[ktchong]

I am about to negotiate some unsecured bad debts and long past due bills. I owed about $20,000 in unsecured credit card debts and past due utilities/phone/insurance bills, and I have not paid them for well over two years. I have been able to successfully hide my tracks and locations from creditors and debt collectors quite well. As one debt collector after another has failed to get any money from me, my accounts have been bouncing from one collector to another.

I am ready to rebuild my credit in the US. Since the damages have already been done to my credit records, I am just looking to settle the debts with as little money as possible, preferably at 25 cents on a dollar or even lower. I know that can be done -- a friend of mine is going to introduce me to his friend who has reduced his debt to 25 cents on a dollar in the past.

I am not in a hurry to settle all my debts. I plan to settle with one particular debtor at one time, one at a time. My plan is to play off one creditor/collector against another. I will let them know that I will pay off whoever is willing to give me the biggest break -- and the statute of limitation on my debts is close to expiration. I also have a dual citizenship, connections and family members in a far away country, so I can disappear for many years.

Here is the second part of my plan: at some point in the near future, after I take care of the bulk of the debts, I will hire a reputable debt settlement company to deal with the remaining collectors that refuse to work with me or give me a break. I personally know a business owner who had bankruptcy in mid 1990s, and he has had a very good experience with a particular debt settlement company that he is going to recommend to me. That company helped remove many or all of the negative items on his credit history and boosted his credit score to 800+. I have not looked into how that could be done. So, if you know anything about successful disputing and removing negative credit items from credit history, please let me know.

Other than that, what other tactics and methods can you recommend for my negotiation? Can you recommend a debt settlement company? Can you you recommend a few good websites that teach the in's and out's of aggressive negotiations with debt collectors?

Thank you!

P.S. I do not want to get into any sort of debt repayment plan to pay the full amounts. I want to get rid of my debts ASAP.

[fredg]

Hi,
Sounds like you have become an "expert" at dodging everyone. My suggestion is that you do need a lawyer, one experienced in debt. Eventually, all of this will catch up to you, and probably sooner than you might think.
It will be difficult to establish any kind of credit rating with all this behind you, simply because it's all "traceable".
Have you considered taking out a new credit card, with a new company, and having all your other credit card debt paid off by the new company? Some do it now for free 6 months, no interest, just to have you as a new customer. You can then decide what to do with a little more time.
You mentioned about declaring bankruptsy to pay only 25% of what is owed. The law changed a few months ago!
Please see a lawyer, or a CPA, to get the new facts on what you can do and can't do. I do wish you the best of luck.

[sideoutshu]

and the statute of limitation on my debts is close to expiration. I also have a dual citizenship, connections and family members in a far away country, so I can disappear for many years.

That doesn't matter. Debt collecters, and the lawyers who work for them are well aware of the statute of limitations. When it is about to run, and they can't find you, they will simply file a lawsuit against you in your last county of residence and take a default judgment (because you aren't around to defend yourself) against you which is enforceable FOREVER.

A statute of limitations only governs the amount of time a party has to file a complaint. Once they do that, it no longer applies.

[Fr_Chuck]

There is no such thing as removing legal debts from your credit report.

If there is something incorrect on it, anyone can ask for it to be removed and it will be.

Trying to remove valid or correct information is illegal and immoral.

And to be perfectly frank, you seem proud that you have cheated people out of the money you owe them. Not ashamed or sorry that you got into a problem and could not pay your valid bills.

First some places will settle for lower amounts but 10 or 30 cents on the dollar is not the norm, very few places will do that.

It sounds like you have either be very lied to, be careful of paying anyone before they settle your debts if they are making these promises.

Next it really sounds like you have gotten with and are hanging around a bunch of dead beats.

Personally I hope once you contact them to settle, they all file suit and get all they can get legally.

Sorry, always glad to help those sorry and wanting help, but letters like yours is the reason collection people are they way they are.