And so it begins...

Date: Fri, 03/23/2012 - 11:36

Submitted by thephilipj
on Fri, 03/23/2012 - 11:36

Posts: 10 Credits: [Donate]

Total Replies: 6

I've received a lot of guidance and advice through the posts on this site, and I appreciate everyone's help. I've found myself in a nasty situation and have decided that the only way forward is to stop my minimum payments on my debt in hopes of settling which each creditor. Currently I have an OK credit score (670) because I have never missed a payment before, but it's about to drop.
After rent, debt payments, and monthly living expenses, I only have $7 in my account, which sucks. I believe settlement or Chapter 13 are the only options I have, but I don't want to file Bankruptcy and I don't want these accounts to turn into charged off accounts.
Debt picture:
Creditor- Minimum Payment Balance
Discover- $40- $1000
Wells Fargo- $100- $5000
Chase- $40- $1100
Justice Federal- $590- $26,813.33
Credit Union
Lending Club- $350- $14000
Lending Club- $300- $7000
While I'm not making my payments, I am doing the best I can to save up money to settle. However, I'm really worried about JFCU and Lending Club. Anyone have any advice for me on those creditors?
Encouragement and tricks of the trade are helpful too! Thank you for your help.

You may try to contact with your creditors and settle your debts

You may try to contact with your creditors and settle your debts on your own. Look at this page to know how to do it yourself:
http://www.debtconsolidationcare.com/steps.html

lrhall41

Submitted by Tyler on Fri, 03/23/2012 - 23:42

( Posts: 269 | Credits: )

I suggest you take care of the Justice Federal and Lender's Club

I suggest you take care of the Justice Federal and Lender's Club accounts first. Other than that, you might have a bit of trouble negotiating a settlement with Discover.

lrhall41

Submitted by StevenDoyle on Sat, 03/24/2012 - 04:21

( Posts: 199 | Credits: )

question

thank you for your tips. I am not sure if Lending Club would accept a settlement, since they are a peer to peer lender. Anyone have any advice?

lrhall41

Submitted by thephilipj on Sun, 03/25/2012 - 11:14

( Posts: 10 | Credits: )

Update

Its been a little over 30 days since I've made my last payments. Since then I've received close to 3 calls a day, letters, and emails from lenders. I have yet to respond to them, and I am wondering how long I should hold out.

Advice?

lrhall41

Submitted by thephilipj on Tue, 04/24/2012 - 09:28

( Posts: 10 | Credits: )

90 days past due is usually a good place to start when making se

90 days past due is usually a good place to start when making settlement offers.

lrhall41

Submitted by OhioGal1 on Tue, 04/24/2012 - 09:58

( Posts: 5253 | Credits: )

looking for some more help

I am currently 57 days past due on my Justice Federal Credit Union personal unsecured loan. I have received about 7 letters, 15 phone calls, and 2 emails from the creditor to which I've returned a phone call once and email once.

Things got interesting today when I received an email from the senior collector stating, "further possible legal pursuit of your account once it goes 60 days past due on May 13th. It is imperative that you contact us and make payment arrangements right away."

This loan has a balance of 26k, and I have no means to pay it nor do I have the funds to pay the minimum monthly payment.

I understand that it says "possible" but WHAT should I do? Bankruptcy is not an option for me.

lrhall41

Submitted by thephilipj on Thu, 05/10/2012 - 07:00

( Posts: 10 | Credits: )