$40K Debt/Considering Debt Settlement
Date: Fri, 07/30/2010 - 03:26
I am currently current with all payments. I'll be honest and say that I can pay minimums while struggling a little bit, but I simply want to be able to keep my hard earned money and don't have any money leftover after making minimum payments.
I don't have a story to tell the creditors that I've lost my job or went through some bad medical experience.
I have been very good with my credit, but went through a lot of personal hardships that ballooned my debt to almost 40k.
I don't have any assets (no house, maybe $200 in stock) with the exception of 1999 SUV that's probably worth less than 1k.
Considering either doing myself or going with a reputable settlement co in California (any suggestions).
My debts are as follows:
AMEX 18k
BOFA1 3700
BOFA2 5600
CITI1 2800 (account closed by CITI)
CITI2 7k (account closed by CITI)
US BANK 6k
Can anyone please share their expriences with these banks?
I would say did it yourself....although either way you look at i
I would say did it yourself....although either way you look at it, AM EX could end up being the big problem. They and citibank sue very frequently.
IF you are going to do debt settlement then you need to do it yo
IF you are going to do debt settlement then you need to do it yourself. I would not hire a company to do it.
The only bank on your list I have experience with is B of A and they were very easy to settle with, but my income had dropped 70% and I was looking at bankruptcy.
If you are leaning towards debt settlement, by all means do it y
If you are leaning towards debt settlement, by all means do it yourself.
As DFTB has stated, boa-the snake was really easy.
Mine went to 120 days and I settled for 30.1%.
Citi was not too difficult to settle either.
Got 45% on the little ones and 35% on the jumbo one and this was at 95 days.
Can't help you with the others.
Good Settling,
King "Kash" Jabba Labba
Hello Help me....that is how I felt when I came here in June....
Hello Help me....that is how I felt when I came here in June.....I too only have experience with Citi and BOA on your list. Both were the easiest.....chase was okay too......cap one was tougher....but from my experience most of them will settle if you wait long enough but not too long.....90-120 days!!! good luck and come back and post your progress!!!
I'm still trying to figure out what my options are. Can anyone
I'm still trying to figure out what my options are. Can anyone provide some advice on whether to do all this at once or if is it okay to settle each one over time as funds become available? How does both options affect your credit in the long run? Thanks
Quote:Originally Posted by AnonymousI'm still trying to figure o
Quote:
Originally Posted by Anonymous I'm still trying to figure out what my options are. Can anyone provide some advice on whether to do all this at once or if is it okay to settle each one over time as funds become available? How does both options affect your credit in the long run? Thanks |
You can probably settle for 30% to 40% of the balance. So, can you come up with $12k to $16k in the next 6 months? It will destroy your credit, but you can get to work repairing afterwards.
You have 6 months until cards charge-off, and we all recommend settling before charge-off, although you can settle after chargeoff, but you risk being sued.
I would settle everythign at once if you can afford it. But if you need more time, you might want to consider not paying on half of the accounts and then wait a few months and stop paying on the other half. This will give you a few more months to pay half of your debts.
The other option you have is after you are 90 or 120 days late, the banks will offer you a hardship plan with a low interest rate and 5 year payment plan to pay the balance in full.
AMEX 18k BOFA1 3700 BOFA2 5600 CITI1 2800 (account closed by
AMEX 18k
BOFA1 3700
BOFA2 5600
CITI1 2800 (account closed by CITI)
CITI2 7k (account closed by CITI)
US BANK 6k
Can anyone please share their expriences with these banks?
BOA will be easy, they are flexible people.
AMEX is your biggest concern, save $$ for them to settle, i hope they will never turn your debt to Zwicker law firm who usually handles them and demands minimum of 58% settlement.
From the trend i see in my company, CITI will/may send you 25% settlement offers after 4-5 months, right before they charge off you debt as bad one. Good luck to you!
I recommend settling all of them at once if you can. I had trou
I recommend settling all of them at once if you can. I had trouble with my last one (cap One) because by that time the others were showing 0 balances and they felt that now those were gone that I should be able to pay them in full. They knew at that point I was not going to file bk over that one account. So I informed them that I had a ton of business debt not on the credit report that was causing the bk filing and I just wanted my personal stuff settled. It worked but it was a hard pull. The card charged off and then after 4 months in the recovery department was assigned to a collection agency where I finally settled because they were trying to make some month end goal. Thank God for the last week of the month. LOL
I would call 866-833-6398 they can get you a deal at around 20-2
I would call 866-833-6398 they can get you a deal at around 20-25 percent of what ever you owe.