In trying to update my debt list, here is what I found in my sea of mail the other day:
It’s a debt settlement offer for one of my credit cards. So, I’m wondering… (Poll Added)
Is that the best they can do? I’m guessing it’s 8-9 months late at this point. I can call and negotiate but I don’t have the money to pay them. And I don’t want to be playing games. Remember, I asked CashCall how much they will settle the debt for. The guy wouldn’t answer because he knew I didn’t have the money.
I’ve also received a verbal debt settlement offer from Wells Fargo on my 30K line of credit. They’re offering to settle for 80%. I told them I’ll think about it.
I can probably settle my debt via my corporation… should I?
Here is the thing. It’s no secret that I found a way to borrow money via a corporation. I’m able to do it regardless of my awesome credit using a credit partner.
The credit partner helps me get started by personally guaranteeing my first couple of loans. After 6 months of successful payments I can take the credit partner off and the credit lines become non-recourse. (Sweet!)
The only problem is that I’m not sure if I should be refinancing or settling personal debt via the corporation. There is nothing technically wrong with taking a draw or or borrowing from the corporation according to my attorney.
As long as the corporation was not created with the sole purpose of transferring debt. For everything to be “kosher” the corporation needs to be making money and carrying on some kind of legitimate business activity.
Corporation not making sweet returns… yet.
Well, that’s the goal. I bought the corporation in order to continue doing real estate and other types of investing inside it. Not just to get corporate credit.
However, I’m not quite there yet. We’ve already been approved for some starter credit which allowed me to pay off (refinance) the seed money.
We’re finally in the process of getting our first set of juicy lines and investing that money. But it hasn’t happened yet. So the corporation is not making any money, just borrowing. That’s why I’m not sure I want touch it yet.
Don’t want any perceived shadiness!
However, even if the corp DOES start making some money, it may STILL look a little shady for me to pay off my personal debt with corporate funds. (Even if I do everything right).
I need to get some additional advice to make sure I’ve covered all angles. I don’t want to be accused of co-mingling, “alter ego” or any kind of corporation fraud. That can’t be too good.
There is my “reputation” too.
I mean, a lot of you unfortunately think that just ‘cuz I’ve made some mistakes on loans before, I must be some kind of a criminal or fraudster - always up to no good! Some people are quick to judge, what can I say.
That’s why I want to do everything above-board and be as CLEAN as possible.
And another question…
Is settling debt same as paying it off in full?
I know, I know. I’m not stupid. It’s NOT the same number wise. I’m settling for LESS THAN full amount. That’s the whole point of it. I’m actually wondering about the moral issues and my credibility:
Is me saying “I settled all my debt” same as “I payed off all my debt - every single dirty penny of it!
Do people really care how I did it? Settling debt requires the agreement of the creditor by the way. So it would be a WIN-WIN agreement. But still… I’m wondering what the “right thing” to do is.
There is still the question of filing bankruptcy…
Let’s try a vote:
136 Comments
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First?
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I still think BK is your best bet.You will never get caught up. Where does it end?
http://www.icantsellmyhouse.blogspot.com/ -
Casey,
You are a bloody troll. You’ve been a fraudster since you sent the chain letter out at age 14, and you still play the innocent. Gimme a break!
I wonder if your creditors will settle for 70% when they know you have some SWEEET revenue lines coming in through the blog. I’m thinking they may want a bit more. So maybe you are better off paying them through your corporate credit thingy after all.
You’re running out of juicy material Casey, gotta dig deeper.
Stop trolling and keep it real and then I may become a Supporterz. I know it’ll never happen.
Big Cheese
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At this point, with that debt, all of the same negatives will appear on your credit report. The only difference is you will be out a few thousand dollars. Notice that this is from a collection agency, and not the original creditor, who has already written this off. They may not even update the balance.
At a certain point, you, too, need to walk on, Casey. If it makes you feel better, perhaps pay it, but really you should spend your time making money, and avoiding debt. Put this letter on the bottom of the pile. It’s almost too late at this point.
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Like you said, there is your reputation and credibility on the line… especially if you want to start a foreclosure help site.
Don’t borrow from the corporation to pay off “personal” debt.
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It’s in their best interest but not in yours. Don’t do it. Pay them back when $4900 is easy to come by. A man’s gotta feed his family…
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murst
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Paid for less than full amount on a credit report at least says YOU PAID IT off via settlement. Sitting around and waiting for them to lower the settlement number makes your point moot.
If they charge it off, you’ll have years and years of shady junk debt buyers bothering you for the money. I wouldn’t borrow from the corp but I would try and pay off what they are asking.
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Just think, snowflake, you could be making 4500 a month working for duane, instead your begging for $100 a month from link w***** .
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“Is that the best they can do?”
You’re right Casey! How dare they offer to knock 30% off your debt and give you the chance to settle! Who do they think they’re dealing with.
Give ‘em the Trump and tell ‘em to kiss off until they bring that offer to 50%-50%! Then’s it’s a win-win, baby!
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Casey,
You are so frigging implusive man. Just cause u got a letter in the mail you run around like you need to act on it immedidately.
Offers to settle will always be there, even years from now. You can always start settling once you actually start making some money above what you need to live on…..if that ever does happen.
Impulsively borrowing money from the corporation will just cause you to commit corporate fraud.
THIS BLOG IS GETTING BORING. You need to update us on alot of things. Jeez, what the heck do you do all day? You don’t work at all and the best you can do are these weak updates every 2-3 days?
You just stated that you have lines of credit coming in? Where are they coming from? How do you plan to “invest” it. Just one of a million questions. Get ur lazy butt out of bed and work on this blog or you will rapidly lose your audience.
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the unsecured creditors know that if u go bk they get zero. wait as long as possible to bk.
see if anyone sues you.
let the dust settle on the defaults.
make sure the corp is structured with you not owning it or controling it like an extention of your personal checkbook. -
Just declare bankruptcy. That’s equivalent to settling all your unsecured debt for $0!!
What a sweet deal(TM)!
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Settled debts will still show up on your credit reports for seven years, but even if your debt is paid in full, your late payments will stay on your credit report. So paying off your debts is more of a moral victory than a pragmatic one.
Clearly, the right thing to do is pay it all off. If you can pay it, great, but are you going to kill yourself in doing so? And if you’re so concerned with doing the right thing, i.e. paying off your debts, how can you even consider bankruptcy? Being right and being practical sometimes do not walk hand in hand.
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Is your goal to improve your personal FICO score?
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Im not saying defraud anyone. its just business to renegotiate the best deal possible if your situation has changed so negatively.
just dont pay by using corp for sure. the other less lucky creditors may object strongly at your future meeting of creditors and feel that they also deserve to get paid the same way.
also, dont tell people what you make. -
Well, at least you’re opening mail. That’s progress.
aack!!
S_t_C
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Casey-
The settlement is a good option if you have the money. If you don’t, they’ll pull the offer and you’ll be in deeper than you already are.
