Do I try this on my Own?
Date: Wed, 01/31/2007 - 07:41
I have about 25K in 2 credit cards, I have never been late, and always paid on time. She said that it would take 90 days before these account would go into a "charged off" status, and I think it will take a much longer time then that. I think I want to try to negioate with the 2 CC companies myself and see where I get and keep myself current instead of defaulting. Could I get some opinions of people that have been in this sort of sitution? Thanks so much!!
I was in this sort of situation, but with less cc debt. One of
I was in this sort of situation, but with less cc debt. One of my cards charged off in about 4 months, the other didn't for over a year. So I think that just depends on the company.
You can try to negotiate with the companies and see if you get anywhere. If you keep current and have in the past some may lower the interest rate for you.
At least you know that since you are keeping your payments current you aren't hurting your credit score. I would try things on your own for a couple months, and then if you aren't getting the results you want, then I'd get some professional help.
[quote=bergerinsjen]She said that it would take 90 days before t
[quote=bergerinsjen]She said that it would take 90 days before these account would go into a "charged off" status, and I think it will take a much longer time then that.[/quote]
Hi, welcome to the forums!
It really depends on what lendor you're currently with. Some credit card companies will keep you on board for 6 months with you not making any payments before they do anything. Of course, the whole time during this process they're charging you interest, late fees, and overages.
Don't delay in speaking with your creditors. Renegotiate with th
Don't delay in speaking with your creditors. Renegotiate with them now because your account is still in current status. You may bag most of the benefits now before it starts getting late. Your creditors might do some extensions without adding any fees.
Yeah, going into the negotiations with a good history is to your
Yeah, going into the negotiations with a good history is to your benefit. Most good credit card companies will work with the consumer if they have a good history.
Be honest with your creditors. They will understand your situati
Be honest with your creditors. They will understand your situation if you are upfront. Offer them a very realistic plan which you will be able to afford. Don't get tempted by putting a high amount with the hopes of getting more benefits. If you default on it later, all th benefits will be gone and you'll square back to zero. So, even if your quote is lower, don't hesitate in putting it up. See the link for negotiation tips.
http://www.debtconsolidationcare.com/negotiation-tips.html
I still think you should give it a try . . . . Why pay someone e
I still think you should give it a try . . . . Why pay someone else to do something you can do yourself? If you have the time and the energy go for it . . . . If in a few months you are stuck in the same place then you can go get professional credit counseling help . . .