Oh boy, here we go...

it always is a little scary in the beginning,but it will work out in the end you'll see.just know that they will call.as long as you have your game plan,and stick to it you will be fine.

i agree, i was so scared at first! remain calm, you will get through this :)

Thanks. I really appreciate it.
Question..I was reading around all the articles about how to approach the do it yourself debt settlement, and there seems to be some conflicting info.
One article says the cc's wont even think of settling till you are 3 months behind on payments.
Another says that you should not wait for the ccs to contact you about settling.

So, since I am officially about 2 weeks behind right now, do I wait another couple months before I approach them, and just continue to ignore everything right now? Or do I start already contacting them via letter and asking for a settlement? Or?
What do you guys suggest?

Some people say don't talk to them at all. Others will tell you to talk to them every few weeks. I've talked to all my creditors except one (which I will do at some point this week). Generally, they are nice and understanding if you are suffering a hardship (like a job loss).

I stopped paying some in June and some in July. The ones I've talked to have tried hard to get me to go into hardship programs. It seems like they, themselves, are under pressure to close the deal before you hang up. I'd like to get into a hardship program with some of them to buy some time before I try to settle in a few months. I'm going to start negotiating in October, but I will talk to them every few weeks. The phone rings about 30+ times a day, but my ringer is off. I personally don't think it's necessary to answer each and every call, every single day to say the same story, but that will be up to you.

I never talk to them. I was sending letters twice. Then I after 5 months I called and attled my 65K debt at 35% on average.

A key point is to know and understand the settlement practices of each of your creditors. Some approach you early on regarding settlement, others (Discover) will likely send your account to a lawyer if you talk about settlement early on. Not much is going to happen in the first 90 days anyway so there is no reason to answer any of their calls. You should call them yourself on a somewhat regular basis, every other week is plenty. Tell them the same sad story and don't make any payments, unless you want to delay the "charge off clock"...as you mentioned.

The more you know about each one of your creditors practices, the more prepared you will be to settle for a fair amount and the right time. Many threads here regarding a particular company...You can do it!

"The more you know about each one of your creditors practices, the more prepared you will be to settle for a fair amount and the right time. Many threads here regarding a particular company"

It seems though, from what I read, that everyone has a lsightly different story with each of them.

I'm with Citi, Amex, Cap One, and Advanta ( who is my personal most hated of the all)

Totally random question..has the forum changed format lately?

Jacqueline,
Everyones circumstances are different. Each creditor can behave differently depending on account trasaction history, the state you live in, your credit file, whether you sent letters in, hardship etc... Some creditors are solid in the predictable outcome and timing, then they change policy and what you read on boards may not be as applicable any longer. The flux and frequency in these changes is still pretty predictable, but once and a while there is a curve ball thrown, sometimes multiple curve balls.

For instance, 12-18 months ago, I would have looked at your list of creditors and told you it could not have been much worse, as savings percentages go, litigation risk etc... Trends now are looking more favorable with the ones you have vs. some of my former favorites.


Mileage may vary