Settlement when you have mostly balance transfers?
Date: Wed, 03/03/2010 - 15:05
I've been juggling my debt for a number of years and finally realized that I will never get out of debt by making minimum payments. I've used balance transfers or those promotional checks to pay off other cards or bills. All my accounts are slowly being reduced as I make the min pmt and other accounts closed, so I clearly see no way of continuing what I have been doing in the past.
Thanks in advance
It has not kept me from settling but they have not been as gener
It has not kept me from settling but they have not been as generous on the %.
Quote:Originally Posted by danthemanIt has not kept me from sett
Quote:
Originally Posted by dantheman It has not kept me from settling but they have not been as generous on the %. |
Do you mind sharing what % you were able to settle at and with who? I'm researching my situation and trying to plan settlements as best I can.
Thanks for posting
info to help & info to know
Quote:
Originally Posted by judd spa I've come across threads where accounts comprising of mostly balance transfers and cash advances cannot be settled, is this true? I've been juggling my debt for a number of years and finally realized that I will never get out of debt by making minimum payments. I've used balance transfers or those promotional checks to pay off other cards or bills. All my accounts are slowly being reduced as I make the min pmt and other accounts closed, so I clearly see no way of continuing what I have been doing in the past. Thanks in advance |
it depends on who you owe with balance transfers, some are fine with it and some are not when it comes to debt settlement
the balance transfer game doest work usually, just like making minimum payments & debt consolidation.
Looking over my statements, my balance transfers are with Bank o
Looking over my statements, my balance transfers are with Bank of America. How do they handle/react to settlements on accounts with balance transfers within 6 months?
Also, are balance transfers and promotional checks (those fixed rate APR or 0% APR checks they mail all the time) the same thing? Many statements do not list a balance transfer but still track the % as promotion xxx.
info to help & info to know
Quote:
Originally Posted by judd spa Looking over my statements, my balance transfers are with Bank of America. How do they handle/react to settlements on accounts with balance transfers within 6 months? Also, are balance transfers and promotional checks (those fixed rate APR or 0% APR checks they mail all the time) the same thing? Many statements do not list a balance transfer but still track the % as promotion xxx. |
b of a is very cool with balance transfers, ive settled some as low as 15%, the other creditors i cant speak on, when they go to collection agencies its A WHOLE NEW STORY
Quote:Originally Posted by Anonymousb of a is very cool with bal
Quote:
Originally Posted by Anonymous b of a is very cool with balance transfers, ive settled some as low as 15%, the other creditors i cant speak on, when they go to collection agencies its A WHOLE NEW STORY |
Thanks, that is great news.
Can anyone comment on how creditors treat promotional checks?
info to help & info to know
Quote:
Originally Posted by judd spa Thanks, that is great news. Can anyone comment on how creditors treat promotional checks? |
can you explain what a promotional check is? ive never heard of this term....
is it from an actual credit card company or is it from a bank directly ?
Quote:Originally Posted by Anonymouscan you explain what a promo
Quote:
Originally Posted by Anonymous can you explain what a promotional check is? ive never heard of this term.... is it from an actual credit card company or is it from a bank directly ? |
I get promotional checks all the time from many of my credit cards (BoA, Chase, Discover, etc). They are checks that I can address to whomever with terms like 0% apr until 7/2010 or 4.99% life of balance. I wrote these checks out to myself to pay off other higher APR cards. When the statement comes, the finance charges section will display different categories: purchases, cash advances, promotional summary. Let me know if I've confused the situation more.
[QUOTE=judd spa;662331]I get promotional checks all the time fro
[QUOTE=judd spa;662331]I get promotional checks all the time from many of my credit cards (BoA, Chase, Discover, etc). They are checks that I can address to whomever with terms like 0% apr until 7/2010 or 4.99% life of balance. I wrote these checks out to myself to pay off other higher APR cards. When the statement comes, the finance charges section will display different categories: purchases, cash advances, promotional summary. Let me know if I've confused the situation more.[/QUOTE]
call me at 805-233-4031cell for free help, write that down quickly before they delete it seriously. william
Yes, do that.
Id suggest you call him as well. Im a member but I cant remember my login info right now. :(
I am planning to do a DiY settlement myself and have been educating myself through this board, Creditnet, Creditboards, Collectors exposed, BudHibbs boards and talking to local consumer attorneys for advice for months now slowly planning my strat and learning from others so I consider myself at this point pretty knowledgable on the subject.
So I was suprised when I called the above poster and he told me some things I didnt know myself.
As to your question most settlement cos and lawyers ive talked to say that most of the CC companies treat transfers pretty much like any other purchase as long as a predetermined period of time has passed between transfer and default. Unfortunately the time is different for different creditors so you never really "know"