Here I Go

Date: Tue, 01/19/2010 - 06:04

Submitted by anonymous
on Tue, 01/19/2010 - 06:04

Posts: 202330 Credits: [Donate]

Total Replies: 4

I had posted a small summary of my situation earlier. I have started today on my journey to settle our credit card debt. We had called each credit card at the first of the year to explain our situation. They had offered my husband a deal in which we would would pay 2% interest for 5 years. Husband agreed but did not get it in writing. Now we have nothing and I'm taking over. Going to try it alone. I have put together a letter and an agreement to terms in which I am offering 0%interest for 10 months then 5% over the remaining balance. Plus any derogatory marks on are credit are to be erased so I can continue to apply for a personal loan to take care of all of this. Is this stupid or should I just go for an outright settlement. We will be getting our income back soon and it is always close to $10,000 so I will have a bargaining chip then.
Currently only 45 days late.
Here are the accounts
BOA....18500
BOA....8650
Chase..11200
Chase..17500
Farm Plan..4550
Any Advice for Rookie?

I am assuming that all these accounts are in default hence the d

I am assuming that all these accounts are in default hence the damage has already been done to your report. I personally would have preferred the settlement route over anything else and still negotiate for 'pay for delete'. Remember that it is the choice of the creditor or the collector to agree to that option.

lrhall41

Submitted by SC on Thu, 01/21/2010 - 03:35

( Posts: 3937 | Credits: )

After talking it over again with my husband we think we will hol

After talking it over again with my husband we think we will hold out for a settlement from the 4 biggest cards and negotiate a rate reduction for the farm plan. Since the damage has already been done what the heck. My next problem will be coming up with the settlement money since I know it will be over the income tax return. Anybody know a good company in which to get a bad credit personal loan?

lrhall41

Submitted by on Thu, 01/21/2010 - 09:37

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You have around 60K in debt, I would take 25% of that which is 1

You have around 60K in debt, I would take 25% of that which is 15K and use that amount to try and settle with. BOA is real easy and Chase is pretty good also. BOA offered me 20% settlement after 150 days, I didn't even ask.

lrhall41

Submitted by on Fri, 01/22/2010 - 02:05

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Message for SC

SC,

I tried to send this in a PM, but its saying that your mailbox is full. Hope you get this. Thanks in advance.

Hello,

I noticed in a post you made that you referenced including the term 'pay for delete' in the settlement letter offer one might send to a CC. Is there specific language for that section of the letter.

I read through the sample letters and didn't see anything referencing 'pay for delete'. I assume it means that if I agree to pay a certain settlement offer, and you (the CC) accept it, that you will delete something (not sure what) from my credit report. Is that correct?

Any information (or even an instruction thread that I may have missed) on this topic would be greatly appreciated. We are just starting this journey, and I am doing my best to document our experience every step of the way in a thread I started.

Thanks for all your help and support,

Don

lrhall41

Submitted by TOCOF on Fri, 01/22/2010 - 05:07

( Posts: 16 | Credits: )