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My Debt Settlement Progression



kaylee

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Sub: My Debt Settlement Progression
Thu, 17/03/2011 08:04

Below is my original post of April 26th when I responded on Blackbeast thread 'my journey begins today'. These are my debts and I will chronicle my attempts at settlement.

I have Citi 1-- 18k
Citi 2-- 18 k
Chase-- 21k
Bof A --40 k

Right now I am 18 days late on one citi and 36 days late on the other.
I am current on the other two but will be late as of May.

Citi has called about 13 times a day. I talk to them about once a week and tell them the same thing. I have 2 mortgages, one very new and no equity and the other I am upside down on. Cars are 18 years old. I took a $12 hour pay cut and no longer get overtime.
They want me to go on a pymt plan but I hope to settle, has not been mentioned yet.
I will post updates. Ask any questions and I will try to answer. it looks like we are about on the same timeframe...
thanks,
Kaylee

To add to the above, I was laid off last year for 4 months then came back at $12 hour less and no overtime. In the summer some balance transfers expired, all 4 cards raised rate to 29% with never a late pymt. and always paying more than minimum. Chase doubled percentage of what was due meaning my pymt. doubled and they all decreased my available credit.

The best way to picture it is that last summer had I only been paying minimum due my pymts would have been $1500 but I paid $2500 every month spread over all 4 cards. Now I can afford exactly $1500 for credit card debt but my minimum would be $4000.

I am still getting many calls but just stick to my story and although it drives me crazy I just bear with it...
thanks for listening.



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kaylee
kaylee
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Posts: 166
Credits: 2539.6

Sub: #1 Sorry I have not been on the forums. Gawe, I am going to search Thu, 03/17/2011 - 08:04



Sorry I have not been on the forums.
Gawe, I am going to search for your new thread.
In too Deep---I charged right up until probably a week, this is when I was in trouble, I was taking cash advances to keep up with the others....I had read they were going to be hardball about that but they weren't.
Kaylee


InTooDeep OverMyHead
InTooDeep OverMyHead
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Sub: #2 Kaylee: before you stopped paying on your credit cards when wasMon, 01/03/2011 - 19:17



Kaylee: before you stopped paying on your credit cards when was that last time you charged something on them? Like did you wait 3 months of not using them then stop paying on them? This one areaI can't seem to figure out.

Thanks


gawe
gawe
Posts: 43
Credits: 869.2

Sub: #3 Kaylee, wow wish my 69 Camaro was mint. It looks like a junker rTue, 11/09/2010 - 10:35



Kaylee, wow wish my 69 Camaro was mint. It looks like a junker right now but I understand the not selling it for anything mentality.

Well looks like whether I wanted to or not I am being forced to consider debt settlement. I was hoping to do some 5 year deals since I already had 2 set up but all of a sudden I feel like things have grinded to a halt. I have to focus on the mortgage, the vendors for my business and paying my employee. So the credit cards have to take a back seat. :( The calls have started. I'm not sure I planned this right because I should have changed some phone numbers. I've missed 2 Citi business payments, 2 Advanta business payments and now a personal Citi and personal Chase. It's not good. Guess I'll start a thread. Hoping I can muddle through it some how. I just don't have enough cash flow or reserves to settle all of them.

Marie


kaylee
kaylee
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Sub: #4 I am all for 'do it yourself'. A quick search of my posts willSat, 10/30/2010 - 06:41



I am all for 'do it yourself'.

A quick search of my posts will tell you this.

Kaylee


ethan3477
ethan3477
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Sub: #5 How did you get it reduced?Wed, 10/27/2010 - 11:52



Was this reduced offer done through debt settlement company or by you(account holder)?.. thx





Quote:
Originally Posted by kaylee
I just came home to find a UPS 2nd day air delivery and it is settlement offeer from Citi. I am only 39 days late!!

the offer says 'you were preselected for this offer'.

It says debt: $17,961

Offer: $8,082

Says I have until May 27th to accept.

I know I want it to be lower but I was just really excited after some people saying they would not budge. Maybe I should grab it. it says it can be paid in installments.??

Kaylee


kaylee
kaylee
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Posts: 166
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Sub: #6 Gawe, My brother has a 69 camaro, canary yellow....I was shockedFri, 10/22/2010 - 06:54



Gawe,
My brother has a 69 camaro, canary yellow....I was shocked at how much that thing is worth..it is mint and he will not sell for anything! LOL.

good luck to you and Guest 1....I feel like 100 pounds are off me so I know it must feel good...I was not lucky enough to keep one card but that is OK, I still feel like I am starting over and have a fighting chance.
Kaylee


Unregistered

Sub: #7 Kaylee, also follow your story, I settle with my one card (citi Mon, 10/18/2010 - 10:40



Kaylee, also follow your story, I settle with my one card (citi for 25%) at 8 months, now 4 months later my fico score is at 680. not bad! In fact my other credit card wasn't cancel, so I charge a small account on it to keep it active. Good to know it's there in case of a emergency.
Finally after a major illness. job lost etc, I'm starting to feel normal again! at peace!


gawe
gawe
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Sub: #8 Well hopefully it doesn't take too long to start to recover fromSun, 10/17/2010 - 20:50



Well hopefully it doesn't take too long to start to recover from all this on the credit score, although I wouldn't be looking to get credit anytime soon.

We have a few collector cars, mostly a 69 Camaro that is far from finished, a 2000 Trans Am, and a 1987 Trans Am GTA. One was a gift, one is tied to our business, the other we probably shouldn't have bought.


kaylee
kaylee
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Posts: 166
Credits: 2539.6

Sub: #9 Hi Gawe, I was a little surprised too about the credit report Sat, 10/16/2010 - 19:09



Hi Gawe,

I was a little surprised too about the credit report but someone told me it is like 5 points either every 30 days or maybe they said 90, not sure and no way of knowing if that is correct info. But I do expect it to get worse when more report.
I did ask each of them to report 'paid in full as agreed' before I signed off on settlement.
I sold a 900 Saab turbo convertible and a BMW 3.0 Heartbreaking!
What do you have?


gawe
gawe
Posts: 43
Credits: 869.2

Sub: #10 Kaylee, thanks for the feedback. That is crazy about Wells FargoFri, 10/15/2010 - 14:38



Kaylee, thanks for the feedback. That is crazy about Wells Fargo. Sometimes I don't think they have a clue what they are doing but glad you got in your more affordable house before you started on your road to settlements. I've pretty much figured that I will not get any new credit on anything, despite even having collateral. Glad I have my major things covered already.

I'm amazed after going 4-5 months late that you don't have a trashed credit report. Did they not even report you 30/60/90 days late, etc? I figured they did that immediately or maybe it doesn't lower your score as much as I thought it would. Very interesting. Especially interesting that Citi says paid in full as agreed. I thought they marked it settled for lower amount or something like that.

BTW...what classic car did you have to sell? I have a couple of those too.


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