Debt settlement ?'s

Yes Chase can go into your account and empty it if you default, or get behind on your credit card. Chase is ruthless.

Yes, your money will go into escrow to settle each card. You do realize that your credit scores will tank and there is always the possiblity of being sued

See my post on how to choose the right debt settlement company. Link below
http://www.debtconsolidationcare.com/settlement/right-company.html

Chase and BoA will settle fairly easily. Discover is trickier, since your balance is so low compared to the other 2...I would pay off discover right now. You probably can't afford to do that just like that, if you can then do it. If not, stop paying on all of them and save up to pay them off. If you wait 6 months to pay discover the fees and interest really lower your overall savings to almost nil. Then having paid them, work on saving for the other 2 to settle at 150-180days.

Superior Debt called me yesterday and offered me a 36 month plan of 436 per month, includes all fees, no up front fees. sounds pretty good.

1. Yes, Chase can and will go into your account. You will need a new checking account before you start the debt settlement process.
2. No, as long as you make those payments they have nothing to do with your unsecured debt.
3. Yes, you will pay into an escrow account. The payment could be the same or not.

Please read my blog on how to choose a debt settlement company. Do not pay any up front fees! Their are plenty of companies that only charge on the back end (a percentage of the savings). You can so it yourself as well and save a lot of money.

36 months is too long. You will get sued. If you can pay off Discover now then do it. You have $28K now x 60% = $16,800 / 24 months = $700 a month. If you take the $750 you pay now and stick it in a savings account you can have everything settled in 22 months or less. B of A can settle for 30% and Chase around 50%.

1. My primary checking acct is with Chase, can they go into that acct??

Yes, Change to a different bank.

2. I have 2 Leased vehicles, will that effect anything??

Defaulting should not affect your current lease. It will affect your ability to get a loan later on to purchase those lease vehicles. It could also cause problems if you attempt to make a new lease. On a side note, leasing in general is usually bad for the customer. I would suggest purchasing an inexpensive used vehicle that is 3 years old or so.

3. If I do go with with a company I will start paying them instead of CC to build up escrow?? If yess will it be less then what I am paying now??

Your payment will be less because they will calculate it off a 40% settlement amount or less plus fees. There is no guarantee that they will ever settle though and many bogus companies will just take your money and run.

thanks for all the info. also another quick question, I was planning on keeping discover card as my emergency card, do u think they will do anything my account if i go thru with credit settlement, I would be paying off discover on my own.

There is a risk that your other creditors will see that you are paying Discover on time and therefore be less reluctant to settle. Discover will not care as long as you keep paying them on time. What do you owe Discover? Can you pay them off before you start debt settlement?

even if you keep paying the discover card they likely will lower your available credit to basically what you owe therefore leaving you no emergency room to use it.