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 Posted: Wed Jul 18, 2007 9:11 pm Subject: negotiating with credit card companies my self |
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hi guys, i have been negotiating with my credit cards to get a better deal. i lost my job 6 months ago , and i owe 13,000 to 7 credit card companies. i tryed to get all of them down to at least 50% of my original balance. my brother is going to lend me 6,000. now if i cant get them to go down that far should i just pay the companies that i owe the most to. because i have 3 cards that i only owe less than 900.00 on 1, 500.00 on the other and 700.00 on 1 more. also i am uncollectable because i do not own anything besides a car thats worth 2,000. should i just screw all of them or just screw the ones that i listed up top. whats the worst that these companies can do to me . i cannot file chapter 7 because i did that already 5 years ago. and according to the lawyers i talked to in order to file for chater 13 you need a job and have to jump through alot of hoops. anyway if u were in my situation what would u do, and also what is the worst thing that them 3 cards that i owe less tan 1,000 each on them can do to me . thank you
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jeebise23
Joined: 13 Mar 2007
Posts: 22
Debtcc Points: 1109
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| Posted: Thu Jul 19, 2007 7:24 am Subject: |
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The worst thing they could do is sue you but it is highly unlikely since you owe less than 5,000 to each individual card. They probably are not going to sue for 1500. Other than that they can only report to the credit agencies and since you do not care about your credit that doesn’t matter then. I would settle for 50% or less with the ones that will settle and the rest I would let sit until they settle for the 50% of your balance after all fees and penalties are subtracted out. Do not give them 50% of an inflated value from fees for example if you actually spent 900 but they inflated the card value to 1800 from fees and penalties then you are actually paying them the original 900 if you give them 50%. I would shoot for 450 on that card as settled in full. Make sure you get it in writing first and only pay with a check. Do not give them access to your bank account. If they start giving you crap on the phone hang up. Eventually they will settle or the SOL will come into affect. Also do not borrow the money from your brother until you reached a settlement and then only borrow the amount of that settlement. I dont want to see you borrow 6k straight up then spend it over time instead of cleaning this mess up.
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DOLLARSandSINCE
Debt Samaritan
Joined: 11 May 2007
Posts: 879
Debtcc Points: 11017
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| Posted: Thu Jul 19, 2007 11:02 am Subject: |
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thanks for your opinion. i was actually thinking about doing what you said but wanted to get a opinion from someone else besides me. thank you i will stay firm with them, john
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jeebise23
Joined: 13 Mar 2007
Posts: 22
Debtcc Points: 1109
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