Second, if you use the corporation you’re just going to get the corp in the same pile of crap that you are in personally. Keep it safe and give it a change to succeed. -
get stable before settling any debt - apartment - ’small’ living savings -
Then decide if you you should declare BK or start the settling process.
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Ok, I personally don’t think that you should be borrowing from your corp to pay your personal debt… What if you cannot make the payments? Then your corp is liable and the feds may start watching your moves for criminal (fraudulant) activity (If they already aren’t).
If… When… You settle your debt… Whatever you settle for they will send you a 1098 at the end of the year for the difference.
I don’t think it will be considered paying back every dirty penny. What you should do is keep track of how much has been forgiven. When you make it big, you should donate the forgiven debt to a good cause. Then I would consider that repaying all of your debt.. and every dirty penny.
Julie
Http://home-flip.com -
Snowflake,
How many times do people have to tell you that it’s illegal to use your corporate shell to pay off your personal debt? How many times do you have to be told that you “team” of lawyers and accountants are either idiots or simply telling you what you want to hear, stringing you along?
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Ahhh…..sweet relief. There is the Casey we know and love. All that yakkin about ads and revenue was gettin’ pretty bland.
“perceived shadiness” - classic! When they are “initiating” you in prison, they might use the same logic…. “Look, cutie-pie…I don’t want to give you the ‘perception’ I am gay….but….”
Go get ‘em, you little Fraudster. And, please let us know what else you find in that mail stack of yours.
Rock On!
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You shouldn’t be asking if that’s the best they can do. They don’t owe you anything. You owe them. Any deal or settlement they offer you should be taken seriously.
Just mentioning your corporation in the same sentence as your personal debt immediately raises red flags for many people. I’m sure you’ll try to do everything “kosher”, but you aren’t the details guy, and I foresee something not going right and then you claiming you didn’t know…
The “right thing” to do is to pay back every dirty penny, like you originally promised. That would earn you respect. Settling with your lenders isn’t “win-win” - it’s more like them trying to minimize their losses. Getting the money that is rightfully theirs isn’t considered a win, it’s how they conduct business.
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They now beg for pennies on the dollar.
Another win for Team Casey!
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ASW: cashcall
I think you should wait until they offer to settle for 30%, instead of 70%.
Don’t rush into anything.
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Dear Casey,
I made written reports alleging fraud to the following:
IRS
Cal. Franchise Tax Board
Sacramento PD
FBI
California Dept. of Corporations
One other I’ll keep secret for now. -
Hey Casey,
First of all, please stop referring to your mortagage fraud as a “mistake”. What you did with those loans was not a mistake. A mistake implies an accident or lack of intent. This is not the case with what you did. What you did was willful and intentional.
Be honest enough with yourself to admit that you committed a crime. not made a mistake, but intentionally and willfully committed a crime.
In regards to the credit card settlement, you can probably do better than still paying 70-80%. I had a roommate about 10 years ago that got into very bad credit card trouble. The credit card comanies sent him several letters offering to settle and after a while he got down to 25-30% of the owed amount.
If you really want to settle then you can probably do better than 70-80% if you wait.
Given that you have said over and over again that want to repay “every dirty penny”, work with integrity, satisfy your debts, etc. etc., it bewilders me that you are even considering settling.
We all have different ethics, but if it were me I would
make sure I repaid 100% of the debt. This is especially the case for you given that it is not just the ethics of repaying what you borrow (all of it) , but it is also your word on the line as you have repeatly said you will repay “every dirty penny”.I’ve been reading your blog enough to know that, unfortunatly, your word doesn’t seem to mean much to you, but you did ask for opinions and there is mine.
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OK, a little advice for you. I have been sued myself over a credit card years ago. Four bad cards because of a sudden layoff in a down market. Only one card sued. It’s been three years since they went bad, so probably it’s the only one that is going to sue. The bank: citibank. The ones that have not sued: hsbc, discover, chase. All debts were > $5,000 so they were not trivial.
Do a search on Google to pick up what banks sue. It’s telling:
“sued by capital one” = 3,920
“sued by american express” = 834
“sued by citibank” = 663
“sued by discover” = 347
“sued by chase” = 42
“sued by hsbc” = 21
“sued by washington mutual” = 4Analysis: You don’t want to **** with Capital One!. I have heard of them suing for $300 outstanding accounts. But Washington Mutual looks like a rollover.
Also, when I went bad on HSBC, they sent that 70% offer after about four months. One month later: 50% offer. One month later: 35% offer. And then chargeoff - they sold it to some debt buyer. The buyer started all over but petered out after I demanded verification. Even telephone calls stopped. If you don’t know about demanding verification, I suggest you try boards like www.debtorboards.com for pointers. DV letters sent certified mail return receipted requested work like you wouldn’t believe.
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Casey, wait til they offer pennies on the dollar for settletment.
All of your creditors will be walking over each other to lower their settlements.
I have learned so much from this site. I did not know that you could pull so much money from Cash Call and simply turn your back on them. It’s a great way to make money.
I am going to follow everything you are promoting!
Thanks!
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In one breath you ask if a creditor can do better than forgiving you 30% of a loan, and in the next you are wondering if not paying the full amount of the loan is moral because you want to pay off all your debts. I guess you need a 130 IQ to recconcile those to thoughts.
When you were opening month old mail, did you give a thought to the person who paid you $300 in advance to do some work for him or her?
I (now a w-2 looooser, with a college eduction) and only once house, which since it is paid in full will never be foreclosed on, worked for 14 years as a freelancer, so I feel I can give you little hint here. If you want more work, finish the project you took on.
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Wow Casey,
You sound VERY UNGRATEFUL.
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I’ve also received a verbal debt settlement offer from Wells Fargo on my 30K line of credit. They’re offering to settle for 80%. I told them I’ll think about it.
***You were irresponsible, and got caught with your pants down. An unlucky roll of the dice if you will…
Maybe you can settle for less, I have no idea…but I am commenting on your attitude…your sense of ENTITLEMENT.
I THINK THAT IS WRONG CASEY.
Good luck to you.
-Chris
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Flip Thy House,
Please show me the law that says it’s illegal for the sole owner of a corp to borrow from it? I have done this myself at times (albeit, only for very brief periods, in accordance with my corps bylaws and my own employment contract, and only from the corp’s retained earnings). Under less controlled circumstances it’s stupid, but it’s not necessarily illegal.
And please don’t give me section 5236 again: http://www.leginfo.ca.gov/cgi-.....5230-5239. As I’ve noted, and as you would know if you bothered looking at the corporate code outline (http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=corp&codebody=&hits=20), sections 5000 up to 12000 apply only to nonprofit corps.
That said, if the only real purpose of the corporation is to mask the true purpose of a loan, then once again we have good old generic loan fraud.
