What is FIA?
Date: Wed, 09/29/2010 - 11:40
Was reading some of the comments here and noticed FIA mentioned several times and that they can possibly get the debt reduction down to a 30% or 40% level? This would help me immensely if true. Might save my life.
Really need some advice and help. Thank you in advance if you can share.
Philip-
(in reference to my other post:)
I am a natural born US citizen and have been living in the Philippines for about 20 years. I have 9 dependents and six children in school from grade one up to second year college. (we are putting a relative through school also) About 3 years ago I began a negative cashflow condition where my expenses were more than my income. Even with severe budgeting I could not balance my budget. So I had to offset the shortage with my USA credit cards by using them to buy groceries and basic necessities. I had/have extremely good credit as I have not made a late payment in 30 years and have no negative reports on my credit record.
However I am reaching a point where making my minimum payments is becoming more and more difficult because many of the credit card companies have been raising my minimum payments (raising the % from 1% to 2%) and I am now faced with around $2400.00 a month in minimum payments. I have around $82,000 in credit card debt from 5 credit card companies. (the cards are from the largest USA banks)
I no longer have any assets in the USA and am a permanent resident here. I may reach a point in the near future where I cannot pay the minimum payments and am wondering what my options are and what the consequences could be. I am not going to feel good about becoming delinquent on my payments, but I may have no choice. I don't know whether to contact my credit card companies and tell them that I am reaching the point where I cannot make the minimum payments and see if they might have a plan to help. Or...?
If I can't make my payments anymore is there a good chance that they would try to collect my debt here in a foreign country? I dont have many assets here.
I am mostly just trying to get by until I can get my minimum Social security payments (at age 62) in 3 years. My concern of course is keeping my family intact and providing the basic necessities and keeping all of the kids in school. I have some rather severe depression about my financial condition and have a hard time fighting away the gloom associated with my deteriorating situation.
Thank you,
Philip
Really need some advice and help. Thank you in advance if you can share.
Philip-
(in reference to my other post:)
I am a natural born US citizen and have been living in the Philippines for about 20 years. I have 9 dependents and six children in school from grade one up to second year college. (we are putting a relative through school also) About 3 years ago I began a negative cashflow condition where my expenses were more than my income. Even with severe budgeting I could not balance my budget. So I had to offset the shortage with my USA credit cards by using them to buy groceries and basic necessities. I had/have extremely good credit as I have not made a late payment in 30 years and have no negative reports on my credit record.
However I am reaching a point where making my minimum payments is becoming more and more difficult because many of the credit card companies have been raising my minimum payments (raising the % from 1% to 2%) and I am now faced with around $2400.00 a month in minimum payments. I have around $82,000 in credit card debt from 5 credit card companies. (the cards are from the largest USA banks)
I no longer have any assets in the USA and am a permanent resident here. I may reach a point in the near future where I cannot pay the minimum payments and am wondering what my options are and what the consequences could be. I am not going to feel good about becoming delinquent on my payments, but I may have no choice. I don't know whether to contact my credit card companies and tell them that I am reaching the point where I cannot make the minimum payments and see if they might have a plan to help. Or...?
If I can't make my payments anymore is there a good chance that they would try to collect my debt here in a foreign country? I dont have many assets here.
I am mostly just trying to get by until I can get my minimum Social security payments (at age 62) in 3 years. My concern of course is keeping my family intact and providing the basic necessities and keeping all of the kids in school. I have some rather severe depression about my financial condition and have a hard time fighting away the gloom associated with my deteriorating situation.
Thank you,
Philip
Pardon my stupidity. I now realize that FIA is the credit card d
Pardon my stupidity. I now realize that FIA is the credit card dept of BOA. I sure wish someone could give me some advice on how to settle these accts. I would not like the accts to go to a collection agency as my family would be humiliated and my children affected. Would I have any luck dealing directly with the CC companies? I do not mind doing the phone time and trying to arrange a settlement acceptable to both of us. I can afford to pay about 35 to 40% of the balances in cash, but that is all the savings we have. Any chance I could get that kind of offer on my own?
Thanks in advance for any suggestions.
Philip
Quote:
Originally Posted by pmnugget333 Was reading some of the comments here and noticed FIA mentioned several times and that they can possibly get the debt reduction down to a 30% or 40% level? This would help me immensely if true. Might save my life. Really need some advice and help. Thank you in advance if you can share. Philip- (in reference to my other post:) I am a natural born US citizen and have been living in the Philippines for about 20 years. I have 9 dependents and six children in school from grade one up to second year college. (we are putting a relative through school also) About 3 years ago I began a negative cashflow condition where my expenses were more than my income. Even with severe budgeting I could not balance my budget. So I had to offset the shortage with my USA credit cards by using them to buy groceries and basic necessities. I had/have extremely good credit as I have not made a late payment in 30 years and have no negative reports on my credit record. However I am reaching a point where making my minimum payments is becoming more and more difficult because many of the credit card companies have been raising my minimum payments (raising the % from 1% to 2%) and I am now faced with around $2400.00 a month in minimum payments. I have around $82,000 in credit card debt from 5 credit card companies. (the cards are from the largest USA banks) I no longer have any assets in the USA and am a permanent resident here. I may reach a point in the near future where I cannot pay the minimum payments and am wondering what my options are and what the consequences could be. I am not going to feel good about becoming delinquent on my payments, but I may have no choice. I don't know whether to contact my credit card companies and tell them that I am reaching the point where I cannot make the minimum payments and see if they might have a plan to help. Or...? If I can't make my payments anymore is there a good chance that they would try to collect my debt here in a foreign country? I dont have many assets here. I am mostly just trying to get by until I can get my minimum Social security payments (at age 62) in 3 years. My concern of course is keeping my family intact and providing the basic necessities and keeping all of the kids in school. I have some rather severe depression about my financial condition and have a hard time fighting away the gloom associated with my deteriorating situation. Thank you, Philip |
BOA is quite easy to settle with. They will work with you. I got
BOA is quite easy to settle with. They will work with you. I got a settlement for 30% with BOA after I was delinquent for 179 days.
Did you deal with BOA directly or through a debt settlement co?
Did you deal with BOA directly or through a debt settlement co?
Thanks for the info.
Philip
Quote:
Originally Posted by paulcahill80 BOA is quite easy to settle with. They will work with you. I got a settlement for 30% with BOA after I was delinquent for 179 days. |
