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Please help! $50K+ to Settle over 9 cards: Questions for the experts

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Hello to all-

Never thought I would be in this position as I've never defaulted on anything in my life caught business partner in a scheme to create new LLC and steal company. As a result, I am now dealing with $50K+ business debt spread out over 9 personal cards.

I have been playing various scenarios in my mind but of course, the more I read online, the more questions arise.

Questions:

1) Would it be advisable to exhaust remaining credit on these cards in the next 1-3 months before defaulting?

2) Some of the cards have smaller balances ($2K or less), should these be balance transferred to cards that still have remaining credit so that ultimately there is a lesser amount of charged off accounts? Example = I have 4 Chase cards, should these be transferred to just one card if possible?

3) I have read that credit card issuers frown upon settling accounts that contain balance transfers. Does this apply to all issuers or are some more lenient than others?

4) Account Ive had longest is a Citi card. Currently has $13K+ balance. Would it be advisable to transfer this $13K to other cards in order to keep this account open since it's the oldest?

THANK YOU




Hi Advil,


This can happen to anyone, just so you know. I'm glad you're taking the time to get a better understanding of your situation.


To your questions...


1) Most definitely not.


2) Interesting thought, but no. That will only complicate things due to the recency of the transfers.


3) They do. Which is why I'm recommending to avoid doing so.


4) Good question, but no. Again, the recent transfer will complicate things. Furthermore, the settlement of your other accounts may cause closure to the Citi account. And if not, then probable reduction to the credit line.


Please feel free to follow-up with any questions.


Sub: #1 posted on Tue, 05/14/2013 - 07:23

Jared Strauss Jared Strauss

(Posts: 74 | Credits: )

Advil, Did you settle with your creditor? if not, I can help get rid of some of the debts. This is not a marketing advert or anything, just personal.
Gerald
Personal Email Removed

Sub: #2 posted on Sat, 02/01/2014 - 03:35

geraldcella geraldcella

(Posts: 4 | Credits: )


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