Numerous CC-starting settlement process
Date: Sun, 02/21/2010 - 12:47
I have been researching this site for a couple of months and have found it extremely helpful. Here is my situation and a few questions as I am getting ready to embark on this CC journey!
BOA $22,700 30day past due
CITI #1 $1,700 current
CITI #2 $6,900 current
CITI #3 $10,400 14 day past due-took 1 phone call-told them I couldn't pay-said they need $114 by 3/8 to keep from going further past due
CITI #4 $11,700 current
Discover #1 $11,700 current
Discover #2 $4,300 current
BestBuy-(HSBC) $4,200 no missed payments but $40.00 past due
GE#1 $2,600 current
We were enrolled in a debt management program from 10/1/09 until 1/1/09 but could not keep up with the $2,000/mo payments.
I am afraid, as I've seen others post as well, that if I don't stagger some payments to some of the CC's, they will all start offering settlements at the same time which I will not be able to pay. I was considering keeping the smaller accounts current (under $7,000) for now and concentrating on saving up for settlements from the big 4 -Citi x2, Discover and BOA but I've read here that by keeping some cards current, the others will be less likely to settle. I would actually be able to pay off the smaller ones within 6 months if I didn't have to save for settlement for the larger ones! Any advice would be appreciated!
BOA $22,700 30day past due
CITI #1 $1,700 current
CITI #2 $6,900 current
CITI #3 $10,400 14 day past due-took 1 phone call-told them I couldn't pay-said they need $114 by 3/8 to keep from going further past due
CITI #4 $11,700 current
Discover #1 $11,700 current
Discover #2 $4,300 current
BestBuy-(HSBC) $4,200 no missed payments but $40.00 past due
GE#1 $2,600 current
We were enrolled in a debt management program from 10/1/09 until 1/1/09 but could not keep up with the $2,000/mo payments.
I am afraid, as I've seen others post as well, that if I don't stagger some payments to some of the CC's, they will all start offering settlements at the same time which I will not be able to pay. I was considering keeping the smaller accounts current (under $7,000) for now and concentrating on saving up for settlements from the big 4 -Citi x2, Discover and BOA but I've read here that by keeping some cards current, the others will be less likely to settle. I would actually be able to pay off the smaller ones within 6 months if I didn't have to save for settlement for the larger ones! Any advice would be appreciated!
You can check out our 'do it yourself' corner if you're planning
You can check out our 'do it yourself' corner if you're planning to do it of your own.
However, since you have multiple accounts with a lenders a problem may arise during settlement when the lender would see that you're still current on the other accounts. But you may hang tight for the other members to comment on this issue before making a decision.
