us bank settlement process, beginnning
Date: Mon, 04/16/2012 - 15:53
My 3 accouts are as follows
premier line credit 8100 balance unsecured
cc unsecured 6600
cc 1600 unsecured
The premiere line is late as of today, so i am pretty much playig the waiting game to settle. I have seen articles/step by steps how to settle, but i wonder if workign full time even though i have no extra income affect if they will sue, or go to collections? i will have only about 2200 saved up by august to settle with. The premiere line is the first one to hit 90 days and will in July. So i'll have 2200 to start with on that, but i hope i can get a low 20 or better settlement with them where i can pay 1000-1200 for the premiere, than prepare for hte 6600 and 1600 when they hit 90 days which will be soon after. Any thoughts if this is hopeless. A lot of legal people i talk to of course want me to do Bk, but this debt doesn't seem extreme enough for such a big decision. It's only 16500 total through all 3.
Any tips when best time to settle, is it at 91 days, or closer to 120-150? any lawsuits from US bank, do they go to collections mostly, are they as tough as Discover or as easy to deal with as BOA? I just want to put this behnd me i am finally recovered from a onine gambling issue and just wnat to start my life over clean and don't want this to ruin my life. thank you everyone, love the thread!
You should opt for bankruptcy when there is no other option left
You should opt for bankruptcy when there is no other option left to you. I don't see any justification in filing bankruptcy for a debt worth $16500. If you continue to play the waiting game for a long period, then you can end up getting sued. I don't know if you'll get a 20% settlement offer. But I do know that it is better to start the settlement process within 90 days.
Have you considered seeking the help of credit counselling servi
Have you considered seeking the help of credit counselling services? You might want to look into the NFCC.
Cheers,
Nate
I would suggest you contact your lenders and ask to be put on a
I would suggest you contact your lenders and ask to be put on a hardship plan. They will close the account, generally reduce your interest and monthly payment. This will help you in two ways. You'll save money on interest and reduce your monthly payment AND you won't be able to continue making new charges :)
update
so i am 95 days late now on the first big account at 8100...Now they are saying(after saying call back after 3-4 months to work something out this entire time i been checking in once a week) that they cannot do any type of settlement until 1 yr after my last transaction on the card. I have never heard of this, or anyone with this situation with US bank where they say that? Anyone heard of this, they said they cannot even consider a settlement than until next february. I guess i won't get this done this year :(