The Game Plan
Date: Thu, 12/10/2009 - 14:11
I dont see myself being able to keep my comittmets over the winter, slow buisiness season in an already slow business. So it is time to find a way out.
Im thinking of contacting them all and offering them smaller payment s for a longer time, provided they stop the interest charges or starting the process of DN
It soulds like my good payment history and currrent status may hamper my attempts to make a deal.
Is this the normal game plan?
Stop paying everybody but stay inn touch
Tell them all how bad things are and ask for pennies on the $
keep banking all I can but not paying till they agree to a deal
Do I want thm to send these to a CA?
I know its gonna be a long road but its a road I must travel. Just want to be sure I have a plan, the right one, and stickto it.
Thanks
Hello.....I just want to tell ya I'm not a Credit expert. Howeve
Hello.....I just want to tell ya I'm not a Credit expert. However, this DOES sound like a good plan, for you, if this is what you can financially do. Everyone's financial situation is different. You need to do what 'works for you'...that's my motto, I guess.
Chances are they will not be willing to help you as long as you
Chances are they will not be willing to help you as long as you are paying. When you stop paying, even for a month or two they will offer all kinds of great deals. The problem with making those small payments you are talking about, it will take 40 years to pay off that much debt. If you can't do chapter 7 then I would do a DIY settlement and that starts with not paying. I have a similar amount of debt and so far only Chase was quick to sue after 170 days. Most of the other creditors were sending me offers at 3-4 months and the offers got better as time went on. You can even settle after you get served, if that happens.
If and when the CC or CA have had enough and file suit where do
If and when the CC or CA have had enough and file suit where do they file suite? Im in NJ and the companies are all across the US. I am assuming they file in the local Superior court according to the laws of the state you live in?
I would tell them that you can't pay because your income is redu
I would tell them that you can't pay because your income is reduced drastically. As long as you are paying, they won't offer you anything except a payment plan stretched over 5 years with a lower interest rate.
Quote:Originally Posted by BadabingIf and when the CC or CA have
Quote:
Originally Posted by Badabing If and when the CC or CA have had enough and file suit where do they file suite? Im in NJ and the companies are all across the US. I am assuming they file in the local Superior court according to the laws of the state you live in? |
This is correct, venue is proper where the Defendant resides...
Quote:Originally Posted by maggie22This is correct, venue is pro
Quote:
Originally Posted by maggie22 This is correct, venue is proper where the Defendant resides... |
[COLOR=black]This is actually very good news. Ocean County NJ is VERY pro mediated resolution. The have a panel of mediators waiting in the Court room each morning and as the role call is taken you go into mediation. The Judge is VERY persuasive that the parties should work out a solution.[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]If the defendant knows the system and does his part the plaintiff has a long row to hoe before they can extract a judgment from the judge. The judge will go so far as to act as a mediator himself, if the first 2 rounds of mediation don???t succeed, before he will allow the suite to actually be heard. [/COLOR]
Hello. Gosh..40 years seems like such a long time to get somethi
Hello. Gosh..40 years seems like such a long time to get something paid off!! But, I guess everyone has to 'go their own pace'. I think as long as the Creitors know that you are TRYING to settle your debts (and some of them are pretty good to 'work with'..) then I think you'll be 'ok'.Being a single mom, I know how things can get overwhelming at times.
You do not want to say the word "settle" the first 3 months, if
You do not want to say the word "settle" the first 3 months, if you say you want to settle right away, they will say why can't you make your payment. You want to work your way into the settlement after a few missed payments. Talk to them about once a month.
I have no intention of spending 40 years to clean this up. My t
I have no intention of spending 40 years to clean this up. My target is 1-2 years. As projects come in I'll plan to reach payable amounts and pay them off at reduced balances. For now I need some breathing room.