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We stopped paying all our bills except the most urgent ones in April and May. Our debt is significant $75000 unsecured w/ Bof a and $10000 other unsecured. I am a realtor- and the $75000 os debt incurred from marketing a condo converstion that rolled out a year late and went back to leasing. Up till May our credit had been between 750-780 score for 32 yrs of marriage.

The combination of the and my husbands health issues (another operation is scheduled for 7-24-08 ) left our finances in a mess.

Anyway, I sent a letter 6-10-08 (certified) to each creditor letting them know we could not pay them right now and would have to depend on r.e. commissions for to retire any of their debts. I am working r.e. during the day and work for a major bank in a call ctr from 1 to 10pm.

In the letter I told them not to call - but left my e-mail address for correspondence. I am still getting 6-8 calls per day. What do I do now? Do I just let them sit-unpaid until I have the money to settle? Thanks for the advice

You could try sending them another Cease & Desist letter certified, but it appears they are ignoring the first one so I'm not so sure a second one would make any difference. Well, I am sorry for your misfortune, and wish I could offer you some advice that would help, but I'm not sure how to advise you in this situation. Although, if you hang tight, I am sure someone with more knowledge in this area will be along shortly to advise you. I wish you the best and hope everything works out in your favor. Take good care. :)

Sub: #1 posted on Sun, 07/20/2008 - 03:00

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

The original creditor does not have to honor a cease and desist letter, unless you happen to live in a state that allows you that protection under state law. The federal law, fdcpa, only applies to collection agencies, not to original creditors.

We also stopped paying our creditors in April, due to a loss of income. We had hoped to save enough money to eventually be able to settle our debts, but a couple of our creditors were pretty aggressive and already threatening to sue us. So we are now in the process of filing Chapter 7.

Most creditors do have hardship programs available. If you qualify for them, they will usually lower your interest rate and waive the already accumulated late fees. They will give you a reduced minimum monthly payment amount for a temporary period (usually six to twelve months). If you have the funds available to be able to make reduced payments, you could try giving them a call and see what you qualify for. In our case, we couldn't even come up with enough money to pay the reduced amounts that they offered.

Sub: #2 posted on Sun, 07/20/2008 - 03:17

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

We live in AZ. I talked to a laawyer and we can't file Chpt 7 - I guess we make too much. In chpt 13 the court would take over my r.e. brokerage and close it down - there goes any chance of making additional money to repay the loans. I tried the reduced payment before sending the letters but just didn't have enough money every mo to pay what they offered.

We are currently paying our first and 2nd mrtgs- one car payment - we turned his vehicle in as a vol. repo last week; insurance, utilities, food and gas. Not much left after that. I'm hoping with each r.e. sale I can retire a debt but need to wait for the sales.

Also, I filed a compaint vs. B of A as they went into my checking accnt w/ another bank and withdrew some funds on one of the loans- totally unauthorized.

Sub: #3 posted on Sun, 07/20/2008 - 03:48


I was told by our attorney that B of A does have some kind of agreement in their loans/cards that allows them to take money from your account to pay your debts with them. (I can't remember what it was called.) But I thought that only applied to accounts held at their bank. Are you saying that they were able to get money from an account held at another bank (not B of A)?

I had read someplace else about that possibility, so we closed our B of A accounts shortly after going delinquent on our cards with them. We opened an account at a smaller bank to whom we owed nothing.

Sub: #4 posted on Sun, 07/20/2008 - 03:53

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

Yes, They took the money out of a Wells Fargo chkg accnt. I was able to ge the money put back- Wells Fargo went to bat for me- but no live in fear that they'll do it again.

Are there any other options besides BK? If I pay the monthly "hardship" amnts w/ B of A its $1375/mo- c an't do it. I feel like I'm waiting for the other shoe to drop. My h's medical bills from March had to be paid this week or they would not operate on his sinus tumors on the 24th. That really put a dent in the money I was setting aside to meet the forebearance date on the 1st mtg of Sept. 1st.

Sub: #5 posted on Sun, 07/20/2008 - 04:16


Have you thought about talking with a debt settlement company? I had debt of 90,000 due to a business that had to be closed, and started a settlement program in January. They already settled my 16,000 BofA account at 30%. I have never even spoken with BofA, because I had transferred my contact info the to settlement co. and they have been handling it all.

Sub: #6 posted on Sun, 07/20/2008 - 05:18


Just be sure when shopping around with settlement companies that you check them out on the BBB and make sure they are members of TASC or USOBA. There are a lot of bad companies in this industry and if you don`t do your homework on the company you could get burned.

Sub: #7 posted on Mon, 07/21/2008 - 19:18

mobile0311 mobile0311
(Posts: 1817 | Credits: 104.57)

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