Additional Advice Needed.....
Date: Wed, 12/01/2010 - 10:28
Amex: $3888 mp: 100
Citibank Choice: $14,849 mp: 222
Chase: $24,527 mp: 320 (this is the negotiated monthly amt)
Capital One: $5668 mp: 144
US Bank: $3928 mp: 73
Bank of America $4547 mp: 165
A few questions:
1. The Amex, Chase, and US Bank credit cards were opened up in business name and do NOT show up on my personal credit report. The Capital One was opened up in business name but DOES show up on my personal credit report. The Citibank Choice and Bank of America are personal cards on my personal credit report. Does the fact that some of these are business cards impact the likely hood of being sued/make settling any different etc?
2. All "next" payments are due around 2nd week of December. I assume I will start getting letters at 30 days but not phone calls until 30-60 days? Do I try to settle during initial phone conversation? Just looking for a recommended path to take once this starts.
3. Are any of the above credit card companies prone to NOT settle? Had luck with any of them? I have legitimate reasons to want to settle; Huge loss of income, child that is a cancer survivor and the ridiculous medical bills/coverage/prescriptions I pay monthly because of it.
4. I have read somewhere on the forum that its better to send a letter FIRST asking for a settlement while still current, is that recommended?
5. If by chance, one or two refuse to settle, what would they do next and how would I respond? If they sue, is it something I can have a lawyer represent me, or do i need to be there?
6. I have a 7 year heloc of 50k that is through my mortgage company and its due to end in a year and 1/2. I have never been late, but will doing this have them refuse to extend my heloc if they see these settlements on my credit report? Or will the fact that I am current on both my mortgage and heloc through them trump the settlements. With the heloc added, I am about even with respect to LTV.
Thanks in advance for all of you that respond! I am so glad I found this site....
Greetings "WannaBeDebtFree", I'll answer a couple of these:
Greetings "WannaBeDebtFree",
I'll answer a couple of these:
"2. All "next" payments are due around 2nd week of December.
I assume I will start getting letters at 30 days but not phone calls until 30-60 days?
The phone calls will start as quick as a week past due.
These are the pleasant ones, how are you doing, been a good customer, what's going on?
Do I try to settle during initial phone conversation? Just looking for a recommended path to take once this starts"
Forget about settling this quickly. You'll only anger the red wasps.
You've got to be, in general, about 120 days plus delinquent befor settling even enters into the discussion.
3. Are any of the above credit card companies prone to NOT settle? Had luck with any of them? I have legitimate reasons to want to settle; Huge loss of income, child that is a cancer survivor and the ridiculous medical bills/coverage/prescriptions I pay monthly because of it.
In my opinion, the toughest one is crap one. boa-the snake and chase-me down are the easy ones.
4. I have read somewhere on the forum that its better to send a letter FIRST asking for a settlement while still current, is that recommended?
Forget about letter writing......keep this mantra in mind.
If you want to negotiate then you've got to communciate (by telephone).
.
I am not being a hard ass but you've got to do you homework.
And you've started to, congrats!
My advise to you is read, read and read some more these great forums.
Then you'll decide on the plan of action that's best for you!
Lots of us have done the debt settlement route and been successful at doing so.
We want you to be successful also!
Here's a good mindset for you.
1. Take ownership of the debts..
2. Divorce the debts.
3. Attack the debts.
4. Destroy the debts.
Hope this helps.
We are glad that you found the forum so we can pay it forward.
Regards,
King "Kash" Jabba Labba
ps: go ahead and register, it's painless!
:D
I agree with the King. If you bring up settlement talks too ear
I agree with the King. If you bring up settlement talks too early I think it would waive red flags for them. This settlement thing is kind of a dance. You have to show them over and over again that you have a hardship. If you jump to settling this soon they may think you are just trying to strategicially default and sue you sooner. The calls will get a little hairy toward the end but it will be over sooner than you think and just keep the end game in mind.
As for the companies - I had 2 Cap One accounts. One was my first settlement at about 90 days late, the other was my last settlement and was very difficult. It was charged off and then sent to another collection company who finally agreed to settle the last day of a month so they could hit their quotas on collections. I also had a Chase and B of A and they were rather easy.
Good news is that everyone from beginning to end was nice to talk to when I was nice to them. No one yelled at me or belittled me. Some were more curt than others but nothing bad.
Oh as for writing letters - don't bother. I did that and I only got form letters in the mail a couple of weeks later stating they received the letter and to call in to discuss the matter. Waste of time and money at the post office.
