, but it actually worked out for the better.

you sucker. They only have a certain amount of time within their statute of limitations to collect a debt. However, if you send them money, any amount, you are confirming the debt and starting the statute all over again. if they didn't sign a release, get ready for the collection of the rest of the money.

Good point

So, let me get this straight. You are chastising me for cheating the credit card companies of their full amount, and here you are scolding me for not waiting longer until the statute of limitations runs out in which I don't have to pay them ANYTHING?

You people also say declaring bankruptcy would be better - it wouldn't be better for the credit companies because they would get NOTHING. At least, with the settlement, they got something back (most in fact).

Talk about hyprocrisy.

I have a builder who owes me $1,300.00 for some CAD work I did for him. It's been 5 months now and he hasn't paid me for it. At this point if he offered $800 to settle I would take it and be content.

It's not hypocrisy at all. You missed the point. He's mocking you because he feels that you are going to get shafted in a fashion that you feel you shafted the credit card company.

It's something called wit.

Posted: 2/23/2006 7:41:54 PM EDT

[#50]

Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
I owed $7,000 on my Chase MC , and $6,000 on my B of A VISA. Well, I hadn't been making payments for 6 months, and so I get a call from collection agencies. They said, if I pay them $4900 for Chase, and $3800 for B of A, then they will write off the rest and call my accounts settled. So, I borrowed money from a friend, and paid off those two accts.

I thought I would be in serious trouble for not paying the minimum for so long, but it actually worked out for the better.

you sucker. They only have a certain amount of time within their statute of limitations to collect a debt. However, if you send them money, any amount, you are confirming the debt and starting the statute all over again. if they didn't sign a release, get ready for the collection of the rest of the money.

Good point

So, let me get this straight. You are chastising me for cheating the credit card companies of their full amount, and here you are scolding me for not waiting longer until the statute of limitations runs out in which I don't have to pay them ANYTHING?

You people also say declaring bankruptcy would be better - it wouldn't be better for the credit companies because they would get NOTHING. At least, with the settlement, they got something back (most in fact).

Talk about hyprocrisy.

I have a builder who owes me $1,300.00 for some CAD work I did for him. It's been 5 months now and he hasn't paid me for it. At this point if he offered $800 to settle I would take it and be content.

It's not hypocrisy at all. You missed the point. He's mocking you because he feels that you are going to get shafted in a fashion that you feel you shafted the credit card company.

It's something called wit.

Yeah, whatever. Hope this makes your evening. (God help me if it would make mine).

[ARCHIVED THREAD] - My credit card debts were settled (Page 2 of 4)

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