Folks, first this forum has been a great help for me and I appreciate those who share their settlement experiences and post useful information. I have some questions about my debt situation and need advice for what I need to do at this time and so on.
Debt: I have debts from three different creditors; US bank-visa and premier line card (12k) which is behind minimum payments for 65 days and AMEX/Discover which are in a good shape and I pay off as I spend for my living. Few days ago, I called USB and explained I am not even able to make a minimum payment at this point, but will try to find a way to pay back. A representative said if I make a minimum payment for this month (already passed two days ago), then they would let me enrolling in a hardship program, otherwise they will report my account delinquency this week to somewhere(?), which will start impacting my credit score.
My situation: I am not a US citizen or legal resident, but currently have a job under working visa. My legal stay in US will expire Aug 15th (discontinuation of the current employment) and I have to leave US by Aug 29th unless I find a new job. I am originally from Japan.
What I want to do: I just do not simply want to leave USB debt behind me although I would unlikely come back to US for either a job or living once I go back to my country. I figured that I could make about 3-3.5K by selling my car, some belongings, etc, to pay back US bank, which is only 25-30% of total USB debts.
[FONT=Calibri](1) [/FONT]When a delinquent account is usually charged off? Is it 120 days or 180 days behind payment?
[FONT=Calibri](2) [/FONT]Would delinquency on USB debts impact on AMEX/Discover such as involuntary closure of the accounts, increased APR, decreased credit limit, etc?
[FONT=Calibri](3) [/FONT]Should I call USB again and tell them I leave the country soon and offer 3-3.5k for total settlement? Would this help my settlement anyway?
[FONT=Calibri](4) [/FONT]I am currently at PA where wage garnishment is not possible. But, USB still sue me, right?
[FONT=Calibri](5) [/FONT]If USB agrees to settle the debt with my offer, then I assume (learning from this forum) that there will be 1099misc issued likely after I leave the US. If this tax amount is huge and I canâ€™t pay Fed Gov on time (due to either I have no money or physically abroad), this is definitely one thing I like to avoid. Is there any way to prevent an issue of 1099misc by a creditor?
[FONT=Calibri](6) [/FONT]Any experience or heard of settlement with USB? There are not even many posts regarding USB except those few years back.
[FONT=Calibri](7) [/FONT] Any advice and/or suggestions would be much appreciated.
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