debt settlement questions
Date: Mon, 09/10/2012 - 17:53
im currently beginning the process of settling my debts on my own
they are not quite late enough where im getting much response but im sure after 60 day mark it will get better ,,,here are my 3 questions ,,,,i have about 14 credit card accounts and one personal loan ...i have 2 credit cards with less then 50$ on them i wanted to keep them in good standing as im thinking it will help me when it comes time to rebuild my credit from the certain point hit it will take with all the settling. is that an ok idea to keep them?
question 2 ....im so afraid to include my personal loan in this settlement process its a 9,000 balance its a new loan about 14 months paid in ,,i feel that size loan will no doubt come after my paycheck ? i could probably manage to keep it current which may also help balance out my credit after the smoke clears ..any input?
and lastly as im negotiating with each account which is better to push for in agreement "paid as agreed " paid in full " or pay for delete "
and are any of them easier to negotiate then others ?
im sure i have many more questions ,but i hope i did not already over intrude i thank you again for taking the time
tom
Your problem accounts will be Cap One, Discover and your credit
Your problem accounts will be Cap One, Discover and your credit union loan. Your credit union will not want to settle because they are responsible to their membership.
Add HSBC to that, Soaplady. Cap 1 owns their CC ops now. Paid a
Add HSBC to that, Soaplady. Cap 1 owns their CC ops now.
Paid as agreed is only if you are actually paying each month. If you settle the account in full you will get paid in full. If you are doing a settlement on your own though (very commendable, a lot better idea than those stupid DMP companies) you will likely get a lot of "Settled in full" on your credit report which is essentially a negative mark.
It is a great idea to keep those two cards open with low balances. That will be your ticket to rebuilding after all the smoke clears here.
As for the personal loan, try to stay current on it. They will come after you as they are a CU.
hello
thank you all for the replies
im getting many different opinions on the credit union loan some say it will be an easy settle some same no different then credit cards and some say very hard so im confused
also one of u mentioned if im settling on my own ill get alot of paid and settled"
on my report are you saying they wont negotiate a "paid in full" even if i paid a less amount ? or even a pay for delete ? not doubting any of you im just very new at this and trying to gather as much info as possibe
also when you guys list the cards that will be harder then others ,,do u mean they will not settle for much less then say 50% or they will not give in for a longer time ?
hi
sorry guys one more thing
one of you mentioned the settled in full is likely and that it would be a negitive mark
on my credit .not that i have any kind of credit to be proud of and any good credit i have got me in this mess to begin with ,,but is there a measurement on your score
for example 1 account "settled in full" = 10 points off your credit score
or "charge off"= 20 points etc etc
i thank you all again ,i cant wait to post my first settled account and then my last
it will be so reliving and then its time to live a cash life no more plastic