US Bank, Chase, and Citi
Date: Tue, 04/21/2009 - 04:23
What is a typical debt to income ratio or debt to credit ratio that would entice creditors such as Chase and US Bank to settle with? I want to do DYI debt settlement, however, I'm afraid given my salary that they won't budge. I make $68K and have 310K secured debt between mortgage, auto loan. The debt I want to settle is unsecured and totals at 40K. Also, I recently took a balance transfer out for 12K on my citi card. The thought there was to negotiate settlement with Chase and US Bank with that lump sum. Will this work considering I still have my job? A lot of posts on here start with someone loosing their job. Will US Bank and Chase settle if I'm current with Citi?
Thanks,
Jim
Jim/Henry/George and all the other aka's you have posted under.
Jim/Henry/George and all the other aka's you have posted under. This time you have left out the wifes $40k income.
We have given you advise on how to get out of your debt trap and obviously the phase "living on a budget" hasnt sunk in. Quite frankly if I was your creditor or CA looking at your credit report and I saw that huge car payment ($937 per month??) and the new mortgage, I wouldnt be settling with you.
I'm sorry, I don't know who or what you're referring to. Is som
I'm sorry, I don't know who or what you're referring to. Is someone able to provide advise on my situation? Any help appreciated. Thank you!
if you are looking to settle with your creditors you will want t
if you are looking to settle with your creditors you will want to show that you got more comming out than goin in. write down all bills, expenses, (including food, cleaning supplies laundry soap, insurances, etc) and show that you are facing bk. But i would advise that if this is true that you have that large of a car payment it needs to go. frankly you cannot afford it.
