DIY debt settlement
Date: Fri, 07/30/2010 - 11:43
Thank you.
To go for a settlement process, you'll have to be behind your pa
To go for a settlement process, you'll have to be behind your payments for at least 3-4 months. Otherwise, no creditors will agree to the settlement process. The reason of this being, they assume that you're capable of making the payments. It's good that you want to go for the settlement process on your own but contact the creditors with your settlement proposal after 3 months of no payments.
If I stop making payments there's no turning back because then t
If I stop making payments there's no turning back because then the credit card companies will increase the finance charges which are currently at 9%. My house is up for a short-sale and if it doesn't sell will be foreclosed. I'm paying $350 a month towards the credit card balances. My credit score is already low because of the house foreclosure. So if I stop making payments on the credit cards, they will increase the finance charge and my credit score will take another hit.
Why are you worrying about unsecured CC debt when your secured m
Why are you worrying about unsecured CC debt when your secured mortgage is in default and your FICO is already trashed? There's little diff between very bad credit and a bit worse.
Any finance charges that accrue on the CC's can be included in final settlement negotiations anyway (like subtract from the balance before you figure what % offer you want to start out with). IF you want to go DIY ... I'd advise you not to dither and stick to your guns ... and grow a tough hide cos you'll need it!
BTW ... I'm at 3 months and negotiating $34K in biz debts direct
BTW ... I'm at 3 months and negotiating $34K in biz debts directly with Amex and Citi. You will be handed off (to higher level "negotiators") each month... which can only be achieved by stopping those minimum monthly payments (with good reason naturally). Be clear about what you can and can't do ... stick to the same story with every single rep ... be nice, and truthful (I've had reps commiserating and practically in tears with my true story) and you should come out the other end with a result.
Greetings, And I quote "So if I stop making payments on the cr
Greetings,
And I quote "So if I stop making payments on the credit cards, they will increase the finance charge and my credit score will take another hit"
Just my 25 cents worth here.
Forget the credit score, your main focus should be economic survival.
Take care of food and shelter, then utilities and transportation.
Respectfully yours,
King "Kash" Jabba Labba