Beginning of the end....

Well, you aren't alone that's for sure. I am sorry to hear of your situation. I've read many posts from other members who have dealt with the same creditors as you. Just hang in there and keep checking back for replies, I am sure there will be someone come along when possible to advise you. Sometimes it takes awhile before someone is available to reply to posts such as yours but you can rest assured that someone will. Good luck to you and yours and remember, rent, utilities and food come first.

I feel for you. We were the same way, and when we were facing not paying the minimum payments for the first time ever, I called each of our credit card companies and explained our situation, asking what "we" could do to modify the payments. Every single company was quick to provide options which will help us out a lot. Just by putting us in their hardship program, it lowered the interest rates way down, and lowered our monthly payments significantly. In talking to their representatives, I am learning that most of them have added a whole new department just for this type of thing. Times are changing in the credit industry, and I think for the first time ever, they are having to tread lightly just to make sure they don't lose all the money we owe.
I would highly recommend that you at least try this route rather than just not paying and holding out for settlement.
Good luck, and post here to let us know what's happening! You will get lots of moral support here!

Good advice Shazz! You might want to do a free consultant with CCCS - Consumer Credit Counseling Services. They will look over your situation and give you pointers on how to proceed.

It's a good starting point.

One more quick thing, I contact CCCS, and I found out I could do better on my own in working with the credit card companies than CCCS could do for us. I'm sure it's different in every situation, but at least give it a try.

I agree. I've had good success working with CC on my own so far.

While I certainly agree that you can have success working with creditors on your own, I still think having an independent (such as CCCS) review your situation, can lend insight into things you might not have considered - ie, cutting back on expenses, they'll help you set up a budget...the whole scope of saving...

Personally, I encourage a person to try it on their own - w/o having to pay someone to either settle their debts or negotiate, etc. Since CCCS is free and does the complete budget process, it can't hurt.

Yes, I agree that the market has changed and many CC's are willing to work with customers more now than ever before. Be persistant and stand your ground...don't let them strong arm you into a repayment plan that you honestly can't keep. That's why I encourage setting up a budget first.

You're right, that's very good advice!

:D

Thanks for all your insight. Its nice to have somewhat of a support group in dealing with something so intimidating. I will start calling next week and hopefully get a bit of relief. Thanks again to all who responded.

Chad