Questions from a newbe
Date: Sat, 09/11/2010 - 22:12
1. If you quit paying on a card to try to get them to settle what are the odds your other cards that you owe but still pay on will cancel your account ?
2. What if you have a lot of assets such as rental property and cars will they go after them even if they are mortgaged ?
3. Will they go after money you receive from owner financed property notes ?
4. Can the cards I pay raise my interest rates even if I do not use them and continual to pay down the balances ?
To give some background on my situation 100k plus c.c. and credit lines both business and personal. My business is a sole proprietorship.
Self employed, business is slow just making enough to cover employees and basic bills. I have been using income from property notes to pay c.c. payments/ mortgages and car note. I also sold a rent house to get rid of the expense and use the extra money to keep up with payments but it is now almost used up. High interest rates have made it impossible to keep up with all the payments. I owe B/A 28k (2 cards 1 personal other in business name) at 25% interest I have called every month for the last year to work out a lower payment/ interest they claim they can not help me. I have had a card with them for 15 years paid off in full many times and used again. They don???t want to help good customers. Tried the hard ship but they said I do not qualify . I use amx for supplies and pay in full every month I do not want that card canceled when they check my credit which they do about every 6 months. I have a advanta card 19k if these were to go away it would save me 1200.00 a month I have another rent property but the mortgage is as much if not more than it???s current value. The rent covers it???s mortgage and insurance / taxes. I could raise around 7-8 k to settle
Thanks for any help.
Hello unregistered...I am debtor from CA....I lost my sign in pa
Hello unregistered...I am debtor from CA....I lost my sign in password so here I am ....but go ahead and register.....it must be a slow weekend, but I will try to answer at least a couple of your questions with what I know from my experience:
1. It is very likely that some cards will cancel you when you are late or try to settle other cards (you will need to be late in order to settle). I had some cards lower my limit even though I was not using them.
2. I cannot help here....maybe someone else can???
3. When you are trying to settle, what I found is that these CC companies all have your credit report...they can see what you have been paying and how much you owe including mortgages. The will see your car payments if you have them. So, if they feel like you are holding out...the settlement may be more difficult. On the other hand, if your credit report shows you are in over your head, they are more likely to settle with a fair offer....they do not want you to go bankrupt and get nothing.
4. Yes, they can raise your interest rates! If you are going to settle, I would not worry about that. Chances are, your credit is already poor or going to be there soon....Settling is a way to get you out of debt and rebuild without the risk of losing youir home or your cars!
anyone else????
Are you looking to settle $100,000? You will need to not pay those credit cards for at least 90-120 days to get the best settlement and count on saving the money that you would pay on the credit card bills to go toward settlement. Most settlements range from 25-50% of what you own. BOA and Citi are the most reasonable to deal with. I hope this helps. Please post other questions as you need to .....bumping for others to respond
Hi debtor from CA please mail me the email address which you use
Hi debtor from CA please mail me the email address which you use to sign in here. We will change the password and send it you. You can change it later.
Mail at [email]jason@debtconsolidationcare.com[/email]
Jason
Thank you for the answers ( Are you looking to settle $100,000?
Thank you for the answers
( Are you looking to settle $100,000?) No just the B/a and advanta accounts about $48,000.00. My other accounts are current and have been resonable to deal with so far. I have read about how B/A are ok to deal with at settelment it seems funny because the will not work with you untill the account is late. This could have been avoided if they would have helped with a better interest rate/ payment to begin with.
Quote:
Originally Posted by Anonymous Hello unregistered...I am debtor from CA....I lost my sign in password so here I am ....but go ahead and register.....it must be a slow weekend, but I will try to answer at least a couple of your questions with what I know from my experience: 1. It is very likely that some cards will cancel you when you are late or try to settle other cards (you will need to be late in order to settle). I had some cards lower my limit even though I was not using them. 2. I cannot help here....maybe someone else can??? 3. When you are trying to settle, what I found is that these CC companies all have your credit report...they can see what you have been paying and how much you owe including mortgages. The will see your car payments if you have them. So, if they feel like you are holding out...the settlement may be more difficult. On the other hand, if your credit report shows you are in over your head, they are more likely to settle with a fair offer....they do not want you to go bankrupt and get nothing. 4. Yes, they can raise your interest rates! If you are going to settle, I would not worry about that. Chances are, your credit is already poor or going to be there soon....Settling is a way to get you out of debt and rebuild without the risk of losing youir home or your cars! anyone else???? Are you looking to settle $100,000? You will need to not pay those credit cards for at least 90-120 days to get the best settlement and count on saving the money that you would pay on the credit card bills to go toward settlement. Most settlements range from 25-50% of what you own. BOA and Citi are the most reasonable to deal with. I hope this helps. Please post other questions as you need to .....bumping for others to respond |