Casey,
Borrowing from the corp will accomplish two things:
1) It’s going to pretty much make it obvious that the primary goal of the corp was to get you credit. Sorry to be blunt again, but most corporations start with a business plan, not a plan to get loans and give them to the shareholders. You saying “that’s not the goal” isn’t going to do a thing for you if your actions suggest otherwise. In general, courts will take the position that if it looks like a duck, swims like a duck and quacks like a duck, then it’s a duck. This corp, at this time, looks like nothing other than a shell for getting credit. The fact that your own credit is shot only reinforces this.
2) I’m not sure who the guarantor is, but if you fail to make money with the corp, they’ll be on the hook. And if the court decides that this corp is nothing but a shell to allow you to continue your inane dealings, then they could be on the hook for more. (And there’s plenty of evidence right here on this blog to suggest that in fact this corp’s only reason for existence is to allow you to continue doing the same kinds of deals. You’ve pretty much said it.)
At this point in time, you could declard BK and probably walk away. If you continue tying to get more credit for yourself by masking the true purpose, criminal charges (for fraud, not violations of California corporations code) will become a reality.
-btc
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Dont pay anyone OFF!!! Pay on the accounts as long as you can until you get CASHFLOW!!! CORPORATION IS FOR CASHFLOW CASEY!!!!!!!!
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Seriously, here’s a possible plan of action:
1. Declare Bankruptcy and have all debts discharged.
2. Once creditors are out of the way, start paying off personal loans (friends, family, etc.).
3. Once you’re earning enough money, save up and then see if you still feel a moral obligation to pay back your institutional creditors. If so, pay them back in full at that point.You’re really in no position whatsoever to pay back $150k in credit card debt. Ever.
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[deleted]
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look at the date on the letter - casey is trolling and that offer may no longer stand.
still taking a month to open mail snowflake?
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You know this notice was dated 4/13. Sounds like a typical troll post to me. Come on Casey…Gotta raise that troll bar a little higher now…You gotta perform for your advertisers a little better than that.
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After one year, I think, they can not sue — statute of limitations. It would be wise to ignore the charge-offs past this age, until you have the money (not credit) to pay them in full.
Perhaps re-hab certain lines of credit (but do you really want Cash Call as a reference?) It is better to have some good credit rather than all bad. But you are still putting too much emphisis on credit, rather than cash. Cash should come first.
Look at this article about self-destruction too.
“Self-defeating behavior feels, to the person doing it, like an accident or like bad luck. And of course there are such things,” says Lenora Yuen, a therapist in Palo Alto who specializes in treating the chronically self-sabotaged. “But after a while you may notice a pattern of ‘accidents,’ a whole run of ‘bad luck.’ ” Warning lights should flash.
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#28 is right, as far as negotiating debts goes. Just keep waiting, and the offers get better until they’re sold to a collection agency. Why not offer to settle when you have actual money, though, and not your “corporate credit”? I’m not sure what good borrowing money does. Just save some money and pay off the negotiated amounts. Plus you may wind up filing BK anyway.
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Why do you think that reading mail is optional??? No matter how busy or important you think you are you have time to read your freggin mail.
Also, please update us on the “project” you received a $300 advance for. your minions want to know…
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Be honest enough with yourself to admit that you committed a crime. not made a mistake, but intentionally and willfully committed a crime.
Maybe you can pay for your crime by working for Habitat for Humanity or somesuch agency, since the Man seems to busy to bust you. You will always have that guilt, until you pay. Put back into circulation the living spaces you denied worthy people. Eight houses should be enough. Maybe you can learn a trade while you are at it. That would help you in future flipping, when the market comes back in another ten years.
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Casey you are back!!!!!!!!!!
You couldn’t let the tides roll in your favor for too long, so now we are back to the haterz having to keep you in line.
I can’t rip on you Casey because it is far to obvious that you do suffer from a mental disorder and need help to balance out the whacky chemicals that are steering these detrimental thought patterns.
Compare your mindset of today with the mindset you had for the previous 5 or 6 days.
Nobody can fault you for having a mental illness, but it is still your responsibility to keep it in check, and you still have a responsibility for any actions or behaviours.
Please get some help Casey. You could go far if you could get this thing in check and be able to look at your behaviours and actions outside of the abnormal thought patterns which now control your life.
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You do realize that any time you use corporate funds for outside debt (which is wrong to begin with), you are subject to interest as well when paying it back to the corporation?
You want to continue robbing Peter to pay Paul?
File BK Casey and get this train wreck over with. Then, you can begin to use your earned income (i.e. this blog) towards a real life.
We all know the only reason you won’t file BK is because then you you’ll be subject to a federal investigation.
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what happened to the “no borrowing contract” didnt you agree to not do this anymore? do you actually stand behing anything you say?
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Christine,
He has never stood behind anything. Now he’s just going to screw his “credit guarantor.”
-btc
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Casey: No, do not pay off small parts of your debt using your corporation, even if you’re getting a deal. You will have to BK eventually. All this will do is give your corporation more bad debt for no good reason.
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You realize that you will be receiving 1099’s from each creditor who offers you a settlement, right? The remaining 30% or whatever will be considered income by the IRS.
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Keep us updated on how the business lines of credit, the “credit partner”, and how much you are getting.
As posted above, the CA legal statute stating it’s illegal to borrow from a corp without GOV approval only applies to non-profit corps. As long as you keep a paper trail, you should be fine. Be sure to keep / get bylaws, and meeting minutes as well. You may need share certificates too.
Settling 500k of debt for 100k seems like a sweet deal.
Since you don’t own assets, you can be “judgement” proof, and get off the hook settling for ~10% on the dollar!
These are some of the best Ideas I’ve seen from here, and can’t wait to here about when you’re debt free, and buy your next property! Perhaps you can negotiate with creditors to delete the foreclosures off your credit in exchange for some small payments. There’s also a website www.legalcredit.com that allows you to create a brand new credit profile using a credit privacy number. I think it may not be legal, but they’ve been around for years. -
Just my personal opinion: I wouldn’t pay your debts off by borrowing money from your corporation.
It reminds me of the Lending Tree commercial with the fictitious character, Stanley Johnson. Stanley lives in a big house, drives a brand new SUV, has a nice pool in the backyard and even belongs to the golf club. How’d he do it???
“I’m in debt up to my eyeballs!”
Funny commercial but here is the kicker: the commercial is from Lending Tree. Their solution? Let Stanley borrow MORE money from Lending Tree to pay off some of his existing loans.
It never works…all you do is get deeper and deeper in debt when you have to rob Peter to pay Paul.
The only good money that should be in play is earned money- whether it is from ads on a website, a job, whatever. New money that is actually earned (not borrowed at ridiculous rates).
Just my two cents…
Bruce
The Doomsday Personalityfeatured at
http://whatcaseymeans.blogspot.com
and
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BelowTheCrowd,
Your answer is in your comment itself. Numerous people have told Snowflake that he can’t use the corporate shell solely as a way of paying off his personal debt.
