Buying time for settlement?
Date: Wed, 02/09/2011 - 19:01
2 cards with Chase around 10k and Wells Fargo at 17k.
I am on a 9 month reduced payment plan with Chase that will expire next month but I am current on that plan and Wells Fargo apparently will not negotiate much and I am already 120+ days behind with them. Wells wants 200 next week and another 200 by the end of the month and then 400 a month for the payment.
I would like to just do a settlement even at 50% right now but the only funds are in a 401k and I just paid off a loan on that so I have a 6 month waiting period. What is the best way to go about this? I don't want Wells to sue me before I can reach a settlement. When should I stop paying chase (I can't even afford it after next month).
Should I pay Wells some money now and take my luck to try and keep buying time for 6 months? I wish 401k HARDSHIP was when you can't meet your monthly obligations.
Thanks everyone!
I don't think Chase will agree to settle the debt unless you are
I don't think Chase will agree to settle the debt unless you are delinquent on it. You can try to settle the debts with Wells Fargo as you're already late on the payments. But the lack of money might cause of money. Try to earn and save some money. You can even take out a personal loan from your family members and pay them back later on. Contact Wells Fargo and negotiate settlement. If you can't negotiate, get help from a professional debt settlement company.
Any other help? I understand Chase won't negotiate right now bu
Any other help?
I understand Chase won't negotiate right now but next month I will not be able to pay and we will start the 120+ process so I can get to negotiation. I have no family to borrow funds from just the 401k.
I need to figure out the best way to delay Wells from suing. As of yet they still have the account (probably in their own collection department). They have not sent it to outside collections. I would contact them for negotiation now, but it would be counter productive to say I need to settle but can pay in 6 months.
Will paying them $100 month for a few months be ok? They told me I need to pay $400 but I can't afford it. I just want to keep them reeling for 6 months and then negotiate. Any ideas?
Thanks