few questions before we start

bumping up thread, hoping someone can help answer. Thanks.

CW

I am not sure about how B of A will handle it since you also have a mortgage with them. Someone else will have to weigh on that.

If you have a checking account with any of your creditors than you absolutely need to close the checking account and get a new one. The creditor could dip in and take the money anytime. If you are set up on automatic payment, you need to stop that ASAP. I would recommend you open a new checking account anyways and close your current one. This way no one will have access to it. Even if you have stopped automatic payment, they will still have the info and could try to take your money.

In terms of keeping keeping 2 cards active, you can do it, but it can make negotiating a settlement harder. Remember every creditor has access to your SSN and can review your credit report at anytime. If they see you have two cards open and are current they won't believe your sob story so much.

Since only your husband is going to do debt settlement, he should remove himself as a primary user. That way you get to keep the card, but it is in your name only. What is the balance on these cards?

If he is settling on a card that your name is on...they will come after you too. And, if you are current on your own stuff...they may not settle on the joint cards. As was stated, you need to get off the joint accts. Either you keep them and not settle them, or he keeps them and tries to settle them. I think the person who opened the acct or is listed first on it, should be the one to take it, but I am no expert on that...just a hunch.

Thanks. The one card he is keeping is one we have jointly. Both of us are primary users. We are not putting anything into settlement that has the wifes name on it. The 2 cards we will still pay on are capitalone one, and a raymour flannigan acct.

Nothing jointly going to settlement. But curious how they will view his name on 2 bills that are being paid, but my name is on them. He removes himself as primary, I didn't know you could do that? Thank you all so much for the checking acct info. I am worried though about b of a since our mortgage is with them and the checking account thing, regardless where we move it to, they'll know about it.

CONGRATS on handling your debt settlement on your own. it's a brave, but wise, decision. I'd love to hear how you progress along the way.

good luck

Thank you so much. We plan to keep a steady update as things progress.

I have a mortgage with BOA and stopped paying on my BOA card about 3 months ago. They can't crossover accounts, I did have to open a new checking account at another bank. I just mail them a check for the mortgage. They cannot take money from your checking account without a judgement, as long as it is from another bank. Good luck.

BOA cannot dip into an acct of another bank. However, I would also mail your mortgage check with a cashiers check to the mortgage co so BOA can never track your new acct in case u ever get judgement. When they take funds from one of their own checking accts it is called cross collateralization..but they cannot take from another banks acct w/o judgement first. Also rememebr, when u send your settlement payoff in to any bank or credit card...pay with a cashiers check and send registered...no need for them to ever be able to track your current checking acct info. Best of luck!!!

if you are banking with a bank you plan to negotiate a settlement with it is wise to find a new bank, continue to make your mortgage payment, due submit a hardship letter to all your creditors explaining to them your situation, tell them your family is helping to pay for the mortgage.

most creditors will not even talk settlement unless you are 90 days behind, any account with both your names on it if submitted for settlement will have a negative effect on both parties. Chase and BoFa will be the easiest to settle, make sure funds are available in between 90 and 160 days delinquent.

GE Money may give you a hard time when you mention settlement, Home Depot (Citi) will settle for a lesser amount than chase and BoFa. Consider paying Home Depot in full since it is a small enough balance.