You point this out yourself. His “corporation” has no earnings and no business activity other than to pay off his personal debt. He’s borrowing from it to pay off his personal debt. Fraudulent and illegal.
It’s pointless to quibble and argue that, in certain circumstances, it’s legal to borrow from a corporation to pay off your personal debt. Snowflake meets none of the requirements for what he’s doing to be legal. He’s been told this repeatedly, on many different occasions, but it’s not the answer he wants to hear so he keeps pretending it’s all good.
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By the way, can you make the external links etc non-blind? In IE7, when I hover over an external link, such as the sponsor links, I see some ‘click counter’ but I don’t see the link destination in the status bar.
URLs are pretty meaningful, and I’m probably not the only person here who is seriously unlikely to click on a blind link, particular if this link is next to some other links that look pretty shady. Also, it screws the advertiser by not allowing the user to see his address for possible later browsing. Many more people hover than ever click a link, and for advertising purposes, its much more important that the user can see a company name and web page address than have the capability to click-through.
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in my unprofessional, inexperienced opinion:
*IF* you can get something in writing or cited statutes from your lawyer that supports this maneuver to pay this debt collection agency from your “corporation” then seriously try to do it! If the numbers show it’s like doing a debt consolidation at a lower interest rate, why not? (BTW, Find out how much penalty/interest you’ll rack up on this if you don’t pay it) I know that sounds crazy because it’s already in collections but IF you’ve taken a stand ETHICALLY to pay back as much as you can and this is legal, why not?
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CASEY ASKS: “Is that the best they can do?”
You are unbelievable………………….YOU OWE $6977.25 and personally I think that is the amount YOU SHOULD pay back.
Do whatever you want to Casey, you never follow anyones advice anyway.
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FOLD THIS BLOG INTO YOUR CORP!? You say you’re hesitant to refinance the debt with the corp. because the corp. is not making money but if the corporation owned this blog by now - *it* would’ve made over $2k this week! (I think Hungry Bear thought of something like this?) BTW, I don’t like the idea of the Corp at all especially because it seems if you sink even deeper into debt, this “using a corp to refinance” will maybe become a huge liability to both the shreads of your reputation and any leniency later on…
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#1) F*** the haterz. You guys are getting boring. Why not find some new blogger to pester? If you hate Casey so much, why do you continue to feed his traffic (i.e. source of income)? Seriously, you people need some psych evaluation yourselves.
#2) $2,200 / wk = $114,000 /yr. That’s a damn decent salary for a 25 y.o. w/o a college degree. Kudos to you Casey! Keep up the good work.
#3) I suggest that you spend income in the following order:
A. Food/Shelter. Not Jamba Juice at the Mariot, rent and groceries. Start living day-to-day by paying cash for your necessities.
B. Taxes. Pay all taxes due on the new income (or put them aside somewhere safe) and begin paying any past-due taxes.
C. Debt. Start by settling all debt in […]’s name. This will do wonders for your relationship, and show you are a man who will take care of her.
D. Bankrupcy. What a lot of these haterz don’t realize is that bankrupcy might also affect […]. I understand Casey’s desire to protect his […]. That said, BK may be your best option. Once G’s debts are current, hire a lawyer and talk about the details. Hire a lawyer. Pay him/her with cash. Get a referral before you go.
E. More income. If I understand correctly, this $2,200 is a monthly fee, meaning you are already at $26 / $52k towards your annual goal. Now- how can you earn the rest? Consider this: $5,000 at an ING direct account earned me about $20 of risk-free passive income last month. Unless your “sweet deal” can beat that, keep your money in savings until a better deal comes along.
And, a quick idea for your blog- Casey’s Scam Alert. Once a week you can review a money-making scheme that you know is a total crock. Like the envelope stuffers or chain emails. You aren’t the only one who falls for these scams, and a light-hearted, self-depreciating post is what your readers love most of all.
Example:
“When I was in high school, I mailed $1 to everyone on this mailing list, and then posted in online. A few haterz like to link to this post, so you may have already seen it. Bottom line: it was stupid of me, I only got one dollar, six years later, and it was counterfeit”.
Casey can do it. This guy will have a late night informercial before the decade is out. If nothing else, Casey will have wild stories to tell his grandchildren someday.
What will the haterz tell their grandkids? “Back in my day I used to be mean to some guy on his blog. It was awesome. I guess you had to be there”.
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Casey,
What does it matter what we think? Answer.
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Alright Casey…I know some people have mentioned this already, but have you finished the work for that $300 dollars as of yet. I think you should concentrate on getting that done and then maybe if you get it done fast enough that person might come to you again to do some work, or refer you to his friends and family. Just thought that might be a good idea. Also don’t borrow from the Corp. Just try and pay of or settle your debt on your own. You made the mess now you have to clean it up. Seems to me like you are maybe still a little hesitant to do what is right. Not that you are a bad person, but you possibly need to take a step back and re-evaluate your situation. Perhaps from a different perspective. From then on, you could set out a map (plan) to finish repaying your debt. Good to hear from you! Talk soon!
ShellyV
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casey, give it up. your story is over, and egg super nation is far more entertaining now days.
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@38. Lost Cause - the statute of limitations on suing in California is 4 years last time I checked; and also the clock on that doesn’t start ticking until at least 6-9 months since you first default on payment.
Either way, Casey, your credit is shot for the next 10 years at least. But that’s the least of your problems. You should borrow from the corporation - please keep us informed in detail when you do! Hopefully then the Feds will finally come after you. Not for your “mistakes”, for your crimes. Once a criminal, always a criminal.
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You no should have been pay. Credit card take risk to lend you money, they deserve to have take loss. That is why they charge vary high rate.
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Did you pay the Franchise Tax Board? You do know that doing business in California regardless of where your corporation was set up means you have to pay a minimum $800 franchise tax, right? It won’t matter if you lose 1 gazillion dollars, you still have to pay the state $800. Best news yet, you bought an established corporation. They have to file paperwork regularly. You can’t hide behind the new corporation argument.
So Casey, have you paid the FTB?
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I’m not in the haterz crowd, but the fact that you are even asking these questions shows you still don’t get it.
Congrats on making money off the site but you should stay away from business transactions. The corporation people basically played you for a fool and took your money, you won’t be getting that back ever.
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Zaphod, good luck getting Casey to listen. What the hell is a hater anyway? I don’t hate anybody, I just get mad at people who don’t own up to their responsibilities.
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If they are asking for 70, you can probably get them to take 30.
Its only worthwhile settling your debts if you can settle all of them. Also, its dumb to borrow more money and create a new debt to settle the old debt. Time is on your side with the old debt. 4 years and its unenforceable.
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You should really check out http://www.debtorboards.com/
You’ll learn way more than just posting a dinky little poll on your blog.
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I moved in 1998 and had an outstanding $39 PG&E bill that got lost at some point. I didn’t find out about it until 2000 when I checked my credit report. I called as soon as I saw it and paid the collection company they passed it two in full and explained what happened.
