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DIY When is the best time to make contact & try to settle?

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I'm so glad I found this website. For the last 2-3 months I've been educating myself about all the options I have out there and decided to go with a debt settlement company. But when I I found this forum/web I built the confidence on settling my debt myself. I'm currently up to date with my unsecured debts but wont be able to pay any ofmy credit cards this month. I wanted to ask you all when is the best time to call and try to settle my debt with the credit card companies? I depleted all my savings so I have nothing at this moment but should I let the companies marinate and miss my payment for 3-4 months or should I make contact with them now and let them know my situation. I'm projecting that I'll have 40% of the equivalent of my total debt saved up in 4-5 months. What should I do?

I'm not certain how to advise you in this matter but I wanted to acknowledge your post, please keep checking back for replies. :)

Sub: #1 posted on Sun, 09/07/2008 - 09:12

Shazzers Shazzers
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(Posts: 17345 | Credits: )

I'm stretched out as far as I can and I wish I cound pay the minimum as long as I can since its just fair since I did borrow that money. I reached the end 3 months ago but found a way to pay the co. for another 2 months. Most of my debts are from BOA, citi, chase & GEmoney totaling about 90k. The highest is 22k, two 17k the rest are 5ks or lower. I have no assets but a car that's for sale & my house which is woth less than my mort. I know I can speak to those co. but I'm still very scared.

Sub: #2 posted on Sun, 09/07/2008 - 09:54

rjriv rjriv

(Posts: 4 | Credits: )

Scared about what?
Do you have your health?
Be strong....tell the truth....
Even if a creditor tries to sue you.....answer the phone, open your mail.....make deals.....learn to live within your means.....
Good luck!

Sub: #3 posted on Sun, 09/07/2008 - 11:38


I guess you aren't getting a whole lot of answers here. I am sorry to say I myself am in this bind and came here looking for some answers. I hope you get a reply soon. Good luck.

Sub: #4 posted on Sun, 09/07/2008 - 12:27

fireyone_02 fireyone_02

(Posts: 73 | Credits: )

Best time to offer settlements is always after 120 days late. The absolute best time is just before charge off at the end of the month....meaning the creditor would need payment before the 180th day. Some creditors will discount highly like can expect at least 50% off and as much as 70%. However....don't tip your hand before 120 days as some creditors are much less to settle before then.

Sub: #5 posted on Sun, 09/07/2008 - 13:35


Thank you. That gives me more time to save my money. I'm so glad I decided not to go with a debt settlement co. since they take all the fees up front and there will be very little money saved to use for negotiation until the second year. Also I never felt secure with these co.s. It all sounds so good but i could never pull the trigger and sign with any of them. Thank you all

Sub: #6 posted on Sun, 09/07/2008 - 21:46


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