Stopping payments next month, looking for some advice
Date: Sun, 07/19/2009 - 08:05
Hi, just looking for some advice on how to start the settlement process. I'm stopping payments as of next month to my creditors, and am wondering how best to hand the time between now and when I'll be in a position to settle. The breakdown of my debts is:
Citi: 24,000
Amex: 12,000
BOA: 7,000
I'm going to try to sock away as much money as I can in order to be prepared for settlement, but am wondering if I should call my creditors before they start calling me about the non payment? Or is it best to simply let it go and wait for the first call?
Thanks, these boards are great and I'm glad that there can be so much honest conversation about these issues.
Citi: 24,000
Amex: 12,000
BOA: 7,000
I'm going to try to sock away as much money as I can in order to be prepared for settlement, but am wondering if I should call my creditors before they start calling me about the non payment? Or is it best to simply let it go and wait for the first call?
Thanks, these boards are great and I'm glad that there can be so much honest conversation about these issues.
I would wait for them to call, it won't be long. Discover called
I would wait for them to call, it won't be long. Discover called me after 6 days late. Save your money and take a phone call now and then and tell them your situation. I have saved about $14,000 by not paying them the last 3-4 months. If I had the money I would have paid, not having it made the choice very easy.