Instead of that mark falling off my report in 2004, it just fell off. By paying the debt I reafermed it and the 7 years started from the day I paid it off and the collection agency reported it.
So, you pay today and it will fall off your report in 7 years OR you don’t pay and it falls off 7 years from your last payment.
Next time I’ll know better.
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How is it fair to your “sweet links” that you are now linking for only $50 to supporters? You are an @ss. Grow up Casey and be a man.
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62. Hey You
May 24th, 2007 at 1:05 pm
Did you pay the Franchise Tax Board? You do know that doing business in California regardless of where your corporation was set up means you have to pay a minimum $800 franchise tax, right? It won’t matter if you lose 1 gazillion dollars, you still have to pay the state $800. Best news yet, you bought an established corporation. They have to file paperwork regularly. You can’t hide behind the new corporation argument.So Casey, have you paid the FTB?
In CA, the first year the corp is active, is a freebie. The $800 isn’t due until the 2nd year. Maybe in a year Casey won’t even live in California anymore.
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The date on that letter is only 4/13/07. You are getting better about opening mail at least. It only took 1 month. Sweet.
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One other idea: how about checking into being a professional speaker–”Don’t do what I did” or “Don’t make loans like the ones I took!” Seems like another good way to monetize your mistakes.
I have a feeling, though, that this will be filed in the “Wow! I’ll have to look into that!” bin. The time to cash in would be now, not when you’re lamenting your past mistakes while scratching yourself in a single-wide collecting your SSI. Just sayin’.
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The main point to be clarified here is that EVERYTHING Casey does is shady.
By definition, if Casey does it, is is shady and dishonest.
So, when Casey brushes his teeth, it is shady.
When Casey looks out the window, it is is shady.
When Casey dreams, he dreams shady dreams.Conversely, there is NOTHING he can do that is straightforward, honest, and clean.
In Wikipedia, if you look up the word “shady” there is a picture of Casey.
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Casey, still up to the same ole’ same ole’ I see. To all those complaining about this blog being boring, what’d you expect? Coming here is similar to eating some comfort food….you know what you’re getting every time, it’s nothing new for you so it goes down easy, sits well, satiates for a while, and eventually clears on out with little fanfare. And haters (z, TM, whatever), if you’re bored, then you’ve outgrown your hater (z, TM, whatever) status and can move happily into a less time and emotion consuming state of being.
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It’s just a matter of time before you file BK. When you do the BK courts are going to force you into a C13 not C7 if you aren’t careful. This means you will have to repay them over the next 5 years instead of walking away. This is assuming that you make over the state income average, etc. Be careful with what you wish for. The cash you just made off the blog is income, unless it flows through a corporation and it is still income to you at some point.
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Maybe someone here who wants a piece of Casey can buy the debt from the collection agency.
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What does someone in debt to their eyeballs have to do or say in order for someone else to personally guarantee a loan for them? Or is it just another game? Anyone know if that guarantor will catch a stigma from helping a scammer by doing a couple of small loans?
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You chat been vary dirty. pls check.
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I stopped doing the credit counseling stuff about five years ago, so take this with a grain of salt, it could be out of date…
Usually settlement offers like this have an expiration date. The letters I saw usually gave the person only a month or so to respond. Is there a deadline printed on the bottom of the letter, or on the back? This offer could be stale already.
I think someone already mentioned you’ll get a 1099 for the forgiven part of your debt. If you wait for them to offer you a lesser amount to settle, you’ll just get a higher 1099 next year, and more of a balance to pay tax on. Which may sound good on the surface, just be sure you can pay that tax next year. You don’t want the IRS after you. If you don’t think you can handle the taxes next year, then keep the debt with a credit card company, who can’t hurt you to the extent the IRS can.
If you do respond to this offer, this credit line will get a notation on your credit report that you settled it. Things are probably different now, but when my knowledge was current, it was scored just as bad as if you had filed for bankruptcy. You just may as well file a BK and get all your debt taken care of.
I have no knowledge of this corporation/personal monies issue. Be on the safe side and pay off any debt using the name of whichever entity incurred it.
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It’s dated APRIL 13???? WTF is wrong with you? Open your freaking mail!!!
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I would not file bankruptcy simply because you dont want the Justice Dept involved in these mortgages(hopefully they arent) but by filing bankruptcy you leave yourself wide open for meticulous examination.
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1) Calculate your real interest burn rate (must be around $3k monthly)
2) Calculate income: In the best case, your blog could give you an $8k monthly income
3) See how much time would it take you to pay (should be around 8 years)Is it worth to be slave of banks for that much of time? In the best case you’ll be full time slave for 8 to 10 years. Forget It!
Calculate, and bankrupt if you need to. Handle only cash and bury your savings in the garden. End of the story. If you feel guilty, you can pay them when edit your book or when you become rich if it ever happens.
Look man, most of the haters here are naive teenagers… Banks already collected interest based on Risk & collect insurance based on Risk & collect other expenses… they always win…Their loan to you was an invest for them… but this time Banks lost as well as you lost… bankrupt, end of the story. There’s nothing honable about Banks.
Instead, make a list of the ones you owe money to… those that would really need the money, and pay them. End of the story… you lost now, and you’ll eventualy win tomorrow.
cheers
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You can probably settle for 30-50%. You will get a 1099-C, but you can claim insolvency. If you are INSOLVENT you DONT Owe taxes on it. You always say you have a CPA ( which most people don’t). He/She should be able to provide the proper forms and filing if you dont know how.
If someone is offering you 70-80%, you KNOW you can counter-offer lower.
I ACTUALLY settled most of mine for 20-30% but I knew what the hell I was doing.
Actually waiting longer usually gets BETTER offers. Because the more time goes on the likelihood of collection is lower. They will take what they can get. And even if they sue you, you can settle before court for a fraction of the claim. People who buy the idea that ( high-ball) offers are “time sensitive” are the type of schmucks who are marketer’s dream ( just like all the “sales” you see that never expire or get better for e-books online products,etc).
This is what I did and what I have been saying all along. That’s why I said NOT to beg money to pay partial CashCall payments, when if you wait it out and show them you dont have the money you can negotiate a one time Lump Settlement.
Yet, you even told CashCall your income was HIGHER than what it actually is/was. HUH? Dont inflate your income to get into a “payment program.” Settle things one time and be done with them. Yes your credit will suck, but the damage is already done.
Also many people here have NO CLUE about credit, SOL, etc. Read up Credit Boards or something.
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Force the Lenders to bend for you during your tough times. Tell them to either help bail you out, or you will simply bail out. Bankruptcy is not good for the lenders.
ONLY PAY YOUR CREDITORS LESS THAN 50% OF WHAT YOU OWE THEM
Contact the company (or bank) that you owe the money to, hopefully before they write you off as a bad debt.
