Pick and choose what accounts to settle
Date: Thu, 04/23/2009 - 19:00
I currently have 2 accounts with boa for 23000 total,which is a little under half of my total ccard debt.I have a chase for 8400 and a juniper for about 9000.I would like to settle those accounts while continuing to pay on a couple of citi cards and a discover which total about 11000 alltogether.Now i have a job and my wife works also,we have just overextended ourselves and looks look either this or bk.Would this work or possibly a better combination would be to include the citibank and keep the juniper as i dont know how juniper does in settlements.I want to settle enough accounts so i have enough cash flow to pay the others off as i should,doesn't really matter what combination it is.Is this possible or would i need to go whole hog and do them all.I dont want to start this and then wind up getting sued over one or two accounts and having to file bk on top of all these past due accounts i will have on my credit report,thank you
First of all, you must have funds in hand when you want to settl
First of all, you must have funds in hand when you want to settle. So you have to plan in advance. If you want to settle some now, some 6 months from now, you have to let them go past due in that order.
When you finally negotiate a settlement offer you may have to pay it all in full immediately. Payment arrangements are not always offered.
So what you have to do is forecast the funds you can scrounge up and go from there.
Discover may start offering settlements as early as when you get to the 2nd month past due. Citi will tell you not until 120 days but they may put your account in collections long before that. B of A I have no experience with.
Good luck
