Am I in over my head?

Hi,
I've been trying to read as many of the forums as possible. I apologize in advance if I have missed a past thread.

I have about $50K in cc bills . I am just about to reach 60 days with most of these cards but have not cancelled them. I have been in contact with them after avoiding the 1st month of calls. Now they call every three to five days.

Questions:

1. Is it ok to mention to them that I would like to settle and when? My hubby keeps insisting that will scare them away.
2. Should I be contacting them, i.e not letting them call me?
3. When should I start requesting settlements - 60, 90, 120, never?
4. Anything else I'm missing????

Thank you for your help! This forum has helped me immensely.

Okay, many of the creditors wouldn't consider settlement until you're 180 days behind your payments. But that mustn't stop you from making the offer since longer you wait to settle more debt you'd accumulate on these. Also, you must stop accumulating further debt on these cards if you're considering settlement, i.e. stop their uses.

Well since FDCPA isn't applicable to the original lenders, there is no way actually to stop them from calling you. But you may still request them not to contact you at your job place.

Jo-JO,

If you think or even if you don't think, you will lose your job, don't use your only savings to pay credit card debt. Everyone should have a minimum of 6 months living expenses set aside in case you do lose your job or have a health problem. I hope you listen to this because when something does happen you could be in a big bind if you didn't have some money set aside.

What you should do with your credit card debt is begin a settlement program, where you set a small portion of money aside from your income every month...not touching your savings. Credit card companies don't usually accept offers unless they are lump payments and a minimum of 90 days late. With a debt settlement program, they will handle the negotiations, inform the creditor that you have enrolled in a debt settlement program and make sure you are saving what is needed for settlement. Make sure you consult with a debt settlement company that number one, has attorneys who review and supervise your case,that will do an indepth analysis of your financial situation to determine if debt settlement is a good option for you, and that your money goes towards settling your debts from day one of the program.

Hi Jo,

2 of your 3 creditors have increased referrals with legal placement.
In contradiction to Stew, be aggressive with the original creditors and get the debt settled prior to charge off, if at all possible.

Also in contra to Stew, all 3 of your creditors will offer terms with the reduction as of todays date.


Mileage may vary

Ok - so my question is - how do I approach this? Wait for them or just suggest that I could borrow money or what...? I just don't know what to say to them to get the settlement started. The money was saved for the settlement so it doesn't have to do with "savings" money. I just need to know how to get them started on the settlement idea. I do not/cannot be sued. I want this over ASAP.
Thank you - Thank you - Thank you!

I can only add a couple of points here! Most states have laws in place that parallel the FDCPA that do apply to original creditors! It is always best to contact lenders as soon as there is a problem! If you reach a person who is uncooperative call back over and over! Be persistant! If that does not work, seek a non profit debt management company if they exist in your state! Last choice is bankruptcy.