need advice (help!)
Date: Thu, 05/19/2011 - 18:42
16,0000-Boa (now with cfg for about 6months)
18,000- usaa (default for 6 months)
3.5k- usaa (current)
3k - chase (current)
1k - kays (current)
i want to desperately settle on these accounts but do not have the funds to do so. im now in a position where i can save some cash monthly to be able to in the future along with any tax return monies but i would of course have to not pay on the 3 cards that are current. my concern is that the first two accounts are so passed due that by the time i have the funds to settle ill be in the process of being sued/garnish wages etc... any advice from you guys would much appreciated...
Hi! Welcome to the forums! It is evident from your post that y
Hi!
Welcome to the forums!
It is evident from your post that you have defaulted on 2 accounts. If you don't have sufficient funds to repay your debts, then I would advice you to go for debt consolidation program. This program will help you consolidate your debts into an affordable single monthly payment. You can also negotiate an alternative payment plan with the creditors/collection agencies after explaining your financial situation to them. You should keep on making payments on the other 3 cards. Otherwise, the negative items on your credit report will increase and your credit score will drop further.
Regardless of whether you choose to go for a repayment plan or a
Regardless of whether you choose to go for a repayment plan or a debt consolidation program, you'll need to have a fair idea of your current financial situation. Unless you can explain your current financial obligations to your creditor or your credit counselor, you'll not be able to show them through your current financial strength. Once you succeed with that, you'll be able to pay more consistently towards your debt.
Thanks for the replies. a debt cosolidation is not an option due
Thanks for the replies. a debt cosolidation is not an option due to the payment being in the 600 dollar range and no one will give me the loan due to my credit. I have sent out a debt validation to CFG. My plan is to negotiate a settlement with them if they can provide verification. Sadly at this point im conerned less with my credit score and more with settling and being done with credit cards altogether.