Current but need debt settlement - advice?
Date: Tue, 05/01/2007 - 21:24
If I stop paying on my credit cards and just put the money away and send them a letter saying I am doing this so I can settle the account, will they accept that?
It may take up to 2 years for me to have enough money to settle all 4, how do I work with the CC's during this time?
Will they try and sue me right away? After 180 days or something? Is that why most people choose to pay a debt settlement company?
Can you settle (after I let them go late) but make small monthly payments against the settlement amount?
Any advice would be great.
Thank you
The creditors will accept the settlement offer after your accoun
The creditors will accept the settlement offer after your accounts are in default for at least a few months. If you make partial payments, they will never get to know your financial problems since you can afford to pay something. You will have to take the risk of letting your accounts go into default and then start negotiating with a settlement proposal. During this time, they might think of taking you to the court but if you keep in touch with them and make them aware of your situation, things won't reach that far. Make sure that you do everything in writing for proof. If the creditor takes you to the court, you need to convince the judge with proof that you were never trying to avoid the payments and were trying settlement with the companies.
thanks!
Thanks for the info, after looking at our finances I think this is what I might do, at least this will give us alittle working room and then I can send them all letters and let them know.