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Working with Credit Card Companies

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First of all I made the huge mistake of signing up with a debt settlement company. By the time I realized this I was already about 3 months behind on Cap One( 2 accounts ) Citi, Discover, and Wells Fargo. Discover worked with me and I will be up to date next month. I thought that Cap One was working with me but I received a default notice with them even though I have been making all of the payments that we schuedled. Citi is accepting partial payments but keep raising the min amount due. My question is will these companies ever back down so I can get the accounts current. I keep telling them that I do not have the money to bring them current but I can make payments monthly to them. I just not sure how to proceed with them I dont have lump sums to negotaite a settlement I just want to catch up and make monthly payments. Has anyone else out there expierenced this problem and how did you get the companies to work with you. Thanks

Welcome to the forums!!
I haven???t personally dealt with these companies before. Try to explain them about your financial condition. It fully depends on your negotiating skills.

Good luck!!

Sub: #1 posted on Fri, 09/14/2012 - 04:45


What kind of balances, minimum payments and interest are you looking at for each?

Have you asked to be put on a hardship plan?

Sub: #2 posted on Fri, 09/14/2012 - 06:08

OhioGal1 OhioGal1
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Add up your credit card balances you mentioned above.
Can you come up with 1.8 to 2.2% of the combined balances monthly - with confidence? Is your income dependable?
If you can, lets talk about how to get them all to agree to a lower monthly payment plan that you can afford.
If you cannot, lets talk about how to do settlement on your own successfully using all the resources on this site.
In addition to Ohio's question, please also indicate how many months past due each account is. This can matter with some creditors.

Sub: #3 posted on Fri, 09/14/2012 - 08:08

MichaelBovee MichaelBovee
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