90, 120, 150 - best X to start talking settlement?

Hello,
I am debtor from CA.....just can't seem to remember my log in (LOL)....anyway, it is best to wait until you are at least 90 days late.....to begin to talk settlement IMHO.....HOw late are you? I think it does not matter who brings it up.....in fact, I called my creditors when I was 120 days late and told them I would like to try to pay them something .....Please keep posting....holiday weekend....may not get a response right away. ask questions ....read the forums! Good luck to you!

Thank you so much for helping me. I have a really stupid question. Do I figure the amount past due by the month before the due date because it has actually been 30 days since the previous payment or the amount of days past when the last payment was due. So basically, if I made my last payment on July 14th, next was due on Aug 14th, what would be considered my amount of days late. I know.....totally stupid, but please help anyways :) LOL

Please know that no question is stupid.....we have to ask questions especially when you are under the kind of stress that debt puts us under!!! so don't even worry about it. My husband explained it like this....if your payment is due on July 14th, then by August 14th, you are past due by 30 days. When you talk to your creditors, you can even ask how past due you are....most are perfectly willing to let you know (LOL)!!! Ask away.....so are you saying that you are 30 days past due on your account (s)?

Hi OP,

It seems that you are entering the most difficult 'delinquency period'. You will start getting calls from your creditors for non-payment. Start offering them your settlement offers after you have passed at least 90 days. The creditors will offer you their own offers. Try to stick to your offer. Remember communication holds the key. So, tell them about your financial position at least once in a month and give them your offer.

In general, most settlement offers come in the period of 120 - 150 days. Best of luck and keep us posted.

I started talking settlement at 90 days late. As others stated, you are one day late the day after your due date.

Chase was due on August 24th. Our last payment to them was on 7/24. So I guess that would be around 42 days late.

Okay, still didn't figure that right. It would be 45 late on Chase.

Chase - 45 days late (6500)
HSBC - 46 days late (8200)
HSBC - 52 days late (3000)
Sears - 44 days late (4250)
Discover - Partial payment on 8/30

Kind of a run down...Yikes. So embarrassing to verbalize or type how unwise we have been with our money...feels yucky!