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jtavares



Joined: 16 Feb 2010
jtavares's page
Posts: 1



33 Magic Points

Subject: feedback on my situation...
 
Posted on Tue Feb 16, 2010 6:13 pm  

Hello all...hoping I can get some feedback on my situation. Basically, I've decided to stop paying my credit card bills...I just cant do it anymore. I'm about $14,000 in debt spread over approx. 10 accounts...the largest with Bank Of America at about $3,500.00. I've sent out certified letters to all the c.c. companys explaining my situation...stating that due to financial hardship I just cant make payments anymore. I'm am trying to have all my accounts closed and sent a final bill. I am asking them to omit further late, intrest and finances charges...I know that ain't gonna happen. Now what I'm trying to accomplish is having these go into collections so I can try and settle some of the debt at a reduction of course. I know its gonna cripple my credit score but I really dont care...So what I need to know... am I making a huge mistake?? My biggest fear outta all this is possibly getting sued. Although I have no assets for them to seize. I do want to satisfy my debt at a later time...i just cant afford 14 grand now or anytime soon. Your thoughts on this would be appreciated.
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: debt consolidation while unable to pay debts
 
Posted on Wed Feb 17, 2010 11:31 am  

Hi jtavares,

Debt settlement can be done with the creditor too. A collection account can reduce your credit score, by atleast 50 points or may be more. If you allow your accounts to go to collection, your credit score will drastically fall. So it's better to settle with the creditor itself. For more details regarding credit card debt management, you can refer to
http://www.creditmagic.org/card/debt-management.html .
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FreedomDM

FreedomDM

Joined: 28 Oct 2009
FreedomDM's page
Posts: 105
Location: Florida


2317 Magic Points

Subject: Hmmm
 
Posted on Wed Feb 17, 2010 6:32 pm  

jtavares,

rare a creditor will settle on a debt less it has been charged off - thereby going thru collections and delinquent for 6 consecutive months.

If ur not concerned about ur credit for the next 7 years as ur post states, a settlement plan may be ur best option- allowing the accts to charge off to obtain a better settlement deal.

we do debt consolidation not settlements. I do kno a settlement company that has an A- with the BBB but honestly settlements can be done on your own, just takes a bit of patience and time.

good luck and hit me up with any other questions.

Michael
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NightStar



Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois


3176 Magic Points

 
Posted on Wed Mar 10, 2010 8:54 pm  

Ok, This may be doable if you approach this the right way.

Try to contact the creditor first - prevent the account from going to collection agencies.

1. Ask the creditor if you can be put on a hardship plan - this may only last a few months at a reduced amount.

2. You can consider credit counseling, but you have to make sure the CCCS agreement was accepted by all of the creditors. Make sure the CCCS is paying all of the creditors before the due dates - otherwise call the creditors to request a change in due date. There will be a notation added to the credit report that you are in credit counseling but that will be removed at the completion of the program. This will prevent you from opening up further accounts while in the program.

3. If you are not able to meet the requirements, or get enough paid off in time the accounts may just end up with collection agencies. If a collection agency picks up the debt they will send you a collection letter, you need to fire off a debt validation request letter to them. Make sure they can show you what is owed, and proof that they can add collection fees and such stipulated by the creditor. Make sure all of the data is correct, otherwise dispute the account with the credit reporting agency.

4. If you can stall them long enough they may reduce the amount owed on the debt. The trick is to hold them off as long as you can but not long enough for them to file a judgment.

5. When you do offer settlement either with the creditor or the collection agency - NEGOTIATE payment for deletion. This way you will be cleaning up the credit in addition to addressing the debt.

6. If a judgment does get filed before you can repay - again NEGOTIATE payment for dismissal of the judgment. Make sure the company forward the dismissal document to the court house then pay a fee for a copy and forward it to the credit reporting agency with request to delete.

Anything bad that can happen to the credit report can be negotiated off. If at all possible you can hedge this off before collection occurs all the better, because each ding to the credit report greatly reduces the credit score, and once that happens even if you can get the negative data back off - the damage is already done. Usually removed items only capture back a small portion of the lost score.
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