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Got My Bank To Settle $30K Worth Of Debt For $6K!


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 4 weeks ago '20        #1
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purplerain195  topics gone triple plat - Number 1 spot x4
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Got My Bank To Settle $30K Worth Of Debt For $6K!
 

 
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Fortunately, the difference between settled and paid in full is usually only 5 or so points in increase. Long story short though I had a 10k credit card, 20k personal loan (wanted to buy foreclosures in bmore and flip them). Freaking ex wife cost me the $10k on the credit card (had to pay my divorce lawyer the whole $10k). Then I found a nice foreclosure in bmore for $15k tried to quick flip it to a home buying company they said they wouldn’t pay the $80k it was worth just the max that comparable houses in the neighborhood sold for which was you guessed it $15k. In hindsight I should’ve bought it and rented it out but I was young and dumb. Anyway, had just had my middle child and wanted a reliable vehicle so I traded in my car for a jeep and paid $11k of negative equity I had on my auto loan. Then bought the then baby momma now wife a decent used car for $3.5k (and she totaled it within a month). And I used the remaining $5500 to live off since I had just got out the military and hadn’t started going back to school with my GI Bill yet.. Crazy thing is I definitely spent all 30K and only had to pay back $6K and I still can’t believe it. Only L I really took was the negative effect on my credit report but once it shows as settled I’ll be back in the 700s and debt free minus my car note. Anyone got any good investment advice I’m trying to get into stocks, (no bitcoin plz I missed that train imo), open to forex, or even real estate with the right guidance this time I’m just tryna be smart with my finances this go around.
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 4 weeks ago '05        #2
slanger55 
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You bought a crib for 15k?

 4 weeks ago '20        #3
purplerain195  topics gone triple plat - Number 1 spot x4 OP
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 slanger55 said
You bought a crib for 15k?
Almost bmore foreclosures are in the $5k to $15k range. I decided not to buy it bc the house buying company were only offering me $15k for it. So I wouldn’t have made a profit at all. If they would’ve offered me $20k I would’ve done it in a heartbeat!


Last edited by purplerain195; 03-10-2020 at 04:06 AM..
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 4 weeks ago '20        #4
purplerain195  topics gone triple plat - Number 1 spot x4 OP
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 slanger55 said
You bought a crib for 15k?
Bmore has super run down cribs you can buy for cheap some of the homes I looked at didnít have stairs, interior walls, were full of mold, dust, bugs, think extreme fixer uppers. Thatís why theyíre so cheap. Iíll plug an example in a second!

 4 weeks ago '04        #5
jsmooth-117 
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Doesn’t the IRS consider settled debt (the amount you didn’t pay) as income?

 4 weeks ago '20        #6
purplerain195  topics gone triple plat - Number 1 spot x4 OP
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 jsmooth-117 said
Doesnít the IRS consider settled debt (the amount you didnít pay) as income?
Negative as long as itís written up as settled for less Iím good to go, which they agreed to do! Itís basically them saying weíd rather take some money than no money if that makes sense. And it was gonna fall off my report in a year anyway (been 6 years fall off at 7). That being said they were about to get nothing at all I just wanted to pay it off so I can get that score boost once my Iím total debt drops by $30k and the only two negative accounts on my credit report fall off ya feel me.

 4 weeks ago '20        #7
LuxG 
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Real Estate. I have reasons but I’ll just link the dude who I’m watching on YouTube & started putting a plan down.


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 4 weeks ago '20        #8
purplerain195  topics gone triple plat - Number 1 spot x4 OP
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 LuxG said
Real Estate. I have reasons but Iíll just link the dude who Iím watching on YouTube & started putting a plan down.

Good looks homie!
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