Starting the debt settlement process

I was in the same situation (house, 2 cars and a bunch of credit cards). So far, most of the credit cards have either already been settled or in process. Only AMEX sent it to an attorney after 90 days and are suing me (still very early in the process). So remember, it's always a possibility and a risk that you need to calculate.

I just finished the journey and the only thing I would have done different would be to better research the different credit card companies do settlelemt business. BofA was a breeze and Citi turned me over to a collection firm a little over half way through so tactics had to change which caught me off gaurd and of course the stress levels went up.

Credit card companies will sue if they think it is worth their while or they will charge off and sell to collection attorneys who will sue. Credit card suits are pretty much an open and shut case. You spent, there is a record and you did not pay. HSBC and Capitol one will sue every time, HSBC is also Orchard Bank. HSBC will not make arrangements to stop a suit either.

We recently settled with Citi, Chase, Discover and BofA and throughout the process we continued to pay our mortgage and car as agreed. The card companies knew it but never seemed to question it.

Good luck.

In this economy many are happy to recover anything yet others won't stop until they sue and get a judgement to ruin your credit!

I settled with Citibank, 2 Bank of America accounts, Discover, Chase, and negotiated payments with CRAP One while making my mortgage and car payments on time. You certainly don't want to be late on your house, and you need your car to get back and forth to work.

They never questioned those payments; just my employment, salary, hours, etc.

Have a boa-the snake mortgage and had a boa "gold" option line of credit.

They never asked about the mortgage.

In fact recalling my journey, none of the ccc's asked about my mortgage.

Go figure?