Tell them that you plan on declaring bankruptcy (REMEMBER: Planning to do and actually doing it are two different things) and you would like to offer them 50% (or less if they will agree) on the dollar IF THEY WILL REMOVE THIS ACCOUNT (or bad rating) FROM YOUR CREDIT REPORT.
Many creditors will accept this because it is better than nothing (you might want to mention that to them). Make sure that you receive this in writing from the Credit Manager. You will have written proof to remove this bad account from your credit file.
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# 69 McBeef is wrong.
NOTHING can legally re-age the REPORTING SOL. The clock starts when it was first deliquent. Paying a collection doesnt change the original date on a negative account.
You should have disputed and sued if necessary.
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What? I’ve just caught up on the last several weeks of your posts to find out that you have […] scrubbing toilets? This is ridiculous. I thought my roomate’s Asian/Argentinian slave of a girlfriend ate alot of her boyfriend’s crap but this is reaching a whole new level. Wow. Am I living in America in the year 2007? I thought feminism happened a few decades ago. Where are all the outraged women out there? I only saw a few posts from angered girlfriends and wives. One would expect that those fat yentas on the View would be calling to have your junk cut off by now Serin (not includinging your sack of course, because that has been missing for some time). Considering G’s “newfound backbone” is being curved over a stinking bowl to make the money that you aren’t (when she should be earning her degree for Chrissake!) I’d say you better be glad she doesn’t stand straight up and shove a plunger up your loose, wheatgrass drinking #%*! Absolutely unbelievable. And before we all start estimating Casey’s income as 114K annually based on a 2200 weekly advertising salary, let’s just see if he can keep it up for a month, nevermind 52 consecutive weeks.
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casey please advise my husband and i the easiest place to get our 1st mortgage through with a low fico score. thanks
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What are you going to do with the money you just made from advertisers? Why not pay off the small loan you have outstanding? Using the corp sounds like a bad idea.
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Casey,
Seriously here, look at the facts. You’re in debt beyond your ability to repay. You currently do not have the skillset to generate any amount of income which will allow you to pay this off, unless you get lucky and find a way to really monetize this site. Bankruptcy is a viable alternative, it’s a tool. You can either put 100 hours of your life into Bankruptcy, or you can go to all of your creditors, and tell them simply “I’ll pay you 10% on the dollar now, but only if you mark this as paid in full, otherwise I’m going to have to declare bankruptcy”.
That being said, speak to a lawyer/accountant about this, not to a bunch of jerks flaming you on your blog.
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Bureau of Collection Recovery, hahahahahahahahaha…
I used to work for those clowns - indicates how desperate I was for income.
No settlement ever expires, grasshopper. The collectors have a standing percentage they can offer at any time. Sometimes they get a special percentage, but it’s tied to the repayment schedule. Those will ‘expire’. The older the debt, the greater the settlement percentage.
What you want to know is the SOL - statute of limitations, which might mean you’re not quite s*** out of luck - for the state of California. On credit cards, it is 2 years from the date of last activity. On promissory notes, it is 4 years. Last activity is generally defined as the date of last payment. Might also be date of chargeoff. So look through those files and figure out when you last paid your credit cards. After the SOL runs, you need not repay and can wait until they drop off your report.
I can’t believe I just did this.
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I am intrigued by this legal interpretation of what you are allowed to do with the corporation. Of course the corporation may make a loan, even to its sole owner - but aren’t you defrauding those that provide the funds (credit lines) to the corporation?
There is no such thing as a free lunch. And a credit is not lunch at all - it makes your equity worse, not better.
I don’t see why you would want to pay off some credit card debt (with money that you don’t have), and even commit further fraud (IANAL) to protect what you call reputation. Your credit score won’t go up, and that is a good thing, as it protects you from getting more credit.
All these things should be relatively easy to see with that IQ of 131 of yours. What’s interesting about your blog is your blindness. And that’s pretty valuable lesson to everyone.
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Voted do nothing
Lots of settlement offers will come in.
Build cash reserves right now — focus on generating cash flow and setting aside enough to cushion you for the next step. You can always settle or bk down the road
asw sweet
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i agree with michael, speak to a lawyer.
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I believe that you are not allowed to take out any more debt until you pay off all of your current debt. So, no you can’t use the corporate credit to pay off your personal debt.
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Man, I miss Homey and Og….
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@56
I thought we could not mention “those we can not speak of” because Casey-Boy signed a contract with “those we can not speak of “…or something like that and if he uses “those we can not speak of”s” name or names of other “those we can nott speak of’s” family members in the blog he has to shut it down and “loose” his cell phone, PDA, computer and other thingy’s that are important to him.
So Casey, has your “those we can not speak of ” read this blog latley???
If so are they aware that there names have been used on this blog???
Are you going to “honor” the contract???
You signed the contract Casey. Are you going to go back on your word and “Dishonor” your “those we can not speak of “???
Just food for thought…
Julian-The Original Trailer Park Boy
Haterps EAT A BUG!!!!!!!
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Done any work on that $300 job. Or is it such “chump change” it isn’t worth putting any effort into? After all, why accept money to do work and actually do the work, when you can just take the money and skive.
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Casey,
Cash is King!! You’re in too deep! Ignore all of these settlement offers until you have steady cashflow. It’s too late to save your credit rating, and besides, you don’t need it now that your guarantor’s neck is out there! Just don’t screw them over by borrowing anything that WON’T produce cashflow. don’t even think about borrowing money if it does not CASHFLOW!!!
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This letter is more than a month and a half old.
You really think they’ll be eager to offer you a better settlement when you can’t even bother to reply to them in a timely manner?
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Hey Casey. Only 109 days to success!
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take off your home address. you have too many ‘fans’
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Casey you are not like many people have said the poster child for the “bigger fool theory”. I am the bigger fool because I get dram in by your idiocy and childish games. I know this blog is on its last legs but why do I refuse to leave?
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If casey declares for BK, then his “unintentional” mortgage “mistakes” fraud will become discoverable, and then he faces jail time
Thus, he can’t declare BK.
Noobs
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Hi Guys!
Gotta get this in before 4:59 today. I’m on the bubbe and I’m afraid that “those we can not speak of”™ might ake me pull the plug tonight. “Those we can not speak of”™’s sister™ pretty much hasn’t spoken to me for two weeks. I wonder if I have done something to irritate “those we can not speak of”™’s sister? Maybe I should start a poll™ for insight.
@82, SpaceMonkey: You are right, I should have opened that letter a little sooner. I didn’t finish opening alot™ of my December and January mail™ until last week. In order to reduce the amount of work, I usually just looked at the postage. If it was bulk or reduced rate I figured “why bother?” If they won’t pay first class to contact me I’ll wait until they will.
Even that got burensome. So I just threw the rest of it away. I know that it presents a security risk, but who would wnat to steal my identity? Maybe it would improve my credit score?
