Starting on My Journey . . .
Date: Sun, 07/18/2010 - 20:40
I have decided to attempt this process.
I have a Citi master card at 41k
My montlys are ~1000k + with finance of ~500.00/mo.
Needless to say - i will be dead before i get this paid off.
So - I started . . .
I started getting Voice Mail Automated Calls about 3-4 weeks ago - letting me know i was last and owed 1900.00.
Last week i received my first 'Live' person - I let her know the truth - my wife is a teacher in California and has lost her job - that we are struggling to just make our house/car/etc payments and we can no longer afford to pay on this card (note: i have not been using this card for over 3 months now).
She mentioned 3 differnt Payment plans - one at 1000k, one at 700.00(0% for 5 years) and one at 450.00(0% for 1 year which just reduces it to 36k....)
In any event - i couldn't pay any of those fees.
I am getting about 3-4 calls a day - every day - If I am not in a meeting - i will answer.
Today i got one and told the gentleman that I had spoken to someone last week about a Payment plan - he rementioned all the ones she did - i told him I couldn't afford those amounts - but could probably do somewhere between 200-250/month
he said - they could do that at the same % rate (i almost had to laugh - because they are charging me 500+ every month so i would be on a loosing progress plan - doh).
So - here i am - over 39 days late - starting down this journey -
Thanks to all on these forums for without them - i would have never even thought of this. . ..
Just starting my journey and I read your thread and WOW, great j
Just starting my journey and I read your thread and WOW, great job on getting a settlement so low on such a high credit card....ahhh, makes me think I am doing the right thing...but, damn I'm soo nervous..its killing me to know that I will no longer be making any payment on any cards starting this month...I have no choice in the matter..I just can not swing it any longer...plus if I pay the minium it will take me 38 yrs to pay off the highest card...and there is NOWAY i will have debt for the long...I will not be able to do anything ever with my kids and now that they are getting to the age(7) where camping, disney are becoming of interest to them.
It is true that unless you're able to prove your financial hards
It is true that unless you're able to prove your financial hardship, you won't be able to settle or consolidate your debts. You'll have to be delinquent on your payments in order to settle or consolidate your debts. You can even try to settle your debts on your own. To know the steps to settle your debts on your own, take a look at: http://www.debtconsolidationcare.com/steps.html
My last Update - as I am all done - the card is all paid off - $
My last Update - as I am all done - the card is all paid off - $0
I have been trying to use Cash only on every thing else and slowly things are coming down.
I know next year I am going to get nailed during Tax time - but I had to do something
To all - I am not proud of this - I am not proud that I got myself in such debt that I could not repay - I am ashamed and embarrassed -
Citibank didnt deserve to have me fail on my repayments - and If I could have paid them back, i would have - I tried to negotiate some form of payment plan - but at this time - the best I could do wasnt good enough.
I know I have screwed up my once stellar credit raiting - but it is what it is.
Thanks to all for your support - and if my recording of my journey has helped one person here - then that is a good thing.
Take Care all!
Hey, nice job!! Also, Citi is fairly cool with their 1099's. T
Hey, nice job!! Also, Citi is fairly cool with their 1099's. They had my inflated bal up to 21 K or so, I settled with them for 1 payment of 3K, I'd expected a 1099 for approx 17K+, but when it arrived it was approx 11 or 12K. Looks like they took the orig bal before I was ever late $14,900ish, knocked off the 3K, and "scratched" the thousands in interest late fees etc. I still have no clue how they report as for some of my settled accounts it was right down to the penny including lates and interest, some scratched the lates and the interest.