Just getting started with debt settlement
Date: Tue, 09/21/2010 - 15:07
I have had a sudden loss of income starting back in June. We have emergency money to get us by with mortage, auto, utilities and food but nothing else. This has caused me to become behind wiht 3 cards.
GM Card (HSBC) 60 days
Bank of America 60 days
Citi 30 days
Bank of America is the only one that has called so far. I spoke with them at about the 40 day point and they said they would check back at the end of the month. GM has sent 2 emails wanting me to call a 800 number and get debrt help. Nothing at all from Citi yet. I plan on going through the settlement process and I do have money available to settle if a reasonable offer is reached
I have found a lot here on settling with BofA and Ciiti but not much on the GM Card.
Has anyone here had any dealings with GM/HSBC on settlement?
At what time frame will the 3 companies send the first settlement offer?
BofA tried to get me to give them all of my monthly expenses and I told them I was not sure if I should discuss this with at this time. Is this common for them to ask for this info.
I will keep this thread updated as events happen
Thanks for the help
GM Card (HSBC) 60 days
Bank of America 60 days
Citi 30 days
Bank of America is the only one that has called so far. I spoke with them at about the 40 day point and they said they would check back at the end of the month. GM has sent 2 emails wanting me to call a 800 number and get debrt help. Nothing at all from Citi yet. I plan on going through the settlement process and I do have money available to settle if a reasonable offer is reached
I have found a lot here on settling with BofA and Ciiti but not much on the GM Card.
Has anyone here had any dealings with GM/HSBC on settlement?
At what time frame will the 3 companies send the first settlement offer?
BofA tried to get me to give them all of my monthly expenses and I told them I was not sure if I should discuss this with at this time. Is this common for them to ask for this info.
I will keep this thread updated as events happen
Thanks for the help
BOA was likely asking to see if you qualify for their hardship p
BOA was likely asking to see if you qualify for their hardship program. They will reduce your payments and usually your interest rate for a period of at least 12 months, if you qualify. If you're looking to settle, I'd not worry about that. BOA is one of the easiest companies to settle with, IMO.
Do you have the funds to settle? Are relatives or friends able
Do you have the funds to settle? Are relatives or friends able to help you put together some money to settle these debts? If so, then you need to wait a little longer and around 90-120 days late offer them 25% of the balances. It will go up from there but you don't want to start too high.
