settlement journey
Date: Mon, 10/19/2009 - 07:07
I have reached the end of my rope on credit cards. Our interest rates are all sky high which is making it impossible to pay anymore. With a small loss of income, raised taxes and health insurance, as well as stupid decisions, I'm ready to cut my losses and try to settle. I've read this forum for hours trying to gain information.
Here are the stats:
Amex: owe 70K over two cards
Chase: owe 15K
Citi: owe 20K over two cards (one is a Sears card)
Also have a BOA for 22K but don't want to settle that one. We bank with them. I am afraid that if we default, they'll go retrieve their money from my account.
My concern is that it will take 21-24 months to settle those cards at roughly 40%. Chase is currently late by two weeks; one Amex is late by one week. But the rest will be late as of the first of the month.
It's either this or a Chapter 13 with 100% repay (based on an online means test).
Anyone have current experience with these cards? Particularly Amex?
Here are the stats:
Amex: owe 70K over two cards
Chase: owe 15K
Citi: owe 20K over two cards (one is a Sears card)
Also have a BOA for 22K but don't want to settle that one. We bank with them. I am afraid that if we default, they'll go retrieve their money from my account.
My concern is that it will take 21-24 months to settle those cards at roughly 40%. Chase is currently late by two weeks; one Amex is late by one week. But the rest will be late as of the first of the month.
It's either this or a Chapter 13 with 100% repay (based on an online means test).
Anyone have current experience with these cards? Particularly Amex?
I had a couple of the credit cards but I filed Chapter 13 and ha
I had a couple of the credit cards but I filed Chapter 13 and had to convert to a chapter 7 because I could not afford the payments on the 13 no longer. Have you contacted a lawyer concerning Chapter 13 not sure if that's all you are planning on including but I know with mine my lawyer got his money first and then my secured debts were next and I'm pretty sure the credit cards ended up with about 10% each. So I would say go talk to a lawyer and then see what is the best way to go.
I would have to agree, I think an attorney is your best option a
I would have to agree, I think an attorney is your best option at this point.
