Do I have to do all cards?

If you have a legitimate hardship, the wise thing to do would be to set aside whatever money you do have for an emergency. Make sure you're able to pay for the roof over your head and your food, heat, etc. If you can only pay 2, they are only going to rate jack you anyway as soon as you default on your BOA, and you will soon not be able to pay them. And since there are only 3 cards, it would probably be better to stop paying all 3 as they will ask you why you're paying the other 2. They will ask you to get into a hardship program with them and may trigger a lawsuit if you decline. Sending them $50 a month in good faith is nice, but it won't go towards your balance, only the interest or fees. Save the $50 towards your emergency fund, tell them about your hardship and start to save for settlements on all 3.

SS that is sound advice!

Thanks!In my hardship letter Told them that I was not trying to escape my debt, and I will try to send them something.Should I take that part out If I dont send them anything,or keep it in?

Take that part out because otherwise you're going to make a promise that you can't keep. And honestly, I wouldn't send them a letter. I've done all my negotiating by phone. My mother sent a letter, and she is a senior citizen living off my dad's pension and barely making ends meet. They rate jacked her just because, and were unsympathetic and refused to reinstate her original rate. Sending a letter does nothing - they do not recognize good faith. Good faith to them is paying whatever they ask for on your due date, no matter what the agreement was when you opened the account.

I told them all about my hardship before I ever missed a payment, begging them to honor the original APR and they were not interested. I also talked to them all about once every week or every other week in the beginning. It did not help and was very stressful repeating my hardship story over and over. If I were starting all over again, I would have still called & told them about my hardship first, then not answered at all until 3 or 4 months of nonpayment. If you don't want to change your numbers, get another number and give that to your friends & family and turn the ringer off your regular number. Once you miss your first payment they will begin calling the very first day at 8:00 a.m. and continue until 9:30 - 10:00 p.m. and will continue for 6 months.

Prepare yourself now with a plan and read everything you can on this site about BOA and Citi, taking notes if you have to. Call them about your hardship, turn off your ringer and try to forget about them for 3 or 4 months. Make sure you can feed yourself and your family and stay warm this winter!

Thaks alot fo advice I have been on her about a month for hours a day reading and learning from all of you guys.All you people are my back bone.I can see a light at the end hopefully.I am just getting started to do this new year and want all angles of strategy for this.Im a very nervous and stress but hopefully it will pay off in the long wrong and be stress free.So you are saying to call each creditor and tell them my story, and to not expect a payment right now. I should also keep contact with them periodically with current status of my situation.

Dont even say not to expect a payment.Just dont do it,( its like I knew it was you when the phone didnt ring kind of thing lol).. I dont see a need to call them either, just wait you will have lots of opportunity to talk with them as they call you 10 times a day (maybe not that much) but stick to your storey.

So just miss payments untill they call,which they will the first or second day.DoI pick up the first call to talk to them to explain my proplem of not paying. After that wait it out for hopefully settelment in 3 to 5 months but keep in contact maybe twice a month?Is that sound right.Also do not send them any kind of letter of any kind.

I kept all my other accounts current, so i wouldn't have them all anting to settle at the same time.I started with bofa since i owed them the most.This was really easy with them.Had 2 accounts owed about 26000 settled both at 25%.They called maybe once a week,i did not talk to them one time until about 5 months out,then i called back,they offered 25% in 4 payments,i took it.2 more payments with them and they are history.Now about 3 months after i was late with bofa,i quit paying chase,so i am getting close to talking to them to see what they will do.I am timing this so i won't have to come up with 2-3 different settlements at the time.Hope it works out with chase and then juniper and i will be through.I am going to keep my citibank cards and discover current because i think they would be a pain in the ass and i don't owe them that much anyway and it will help me get my credit jumpstarted quicker.

I defaulted on 4 cards but kept 3 cards that had smaller balances, limits and rates. So far, the settlement thing with the 4 big cards seems to be working out okay. I'm 100-130 days late on those right now. The other smaller cards so far have not changed a thing. No jacked rate, no lowered limits, nothing.
I'm not finished yet though, so I dont want to try to tell you to do what I'm doing, cuz who knows how it'll all play out when I'm done. But so far, the 3 I kept are still okay.

Thanks! That is what I wanted to do to so they all would be different times to settle.but that would be nice if they wont universal default on you.Also I have read some post saying If they see you paying other credit card min payments that the are unlikly to settle?

I have settled 3 cards now, in the mean time I kept open and paid my small balances off (cap one, bill melater,Home Depot) so far the cards are open (ZERO balance) and nothing has happened.I just have one more stubborn Citi card to settle.They are only offering 45% right now at 100days..

Good luck,I will be starting end of month hope all goes as well. my first one will be Bank of America $ 50,000 hope In 3 to 5 months they will settle to 35% is my goal.My bussineses are down I will have to save as much as I can.when I first called Boa I told them my situation that next month I will probally not be able to pay ,he was very nice and told me to keep in contact with them regarding situation and I would maybe be able to settle later on.I was surprised they have had mentioned settle on my first phone call without being late yet.

If you are still current, go online and cash in any points or rewards you may have with those cards. The minute you default, your points/rewards will go bye-bye, lol.

I got a couple $20 gift cards off mine before I defaulted. :D

also you must keep in mind that if you dont stop payment and settle all of them, the ones you still have open will mostlikely increase your interest% and lower available credit due to the universal code. once you default on one usually all your cards will sky rocket and you wont be able to pay them anyhow.

I also agree you shouldnt pay anything or promise to pay anything. they will never settle if you can come up with any payments.

Thanks for all your helpful info.