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1. Is there a recommended amount of time to wait before approaching a credit card company for a debt settlement? In other words, if you stop making payments to the credit card company today, is it best to wait 3 months, 6 months, 0 months?


2. Will you be able to ask for a debt settlement if you have assets? I have an RV worth $10K and a second car worth about $3K. Would they insist that I sell these before discussing a credit card debt settlement?




1. The debt is charged off at 3 months. You could start at 2 months but the offers won't be any good. After 3 months you generally can't repair the damage from the charge off fully on your CR but the offers get better. 5 months is the sweet spot for the best deals I think. After 6 months the OC is probably out of the picture.

2. The OC and the CA probably has no clue what your assets are especially the RV. You definitely do not want to disclose that information either. If you are sued they might come into play though.

Sub: #1 posted on Thu, 09/11/2008 - 13:05

DOLLARSandSINCE DOLLARSandSINCE
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?? The debt is definitely charged off at 180 days (6 months). I am not sure where/why it would be charged off at 90 days (3 months).

I agree. Do not disclose any assets you have. Besides, I don't think they can make you sell your assets unless it is court ordered - usually thru a BK.

Sub: #2 posted on Thu, 09/11/2008 - 13:25

desperatelyseekingsanity desperatelyseekingsanity

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Sorry I screwed that up. The debt is charged of at 6 months 180 days like desperatelyseekingsanity said. Thats why the sweet spot is 5 months. You get in before the charge off. After 6 months the OC is out of the picture or will be soon.

Sub: #3 posted on Thu, 09/11/2008 - 13:32

DOLLARSandSINCE DOLLARSandSINCE
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