Questions about settlement with Chase
Date: Sun, 09/27/2009 - 00:31
At this time we are current on all 5 cards but have accepted hardship programs on three of them (FIA, and 2 citi).
I have read that Chase is a little easier to settle with and it is our largest balance of $14,000. But I have some questions first.
1. We have had the card for about a year at 0% and this month it is going to 8%. Is it going to hurt my settlement potential that I have had the 0% and haven't paid interest yet? I figure by the time I stop paying and settle there would be 4-6 months paying interest.
2. Do I need to stop paying the other cards? I am nervous about this because I have heard FIA and citi are tough and maybe tougher since I already accepted hardship programs and Citi has closed my accounts. I was hoping to only stop paying on one.
3. Plus I don't have any $ saved up and if I stop paying all at the same time wouldn't most settlements come up at the same time?
4. Would it be worth taking the $10,000 out of our retirement to use as settlement? Or would it not be worth it after paying taxes? I know this is a huge no no but at this point that is all we have in retirement (we are 40) so it isn't like that is going to make us rich in the future.
Thanks for any help you have!
I thought I would bump this up to see if anyone had any ideas on
I thought I would bump this up to see if anyone had any ideas on any of my questions?
Thanks so much!
Before we can better answer your questions can you show us a bre
Before we can better answer your questions can you show us a break down of your budget " income minus fixed expenses " so that we can even see if settlement is viable option or if bankruptcy might be better.
Thanks for your response, Here you go: mortgage $805 2nd mortga
Thanks for your response,
Here you go:
mortgage $805
2nd mortgage $276
Home phone $51
2 cell phones $175
Car insurance $200
water and sewer $70.00
HOA Dues $36
Life insurance $96
Health Insurance $77
Electric $250 (will be lowering this month for awhile because of cooler months)
Internet $25
Car Payment $303
preschool $150
Gas for cars $250
Food $500
Medical and OTC supplements $800 (this is killing us, my kids have some medical problems that aren't covered by insurance)
Income
$36,000/year gross $2501/mo net (this can increase with commission)
$1000 Social security for disabled children
Hope this helps!
A few: 1) when contract is up for cell phones, get a free phone
A few:
1) when contract is up for cell phones, get a free phone plus minutes from Tracfone for your use. Or better yet, go to prepaid service/unlimited for $50 a month for him.
2) if you're home, why the $$ for daycare?
3) With scrupulous shopping, you should be able to get by with $100 a week food, unless your children require special diet.
4) Investigage state services, community organizations/charities that will help you with the uncovered expenses of your children.
You might want to take part of your savings and pay off vehicle, if you can. DO NOT use your savings for settlement. If you have an emergency, you'll have nothing to fall back on.
Just a few thoughts..... I know it's tough.... hang in there
You are paying out $3,968 in bringing in around $3,501. That mak
You are paying out $3,968 in bringing in around $3,501. That makes you negative $467. There is no way you will be able to save the money necessary tp be successful in a settlement program. Honestly your best option is going to be Chapter 7. I highly recommend you at least speak with a bankruptcy attorney.