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File for bankruptcy or settle with an installment loan?

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  • File for bankruptcy or settle with an installment loan?

    I am single with a child (50/50 custody) and I have over 40k in credit card bills + 30k with lending club.

    The lending club payment is around $800 and about 4 years left. Most credit cards are 0% interest, but will expire next year. What happens to my other credit cards if I stop paying for Lending Club?

    I am thinking of giving them an offer and if they don't work with me, then possibly bankruptcy. I was thinking if I settle with Lending Club then I can still keep my credit cards and have credit. I guess it all depends what happens to my credit when Lending Club doesn't get paid? I really hate to go the bankruptcy route, I would rather settle if I can and concentrate on my CC's.

    BTW - I have a house and a car, both have balances and are in good standing.

    Any thoughts?

  • #2
    Having no idea what your other circumstances are (income, reasons for the debt, etc) -- my initial thought is simply good luck getting them to settle. The only settlement offer we got before filing was from Discover's collection company, and it wasn't even anything we could consider. They wanted a lump sum payment... which is not unusual. Do you have a large chunk of cash sitting around? But I'm not an expert in that area, so I'll leave it at that.

    My next thought is: Are you able to pay off that $40,000 credit card debt within a reasonable timeframe -- before the interest kicks in, or soon after? Will you be in a position to no longer use credit, while continuing to make hefty payments to them to achieve that goal?


    • #3
      I was thinking of saving up to give them a lump sum, while I pay minimum payments on the CC's. I won't be able to pay off all of the debt when the interest kicks in...

      Anyone settled with Lending Club? I talked with BK lawyer and he mentioned you can try doing the lump sum, if it doesn't go anywhere file for BK.

      The problem paying all of my debts, don't have much left for things I need.

      What happens to my credit cards if I default on Lending Club (do they close accounts, reduce credit, etc)?
      Last edited by jlasky; 11-05-2017, 02:45 AM.


      • #4
        Chrysalis is correct. Workouts rarely are successful. And. . . even if successful with one or two, the remaining debt will break the camel's back and one will end up in a bk anyway. Just get it over with now so you can move on with your life - and, who cares about the credit report? Eventually you will rebuild it, if that is something that is important to you.



        • #5
          Thanks, Des.

          OP -- to answer your questions as far as what your credit cards will do when they see that you are not paying lending club... that was in my thoughts last night as well when I posted, but the truth is none of us can tell you exactly what will happen. I can tell you in our experience, we only missed one month of payments on all of our credit cards and we had companies closing our credit cards where we had zero balances. They see this on your credit and it doesn't look good.

          It used to be that the credit cards could raise your interest rate to the penalty rate even if you missed payments on another card. That was in all of the fine print. I'm not sure if it is still that way or not. But I know we never ever ever had a late payment to a card, any card, because I was afraid of that happening.

          I know bankruptcy is a hard thing to wrap your head around. We have all been there. Every one of us who have filed. But there often is no other choice.

          If you haven't already done it, I really encourage you to sit down with a spreadsheet or even a piece of notebook paper and take a realistic look at what you are spending every month on your basic necessities, versus your income. I know this sounds like common sense but just do it. There is no arguing with the numbers when you see them there in black-and-white. If you have gotten into this amount of debt because you are using credit cards for every day purchases, then you cannot realistically afford to keep paying them. You are caught in a vicious cycle and maybe there is only one way out.


          • #6
            Thank you for your responses. I really think if I didn’t have Lending Club I would be very good on paying the rest of the CC’s off. However I do have that hefty loan payment. I know you said just get it over with, but isn’t worth a try to see if they can settle? I just hate giving up. I have paid every creditor on time, should I stick with it or just file. Hard decision...


            • #7
              It will bring you mental peace to try. If you don't, maybe you'll always wonder if you could have? So don't take our word for it. Come up with a plan and give it a shot. I would just encoutsge you to think carefully about how you'll feel if you give them a large chunk of cash and end up having to file down the road anyway.

              My husband and I never paid anyone late in 20 years. In fact, we still haven't. We simply had to stop making payments to some, and then file bk. It was either that, or continue to use credit, which by that point just felt incredibly wrong and dishonest because we knew we had no other way out except to file eventually.


              • #8
                I will chime in here too. I thought I was doing fine with handling all the debt in my life, until....I ended up in the hospital emergency room January 3rd. I thought my year, my New Year, was going to be a celebration year having crossed the threshold in my industry to finally be able to hire employees. Suddenly all the budgeting in the world couldn't stop the bleeding in the bank accounts. I tried working with a number of banks to request 'hardship' status, but only ONE would even consider it. And even then it only dropped payments by $100 per month and then shut off all access to credit. So know that before even calling around to discuss hardship status and/or lump sum payments.

                Like you I tried talking with the lenders, negotiating with the lenders, talked to a credit counseling was after talking to the credit counseling agency(CCA) and looking over the debt management plan they offered, which they admitted didn't really help me at all, that I finally spoke with a bankruptcy attorney. I never talked to one of those debt consolidation companies because of all the bad things people say about them and how they handle your debt, plus you have no legal protections from your creditor. The CCA was a government authorized office.

                The day I spoke to the attorney I didn't even have $100 to give him to get the case started. But, under his advice by the end of the month I had the $$$ to get the case started, paperwork in order and stop the harassing phone calls from both credit card companies and hospital bill collection agencies. Up until that fateful accident in January, I thought my financial life was under control. All it took was one accident and the $5,000 medical deductible to bring down my house of cards. Through all of this I kept my business running, paid my employees, but couldn't pay myself.

                Filing for bankruptcy Chapter 13 has been a tremendous blessing, having my attorney tell me to go into survival mode helped my get a handle on core items. All the stress I had before filing, all the stress of looking for ways to avoid it, etc. I consider all of it and wonder why I put myself through all that to avoid where I am at today. My credit had been in the top 10% up until January, but it soon crashed by the time I filed in didn't really matter what my credit score was.

                The straw that broke the back was medical deductibles and not being able to work for 4 months.


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