Anyway, it was an accident thatthe settlement offer wouldn’t fit. I had already filled 11 garbage cans and it simply wouldn’t go in (I hope the neighbors of “those we can not speak of”™’s sister wont be to™ upset I used up all of they’re™ garbage can space. I really had to empty my ooffice™ so I could see if I still have my blue ball™. I sort of forgot about it.
Anyway, I decided to settle the amount in the letter. But I accidently used a check from my Wells Fargo account that they closed months ago.
Do you think they will notice?
I’ll put up a poll™.
OK, gotta go and get crackin on the day ahead. I am blessed™.
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Your only real hope now is to start selling drugs. Seriously, you’ve already broken the law and committed tons of fraud so risking some more years in prison isn’t asking much. You can start selling dope and make $1000 or so a day and be able to pay down your debts.
At this point your life in many ways is already over. This is the sad reality of your story. You have put yourself into an obscene amount of financial ruin. You are young but not that young. Before you know it you will be 30 and your credit will be as bad then (if not worse) than it is today. You will be a grown man who won’t even be able to qualify for a Sears card. Forget about trying to start a business, you will never get meaningful financing and you’ve already proven in a huge way that you have absolutely no business sense.
Unless you have family to fall back on in the future you are virtually guaranteed to become homeless and/or be in need of welfare at some point soon.
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Casey:
DO NOT PAY ANYTHING to the credit card guys.
You are now in the drivers seat. You have gotten THEIR money and you are in a position to tell THEM what you’ll do not the other way around.
The rule is, the man with the money makes the rules!
Treat the Credit Card companies like a partner and be willing to string them along with some payments. Its like a marriage now. You stick with them and they’ll stick with you.
As for the collection agents, screw them. Deal directly with the card companies or not at all. FORCE the collection scum out of the loop. Send them harassment notices and cease and desist orders. The law is on YOUR side.
You’re in the driver’s seat, Dude. Keep up the good work.
This is AMERICA…. SUUWEEEETT!!!
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@ Deb
The rule is, the man with the money makes the rules!
I’m confused by your comment. Who is this “man with the money” you speak of, one of such wealth he can make the rules?
One week of panhandling doesn’t put a person in a position of power.
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Deb,
you’re an idiot.
Casey’s the one who is in debt. If the man with the money makes the rules, then what would you call a man who owes 200K?
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Casey,
Try to work out a payment plan with all your creditors and file bky only as a last resort. I would also wait to make a repayment plan with your creditors AFTER the corp/you started bringing in money CONSISTENTLY so you can do what you promise as far as the repayment.
You can also of course get settlement offers from your creditors and make updating your credit file part of the agreement but again only start negotiating when you can follow through or it’s a waste of time for both you and the creditor. (Ensure you have made lump sum money to be able to settle AND make credit file adjusting part of the settlement.) ALWAYS offer less than what you can actually pay and let them be the FIRST to give a number. (You dont what to offer an amount hen they would have taken less.
Also their first offer of payment plan/settlement is RARELY ever their best. Don’t forget that!
REMEMBER Take care of you and yours before them or anyone else!!
BTW I was late getting on board with the links and would like to add mine some way with a brief description (for SEO purposes) as follows:
[Buy a supporterz link if you want SEO - comment altered, (editor)]
Also can you clue us in how on how the Corp loan with a partner happened? That information should have some kind of monetary value.
GOD Bless!!
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How about sellijng links on other pages such as under foreclosure financing etc!!??
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@ Deb,
Im curious to know if you have been following the story. If so, then maybe I agree with the above comments, but if not, then I suggest before you give advice you should make sure you have the story and the situation behind it all. Because no offense, but your comment made no sense at all, to me anyways! Sorry if I am being rude, just curious!
ShellyV
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Casey,
I read from comment #101 that the letter was marked for over a month ago. Due to the comment I looked at the letter and seen it was in fact dated 4-13-2007. Casey, now I know you get a lot of mail, but couldn’t you atleast look through it to see if it might be from someone important, and save the “fan” mail for a later time. You need to grow up real quick, because if I was them, knowing the fact that you hadn’t even opened the letter til now and haven’t responded would not make me want to work with you. Start reading your mail on a daily basis whether it is first thing in the morn or last thing at night. Just get it out of the way. Otherwise you may miss something (piece of mail, I mean) that would be useful to you and not find it until it is too late. Keep workin hard, you’ll get there!
ShellyV
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Re: Casey’s address
“1420 E. Roseville Pkwy” is a UPS store, i.e. private mailbox rental. The “Suite” number at the end of the line hinted at this. If you google the address (without the suite number) you’ll find confirmation that it is a mailbox rental.
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It hardly matters, but I thought your “sweet links” were supposed to be advertisers who were offering “services and help” to people facing foreclosure (because you are ostensibly thinking about maybe trying to think about trying to try to turn this site into a resource for people facing foreclosure or something like that). How exactly do this Bruce Collins wacko and MixPal fit in there?
Oh, I get it - they gave you money.
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why dont you just go see a bankruptcy lawyer?
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Casey -
I just checked your site meter numbers - pretty bad. And only 600+ readers have participated in the pool….. This is NOT GOOD.
You need to keep the post alive or all those sponsors and others will insist upon refunds for non-performance…. So, if the $$ is being spent (or already spent) you’ll end up even more indebt owing paypal for the refunded $$.
Get those numbers up - how! Start posting. Post in the morning your daily goals and activities…. then post in the evening your accomplishments, successus and failures…. This is the only way you can keep and maintain the momentum achieved this week. Without doing so and “waiting” until next Friday or the week after with another “begging” or “plea” for sponsors or other $$ vehicles will only backfire. People are paying for the entertainment that draws the site viewers. Without the viewes there are no sponsors. Without the sponsors, there is no site. Without the site, hello W-2 job and the ball-and-chain responsibility that goes with the two year commitment “those-who-cannot-be-named-or-referenced” have made you agree to,
We are BORED and are starting to go elsewhere. Personally, I’m sending nuts to CBS for cancelling Jericho….
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hey casey i am here to ask you for some advice. No i am not facing foreclosure my old roomate has recently begun defrauding credit card companies. i saw that list that somebody posted earlier about which banks are more likely to sue. that was good information. WaMu is gonna get reamed. she of course is filling out credit card apps like crazy. what other sources of ‘income’ can she tap? Do you recommend cashcall? you havent mentioned them lately. you think you ‘got’ them for some free money? where should she look for some private lenders? any advice you could give on who you think are some big suckers would be great. Oh and i am not about to lend her any money. i am still pissed that she broke into my house and stole a whole bunch of s*** .
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“We are BORED and are starting to go elsewhere. Personally, I’m sending nuts to CBS for cancelling Jericho…”
WORD to that w-2 girl…
Nuts to CBS, Jericho deserves a second season!!! More than Casey deserves to earn passive income!I’ll just go ahead and hijack, nothing else seems to be going on….
