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Questions about DIY settlement and bank accounts, credit score, blacklisting, and if they can take money from my account

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I currently have 54k in cc debt, 19k in personal unsecured loan, 2 mortgages, 1 car lease. I am having trouble paying for the unsecured debt and BK is not an option as I cannot lose my house (and other mortgage is my moms home that my brother pays for who is also on the mortgage).

The 54k is split between 7 cards. 17k with chase, 12k with unionbank, 7k with amex, 8k with citi, 2k with bofa, and 2k with bestbuy. I have 0 late payments on my account thus far but my credit is taking a big dip because of this. all cards are maxed. I have been trying to secure a loan to pay off everything and have 1 payment but keep getting declined or pre approved for less. I already took the 25k loan from sofi two years ago (not at 19k) but it wasnt enough to pay it all off so got me stuck, i cant do that again.

My questions:

  1. Do I stop paying all of my unsecured debt?

  2. I wanted to keep paying on the Amex and Citi as 1. Amex i heard never settles, 2. both cards are my travel cards and I would like to keep them in the future.

  3. Will doing a hardship with Amex hurt my credit and also blacklist me from amex?

  4. I know black listing is a possibility, with chase, I also have an autolease with them. Will they black list me on future lease as well? or would it be only for credit cards and unsecured loans? They are the only company to offer a lease for subarus

  5. I have 2 joint checking accounts with my sister and mother. Is there a chance they can withdraw from either of these accounts? the joint with my mother is held at union bank as well where one of my credit cards is.

  6. Also my credit score. Since its taking a dip now, having a lease, keeping the amex and citi in good standing, and the 2 mortgages, will my credit have a chance of bouncing back sooner?

Do I stop paying all of my unsecured debt?


.Amex i heard never settles,

Haven't heard anything like that.

Will doing a hardship with Amex hurt my credit and also blacklist me from amex?

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Sub: #1 posted on Thu, 01/18/2018 - 03:49

(Posts: 3937 | Credits: )

I would say if you know a knowledgeable person about daily finances, have a discussion. If you feel, you can take professional help.
First of all what you need is planning your finances, planning a realistic budget, practicing a realistic frugal lifestyle and having a brief knowledge about the available debt payoff options and how to be current on other loans.

Sub: #2 posted on Thu, 01/18/2018 - 05:44

Mabelle Page Mabelle Page

(Posts: 295 | Credits: )

Hi, I'm a debt Advisor with a settlement company in NYC, full disclosure, but I will say this: if you enroll in a settlement program for your unsecured debts, in no way do you have to enroll all your cards. If you want to keep a couple, you can. Will your credit take a hit? Yes, absolutely. But, if you keep a couple of cards open and stay diligent on them, that will help ease the blow to your score. Also, it's been my experience that getting blacklisted is not an actual thing. Most of my clients are able to secure a line of credit with the same creditors within a year after debts have been settled.

Sub: #3 posted on Thu, 01/18/2018 - 14:24

August Urbish August Urbish

(Posts: 3 | Credits: )

Debt settlement can be a good option for the unsecured debts. It is better for you to enroll in a debt management program, the expert will guide you. Also, it will take time to recover a good credit score. After getting out the debt problem, make sure you don't accumulate further debts.

Sub: #4 posted on Fri, 01/19/2018 - 05:05

Sanders Patricia Sanders Patricia

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