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I am current, but I want to settle..

Date: Thu, 02/04/2010 - 06:30

Submitted by anonymous
on Thu, 02/04/2010 - 06:30

Posts: 202330 Credits: [Donate]

Total Replies: 5


I have a question. I am sick of the crippling bleed on my income from my credit card debt. I'd like to try negotiating settlements. I honestly don't give a rats tuckus bout my credit score in the short term, so I don't mind getting digned. I'd rather have crappy credit and be debt free than be current with enormous balances (which probably is ruining my credit anyway).

Anyhow...where do I begin? Do I have to literally just STOP paying my credit card bills for a few months? I'll need some time to save up in any case, but am I correct in assuming that I am actually better off stopping all payments than continuing to make minimum payments?

I have a Citi card with a $6800 balance
A BOA card with a $2000 balance
A Discover with about a $2000
And then one Chase card with a smallish balance (under 1,000) and a Household Bank card of about $900.
So around $13,000 total.

I know, I know. I'm a loser! Yeesh: I don't know how it happened. I'm not an extravagant person. I fell behind on rent a couple of times and had to use those "credit card checks" to pay my landlord. Really sunk me when the promotional APRs expired. Sigh.

I'd like to put around $1500 a month aside for debt settlement. So, how should I being? Start by ignoring my bills?


You are no more a loser than the rest of us :> Life happens. The best advice I can give..and please know I am just starting this now on my own..is just start reading this website like crazy. You will be amazed at what you learn. You will need to stop paying and start saving for settlements. And pray it doesn't go too long to where they sue you...that is basically what I have gathered so far. Use the search button and search everyone of your credit cards and you will find out there is tons of info. Good luck.


lrhall41

Submitted by luckin10 on Thu, 02/04/2010 - 13:46

( Posts: 181 | Credits: )


Quote:

Originally Posted by lisaawilliamson
You are not a loser and most people on here settle for more than you even owe! I would have to ask, if you have $1500/month to put toward this, why don't you just pay them off? You really don't owe that much.



Well, I would only have that much disposable income if I weren't making payments. My debt service, because of crappy APRs, is about $600-$700 paying slightly more than the minimums. I could probably manage to save several hundred a month even making payments, but if I were to stop paying I'd want to put about 70% of my income into saving up for the settlemen to try to get it over with.


lrhall41

Submitted by on Fri, 02/05/2010 - 05:41

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