logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Settling my Mom's CC Debt

Date: Mon, 01/25/2010 - 14:22

Submitted by anonymous
on Mon, 01/25/2010 - 14:22

Posts: 202330 Credits: [Donate]

Total Replies: 8


New to the community and have been reading for the past month. To start, this is my Mom???s debt. She had stopped working in the fall to undergo open heart surgery, during which time I checked on her finances and uncovered large amounts of debt. Dad has been pasted for many years now so my siblings and I have stepped in and taken responsibility of my Mom???s finances. Mom was only paying minimums on 4 cc and in the hole for 32k. She will not be going back to work and will have no income to cover any cc payments. She???s living off ss and Dad???s pension, which barely cover all fixed bills. She has some savings, but not enough to cover total cc debt. I have power of authority. She has not made any payments for the last 2 ??? 3 months. AT&T Universal = 15.5k @ 47 days. SEARS = 7k @ 70 days. AMEX = 5.5k @ 56 days. DISCOVER = 4k @ 41 days. I have not made any calls yet. Phone numbers have been changed to my cell to save my mother the burden. Her priority is on her health and recuperation without any stress!! I will begin calls this week to explain situation and to let them know I???m in the process of figuring out how to get this paid. I do believe it???s still too early in the process to request settlement. However, I have a lump sum amount set aside to cover each cc settlement @ about 40% each. I will blog along the way to share my results. All thoughts and tips will be greatly appreciated!!!


I posted original thread. Discover card will only list me as POA if I tell them to close my mother's account. However, if we keep account open, they need my mother's permission to list me as POA.

Question: Is there any advantage or disadvantage having this account open or closed when you're trying to come to a settlement?
Should I just go ahead and have them close the account? Account will not be used and will be closed after settlement anyway.


lrhall41

Submitted by bmungo7 on Mon, 02/01/2010 - 16:46

( Posts: 37 | Credits: )


UPDATE: I seem to be about halfway through this debt settlement journey with my Mom's credit card debt. All 4 creditors have me filed under Power of Attorney. I've explained my Moms health and hardship situation to all creditors. They seem to be [COLOR=black]sympathetic[/COLOR] and understanding. All have brought up hardship programs, etc. I've explained I need to sit down with family to go over our finances to see what we can do.

Days Pass Due: SEARS=93, AMEX=79, AT&T=70, DISCOVER=64. Still too early on to start receiving settlement offers from what everyone has said. However, I do have a lump sum ready to settle with for each creditor. I guess I have to have them make an offer to me first?

Has anyone made the first move and offered a lump sum settlement to their creditor???


lrhall41

Submitted by bmungo7 on Wed, 02/17/2010 - 09:00

( Posts: 37 | Credits: )


Just took a call from Universal AT&T... after explaining that the monthly hardship program wasn't feesible, I kinda hinted at settlement. The rep who was very nice said the settlement offer right now was at 65%. Account is past due 85 days. She also said that on 3/11 when the bill period is up, account may be closed. Do any of you have experience with their OC closing their accounts? Should I just go ahead and close it?


lrhall41

Submitted by bmungo7 on Tue, 03/02/2010 - 16:53

( Posts: 37 | Credits: )


It is a good thing you are doing for your mom, the hardship programs are a great way to go ad closing the accounts and setting yourself up as POA shows good intent to pay fully or parts of this debt. The accounts are still very early in their delinquency periods which will allow you to set aside funds for settlements, if I were you I would not mention debt settlement so soon, I would just continue to stick to my story and see what the OC's will offer, if they do offer something below the 50% mark I would start thinking about settling the accounts...


lrhall41

Submitted by dpsettledebt on Wed, 03/03/2010 - 07:10

( Posts: 5 | Credits: )


[QUOTE=;][/QUOTE]
I heard this promotional code for 25% off of Angie's List. Angie's list is like a craigs list but to help find someone to paint your home, or other contractors, dentists, etc.PAUSE is the coupon code to be used for 25% off at checkout, the discount is immediate. Just type it in when asked.


lrhall41

Submitted by on Thu, 04/15/2010 - 03:13

( Posts: | Credits: )


UPDATE: Citi AT&T Universal 143 days late w/16k. I offered 5k, which comes out to around 30%. They counter offered 35% = 5.7k. 5k is the best I can do. I still have Sears, Discover and Amex to deal with. Limited # of funds to go around. What are the chances that they call back and accept the 5k?


lrhall41

Submitted by bmungo7 on Wed, 04/28/2010 - 16:30

( Posts: 37 | Credits: )