C’mon casey we need some more jucy tidbits… that the only reason I read your site, for the gruesome entertainment. -
Here’s an Idea for ‘monetizing’
create a pay site where you air all you dirty laundry…
for the low low price of 49.99 a month you can get all the dirty details of you and your lovely missus, your SIL and current living arangments or lack there of..
then keep this site for your little Forclosure info, or whatever…
But sell your trainwreck, there’s real money there. -
Hey Casey,
What happened to my first post about congressrealty? Take two! Action!
I love how Serin gets all giddy about congressrealty charging a flat fee less than the 500.00 he spent on the Dallas listing. Remind us how much that property sold for in Texas…what was it again…oh, that’s right 0.00 dollars, as it was yet another forclosure.
But: “Not that there is anything wrong with full service listings… pros and cons for each. A lot of listing agents don’t provide that much value though, especially if you already know how to market the property.”
And you really know how to market properties Serin. I mean just think about all that money you and others out there are saving by NOT SELLING THIER HOUSES! Is there truly anyone visiting this site to learn all of these great tips you have for selling real estate?
I can’t remember how all of this posting originally read but I would again like to close with Coleridge for G. The ship has sailed. Don’t go down with it.
Ah ! well a-day ! what evil looks
Had I from old and young !
Instead of the cross, the Albatross
About my neck was hung. -
Be careful of these offers. I’m sure someone else has said it, but when a creditor offers to accept a portion of a debt, that does not mean that they can’t demand the rest of the amount you owed later.
Frankly, I think you should declare bankruptcy and attempt to rebuild. And seriously, try to learn something from your mistakes!
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To pay off personal debt with corporate credit could be considered fraud. Just to let you know, that is one way they could come after you personally, despite the corporation being a separate legal entity.
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He won’t post what he does all day because he knows that he’d get burned for wasting all of his time. Here’s what I predict is an average day in Casey Land:
1.Wake Up
2.Shower
3.Eat4.Moderate comments
5.Surf the internet looking at useless stuff (Eg. Guru sites, self-motivation and improvement). Consider all this time wasted as “looking for sweet deals”
6.Moderate/read a couple comments on IAFF and other haterz sites.
7.Nap
8.Wake up. Moderate/read more comments and surf useless stuff
9.Screw around with the blog lay out a little bit.
10.Read a couple of emails and surf more useless stuff inbetween reading all the unopened items.
11.Eat.
12.Moderate/read more comments and surf more useless stuff
13.Sleep
In addition to the existing list of possible mental illnesses, I think we should add “Internet Addiction” to that list as well.
Just think of the incredible amounts of time this guy must waste on the internet everyday.
As usual, he won’t comment on this post and will only answer the questions that aren’t negative to his image.
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Hi Casey. I filed Chapter 7 bankruptcy two years ago. I had used the credit card money to travel to Costa Rica and live while I was in college. Yes, I graduated, but I don’t make nearly enough to pay off all $20,000 of my student loans and $15,000 in credit card debt. So I filed chapter 7 bankruptcy. I wasn’t proud of it but now I only owe the loans, which I can afford to pay on, and I am not continuing to live on credit. I have no car payment and one small card for emergencies. And my credit is improving quickly. Not that yours will, but I just wanted to tell you that it is possible to make a real fresh start and stop living in debt, even if you can’t pay off every single dirty penny. I know that’s your shtick, and if it gets you rich, more power to you. But filing bankruptcy is a viable option, and even better for you because it can’t make your credit any worse. Just a thought….
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A good percentage of what people are calling ‘Casey’s Debt’ on credit cards are finance charges, late fees and over credit limit fees. I once worked for a credit card company and I talked to an old lady who was basically about to die and wanted to tidy up her accounts before that happened. Well the bank I worked for had her in default pricing on what was an original debt of maybe a couple thousand dollars. She never paid on time (the bank had shortened her billing due date from 25 days to 20 days) and I could tell she kept mailing her payment just as if it were due the original date. She was late between 1-5 days each payment for 6 months in a row (which was all I could see without pulling records).
I was confident this was same for the previous year because I could see by our records that the bank had charged her over one thousand dollars in ‘interest’ the previous year (on what couldn’t have been more than 2000 in debt).
If you really want to pay of ‘your debt’ to the credit card companies go through all your statements and back out ALL FINANCE CHARGES AND FEES and you’ll probably see that it cuts the money owed in HALF from my glancing at your spreadsheet.
While you’ve heard a lot of people take a moral stand on the fact that ‘lier loans’ and those that used them drove up house prices to unrealistic levels, hurting everyone, it is something that was initiated by the Federal Reserve and yes, while they are at fault for our bubble economy, you played your small part in this bubble that hurts everyone too.
However, credit card debt is another animal and if you stick it to the card companies you’re ok in my book as I used to work for those scum and I’ve seen too many people abused by them.
File chapter 7 and be done with it. You can keep the blog up and just have the old link going to your next link, Ifacedforeclosure.com and lived.
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’s Friday and time for another sweet™ 6 Degrees of Casey Serin™ game! WooHoo!!! Since many of you have a long weekend to ponder the possibilities, we’ll make this one a bit more challenging: Casey Serin to Karl Rove. [IMG ]
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I think BK as well, get it over with, then take a few classes on how to manage your money.
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Debt Settlement… Settle Debt From Corporation?
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Casey,
I take draws all the time ( to bonus myself or for large ticket item). But then again I have a successful company and never use draws if the money could be used in the realm of growth aspects of the company. I never ever take personal draws to pay down debt. Because then I technically still owe. Don’t use it to get people off your back unless you have a TRUE and TANGIBLE asset coming your way to over pay the draw back.
MMD
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Casey:
My business partner sent you an e-mail earlier regarding sweet links. Please let me know if we can answer any questions for you regarding debt settlement, debt negotiation, or debt relief.
Thanks!
Sarah Leineke
www.nwdsonline.com -
At this point what do you really have to lose. You are young and can start fresh, I would recommend chapter 7 all the way.
Yes it will be a blackmark on your credit but you can gradually re-establish your credit, where it stands right now if you filed chapter 13 you would likely have to pay for decades, chapter 7 will stop causing adverse credit decisions within 10 years.
For some people chapter 11 is a dead end, for you it would be a fresh start. -
I have read one or two articles from this site, a bit of the blog from Australia, about how Casey is trying to make an “honest living” (pathetic) from this site etc. etc. I can only say that I am disgusted by your story. Milking every and any cow you can imagine. How utterly selfish.
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Duane and Mark are idiots.
Ignore them both and tell everyone you are associated to ignore them.
Duane is trying ride off your fame. Launching his own blog etc. What a f****** thief. He’s trying to steal your traffic and profit from you.
Both guys want to make money off you. That’s only reason they want to “help” you.
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Casey if you are going to settle yourself then make sure you have the money already built up so when you enter negotitations you already have the money. Money talks and if you tell them you only have 30% of what you owe them and if they dont want to accept it you have other creditors who will then they will most likely jump on it. However make sure to get a written agreement first before sending them the money or you could screw yourself
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