stop paying all or stagger it?
Date: Tue, 02/16/2010 - 14:28
depends on how much money you have, if you enough funds to take
depends on how much money you have, if you enough funds to take advantage of all the settlements before charge off then yes go late at the same time.
if you dont have lumpsum funds like most people dont then it would be smart to pay the minimums on certain credit cards and go late on others.
this takes careful thinking though, i always picture some ones debts load as a ladder with the biggest balances at the top and getting smaller as you go down. the key thing to do is to knock off the biggest debt first and work your way down the ladder this makes getting out of debt easier as you go through the process and not harder. this eliminates the biggest debts with the big percentage rates from going up with not paying them during this process also
hope this helps
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Quote:Originally Posted by sototallybrokeI have 5 cards and I kn
Quote:
Originally Posted by sototallybroke I have 5 cards and I know there is no way I will be able to come up with 20% (or more) of all of them in 150 days. So should I stagger the last payment dates to prevent them all hitting a settlement at the same time?? |
I stopped paying 8 at once, but when settlement time came I did not have enough funds to settle all. If I were to do over I would have staggered them.
Thank you for your responses. I know I will not have enough save
Thank you for your responses. I know I will not have enough saved to settle them all at once. so I think I will have to stagger. However, does anyone know if still paying on some cards can hurt the settlement process? Will a cc see I still have cards in good standing and then not offer a good deal because they think I can afford more?
Quote:Originally Posted by Anonymousdepends on how much money yo
Quote:
Originally Posted by Anonymous depends on how much money you have, if you enough funds to take advantage of all the settlements before charge off then yes go late at the same time. if you dont have lumpsum funds like most people dont then it would be smart to pay the minimums on certain credit cards and go late on others. this takes careful thinking though, i always picture some ones debts load as a ladder with the biggest balances at the top and getting smaller as you go down. the key thing to do is to knock off the biggest debt first and work your way down the ladder this makes getting out of debt easier as you go through the process and not harder. this eliminates the biggest debts with the big percentage rates from going up with not paying them during this process also hope this helps aka RIOT Please don't solicit here. You can enlist your details in the ranking chart page after registering http://www.debtconsolidationcare.com/companies/ please read http://www.debtconsolidationcare.com/forums/announcement.php?f=16 |
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Quote:Originally Posted by sototallybrokeThank you for your resp
Quote:
Originally Posted by sototallybroke Thank you for your responses. I know I will not have enough saved to settle them all at once. so I think I will have to stagger. However, does anyone know if still paying on some cards can hurt the settlement process? Will a cc see I still have cards in good standing and then not offer a good deal because they think I can afford more? |
I plan on trying to settle one biggie with BofA and keep paying on three relatively lower amounts. I'm thinking BofA will not be impressed with this route and try to use it against me in our (hopefully eventual) negotiations. My hunch is that (all things being equal) they'll probably still offer a settlement, but it may not be as good a percentage. But who knows?
I do know that this is already on BofA's radar because the last time I talked to one of their customer reps, she first asked to hear my "story" and then mentioned that they weren't interested in us just defaulting on *their* loan. She gave me a phone number for a Debt Managment Plan company. I've yet to call them. I don't think a DMP will work for us, but the point is BofA is already looking to get us into a structured payment plan for ALL of our CC debts. And we've only missed one payment so far.
Let us know what you decide and how you make out.