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USAA and Navy Federal Credit union



tonynpin

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Sub: USAA and Navy Federal Credit union
Tue, 13/04/2010 12:14

I have $33,000 in credit cards with USAA and $34,000 with Navy federal credit union credit cards and a line of credit of $7500 with Navy federal. I don't have the money to pay them and I just missed my 1st payment with USAA. USAA have been calling me all day I just did not pick of the phone. Anybody have any experience with navy federal credit union. I have Home Equity Loan with navy federal, that I know I have to pay, but my credit cards I will not pay. Anybody got sued by Navy Federal or USAA, I will keep you posted on what happpens.



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Sub: #1 They didn't call every day. Only every third day. In my experiTue, 04/13/2010 - 12:14



They didn't call every day. Only every third day. In my experience, that was very common with all my creditors, not just USAA.

I told them my hardship story. Always keep the story the same. You feel like a broken record, but I just said the same thing every time. Then they ask you to make a payment or set up a hardship plan.... If you can do that, it's not a bad idea, but if you can't tell them you can't afford it, then revert to your hardship story.

It's a long process. And not easy, in my opinion.

They did not threaten litigation, although some of my creditors alluded to it along the way (i.e. "we will be forwarding this to our legal department"). USAA was generally pretty easy to talk to, compared to some others.

I tried to avoid bankruptcy and while I have considered it, never really acted upon it. I did tell some of my creditors I was thinking about it, but it never really helped or forced a settlement, so I stopped telling people that.

As far as the settlment, there is no magic formula. I was patient. I didn't vary my story. I waited until after charge off. And I answered their calls so that they didn't think I was avoiding them. That's about it. After that, it's in their hands to make you a settlement offer.


tonynpin
tonynpin
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Sub: #2 ball mich, when usaa called you everyday what did you tell themMon, 04/12/2010 - 19:37



ball mich, when usaa called you everyday what did you tell them? Or did you not answer the phone. How did you deal with the CA, did say they will sue you, do you think of bankrutcy. How did you get the settlement?


Sub: #3 I settled my USAA balance for 40%, but it took about 250 days toMon, 04/12/2010 - 16:03



I settled my USAA balance for 40%, but it took about 250 days to get them to that offer, which was well after charge-off. My recollection is that while most CC companies charge off at 180 days, that USAA charged off at 210 days.

http://www.debtconsolidationcare.com/forums/showthread.ph p?t=57019

And they pretty much do call every 3 days or so until charge-off. Then the calls ceased until they transfered the account to a third party collection group. USAA retained ownership of the debt, they just outsourced the collections.


tonynpin
tonynpin
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Sub: #4 Well, I finally answer the phone last Wedensady from USAA and spSun, 04/11/2010 - 10:02



Well, I finally answer the phone last Wedensady from USAA and spoke to thier collection department. They won't even let me in thier hardship program, they said I have to have the accounts activity for atleast 9 months. I only have activity on for 7 month. Not sure if I will be able to get in that program after 2 more months? I told them I am seeking a bankrutcy attorney, and they told me to give them an attornay name and case number. They told me I will be hearing from them every 3 days, but finally I got no phone call for 3 days. Anybody dealt with USAA hardship programs or got a settlement from them that like in my postion?:confused:. I be missing my 1st payment on my 2nd USAA american express card this week and my Navy federal credit cards starting next month in May. Any advice would surely be appreciated. I incurred all my debts due to gambling. I quit gambling but now I have $70,000 in credit and a line of credit. Plus My HEL of $131,000 which I cannot default on.


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Sub: #5 Can you tell me what law agency you dealt with?Thu, 04/08/2010 - 17:55



Can you tell me what law agency you dealt with?


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Sub: #6 It is straight paying it off. No more interest.Thu, 04/08/2010 - 12:06



It is straight paying it off. No more interest.


tonynpin
tonynpin
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Sub: #7 debtgirl, Was the interest still go on and the $400 per month Thu, 04/08/2010 - 06:30



debtgirl,

Was the interest still go on and the $400 per month is paying of the $16000 without interest?


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Sub: #8 I got sued by Navy Federal last month. Navy Federal would never Thu, 04/08/2010 - 05:45



I got sued by Navy Federal last month. Navy Federal would never work out a payment plan or being willing to discuss settlement. We were 6 months behind.
Luckily the law office worked out a payment plan with us. But they wanted $800/month and we got them down to $400/month on a $16000 debt!


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