US Bank won't settle?
Date: Sat, 11/12/2011 - 09:29
I'm new here but have learned a ton by reading the forums so thank you! We got ourselves up to our eyeballs with cc debt (80k) mostly due to a medical emergency. My husband has a good job, I have a commission only job where my commission varies wildly from month to month. About 18 months ago I got a second pt job to help keep our heads above water. Well with my husband working 55 hours a week and me working 55 hours a week between my two jobs plus keeping up with our 4 kids - something had to give. The so last April I quit the second job (it would have cost more to pay for summer childcare than I would have earned anyway). I had a good summer with my first job so we were OK until about August and I fell behind on our payments. We started exploring bankruptcy (Chapter 7) but we just barely don't pass the means test and the limit just went down again November 1 so I think we're out of luck there. We've explored a 13 but I just don't think we can commit to large monthly payments for 5 years, especially not knowing each month how much I will make.
So we've started exploring the idea of a settlement. My parents can lend us about $30k to use towards settling. Our big balance is with BofA for about $57k and we are about 90 days out. Their first offer was for 50%. I said no and called back a few days later and they offered 40%. I'm hoping to get them down to 25% so I will keep calling. This morning I called US Bank our other one and we owe about $20k. We are 75 days out on that one. They said they don't settle until you are 6 months past the last purchase on the card. So that means they won't work with us until February. I was really hoping to get this over with and wrapped up before the holidays because it is SOOOO stressful! Has anyone had this experience with US Bank? I 'm going to try to call back and see if I get another rep. The only thing they would do for me is enroll me in a hardship program for $320 a month which would be really hard to do. And I'm worried that if we did that, when we went to settle in February they would say, "Well you're not having any problems with the $320, why should we settle?"
Anyway, any advice or experiences you could share would be very much appreciated!:)
This is just to acknowledge your post. Our forum experts will so
This is just to acknowledge your post. Our forum experts will soon give a reply to your question. Bank of America may offer you a better settlement deal, but I can't say any thing about the US bank.
Have you done a search of the forum to see others experience wit
Have you done a search of the forum to see others experience with US bank???
bank of america should come back lower -- they seem easier to de
bank of america should come back lower -- they seem easier to deal with especially since they are lowering already and through these posts it seems that they are managable --
I don't have any experience with us bank but you could search the forums by typing in us bank -- and see what goes on -- you might still be a little early for them --
good lucK :):p
US Bank
US Bank will settle, but you'll have to be patient. Sorry, but your account will not be settled before the holidays. You'll have to wait until it's with the proper department to actually settle this account. The same holds true for all of your accounts, so be patient and wait until the exact right moment to pull the trigger. If you try to do something too soon you'll be causing yourself more trouble than it's worth, and costing yourself more money than you need to. Good luck!
