Multiple cards in debt

Date: Mon, 08/09/2010 - 22:57

Submitted by kbri73
on Mon, 08/09/2010 - 22:57

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Total Replies: 1

I have 4 credit cards, 2 from Chase, 1 from US Bank and 1 from Citi. My Chase cards I am 75 days late and I am unemployed. My question is if I want a settlement from Chase should I stop paying on all of my cards or not? I have been paying the minimum on the other 2 cards but feel Chase might come to me and ask why I am able to pay those cards but not them. Any suggestions would be appreciated.

Quote:My question is if I want a settlement from Chase should I

Quote:

My question is if I want a settlement from Chase should I stop paying on all of my cards or not?

Yes, you will have to stop making payments on the two accounts before you can settle the debt with Chase.

Quote:

I have been paying the minimum on the other 2 cards but feel Chase might come to me and ask why I am able to pay those cards but not them.

Yes, if Chase comes to know of this, they may not agree to settlement. However, you should keep in mind that debt settlement will hurt your credit as you are supposed to stop the payments before settlement.

lrhall41

Submitted by SC on Tue, 08/10/2010 - 05:58

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