Settlement without missing payments?
Date: Tue, 11/22/2011 - 09:28
We have been doing the Dave Ramsey plan for 2 years now and have paid off a lot of our credit cards. We are now left with these:
Total:
It was going fine till I got pregnant and very ill through my pregnancy to where I have been unable to work at all. Baby is due in 3 weeks and I will not be returning to work.
Reasons we are at the end of our rope:
[ ] Having another kid, increasing monthly expenses and will have thousands in medical bills (which we will apply for finaid for)
[ ] Husband has tried and tried and can't get a second job. Is a firefighter making $40k a year.
[ ] Used up our savings
[ ] Sold everything we have to sell
[ ] Already did a home loan modification for both our mortgages
[ ] Can't get out from under our house to live somewhere cheaper, owe $62000 more than it's worth
[ ] Borrowed money from our parents
[ ] Put student loans on forbearance already ($400/month on $60k in loans)
We are getting a nice tax return, so I want to settle all our credit cards to be paid off end of January when we get the returns.
Here is my question:
Can I try and get a settlement out of Chase and Citibank when we have not missed a payment yet? Anyone out there had luck with that?
My dad settled with Citi and Chase at 35% but hadn't been paying forever. Just want to know if they will even negotiate anything with me for a lump sum when we are current on everything, though this month is probably the last month we can remain current.
Have you just thought of filing bankruptcy and just walking away
Have you just thought of filing bankruptcy and just walking away from the house? You could rid yourself of the credit cards and get a fresh start. Use your tax return to pay for the bankruptcy and deposit for a new place.
No, we are going to try to avoid bankruptcy if possible. We like
No, we are going to try to avoid bankruptcy if possible. We like our home, so being stuck here isn't so bad. I also noticed my number didn't show up on my original post so they are here:
Chase: $1600
America First Credit Union Visa: $4200
Chase: $4400
Citibank: $9500
For a total of about $19,500 in credit card debt.
Also, has anyone out there tried to negotiate with a local credit union?
FYI on the credit union....if you become late on your payment wi
FYI on the credit union....if you become late on your payment with them, they will offset any deposit accounts you have. So, I would suggest moving any funds you have with them.
Credit Unions can be difficult to settle with.
Yeah, luckily we don't have any assets period. I called them tod
Yeah, luckily we don't have any assets period. I called them today and they offered me a 75% settlement with just giving them our financial info. I will see if I can get that lowered.
"Can I try and get a settlement out of Chase and Citibank when w
"Can I try and get a settlement out of Chase and Citibank when we have not missed a payment yet? Anyone out there had luck with that?"
It ain't gonna happen until you are late.....mine settled at 150 days.
