Need Some Settlement Advice Myself
Date: Sun, 10/18/2009 - 14:36
Ok I have been buried in debt for the for the past couple of years now. I always made my payments but do the the poor economy and the stupid rates the cc companies decided to raise their rates to. They payments turned into minimums and I was getting nowhere fast.
I finally broke down and decided to get some help and advice. I work at a small bank and I showed all my bills to my boss and head lender. He say we could refi my house and use my equity in it to pay everyone off.
He suggested first that I try to settle with everyone due to the fact that I didn't have quite enough equity in my house as money I needed but close.
I was able to settle with Chase easy enough. $26k on a $40k balance without going 30 days late.
I am paying off full balance on my Sams Credit and a Discover card that I want to keep,as well as a couple of my wifes cards.
BOA has been unwilling to talk settlement with me and I am now 30+ days late with them on a 7k balance.
I also have an Advanta Business Card that wasn't listed on my personal credit ( but now may be). 7K to them thats 60+ days late. They are unwilling to talk settlement and have even stopped calling me for some reason. (my boss said not to bother with them since it wasn't on my personal credit and was using the Business tax Id num) However I think they have since reported me personally.
I will have enough money to payoff BOA if I so choose, but not enough to pay Advanta anything, nor do I want to.
I used to have good credit,before my debt load. Now due to the Chase Settlement and the lates, am I better to just wait things out with BOA and try to settle with them? Or do I want to pay them off?
Also whats my best route with Advanta? I really don't want to pay these guys off at all. They have been nothing short of loan sharks since the start.
Any advice?
Thanks
I finally broke down and decided to get some help and advice. I work at a small bank and I showed all my bills to my boss and head lender. He say we could refi my house and use my equity in it to pay everyone off.
He suggested first that I try to settle with everyone due to the fact that I didn't have quite enough equity in my house as money I needed but close.
I was able to settle with Chase easy enough. $26k on a $40k balance without going 30 days late.
I am paying off full balance on my Sams Credit and a Discover card that I want to keep,as well as a couple of my wifes cards.
BOA has been unwilling to talk settlement with me and I am now 30+ days late with them on a 7k balance.
I also have an Advanta Business Card that wasn't listed on my personal credit ( but now may be). 7K to them thats 60+ days late. They are unwilling to talk settlement and have even stopped calling me for some reason. (my boss said not to bother with them since it wasn't on my personal credit and was using the Business tax Id num) However I think they have since reported me personally.
I will have enough money to payoff BOA if I so choose, but not enough to pay Advanta anything, nor do I want to.
I used to have good credit,before my debt load. Now due to the Chase Settlement and the lates, am I better to just wait things out with BOA and try to settle with them? Or do I want to pay them off?
Also whats my best route with Advanta? I really don't want to pay these guys off at all. They have been nothing short of loan sharks since the start.
Any advice?
Thanks
well both of those parties have been known to take people to cou
well both of those parties have been known to take people to court.usually cc's don't even talk settlement until you are 90+days late.advanta will settle eventually as well.your chase settlement suprises me.they are the ones who usually wait until the account is 120+days before talking settlement.i don't advise simply not paying advanta.bank of america will not talk settlement at all until you are past 90 days late.even then it depends on the balance.
