Cash Stash

[Kirby]

Anyone try negotiating with CC companies?

If you have all this cash, why are you filing BK? Try to neogiate pay-offs with your creditors. They may take a lot less than you owe and you can get out of this without 10 years of doom on your credit. While I don't regret what I did, I sure wish I had the cash to make settlements instead of going through BK.

Anyone tried this - negotiating with credit card companies? I talked to B of A and all they did was direct me to GreenPath, which would have just set me up to fail at making THEIR payments. I would like to know what percentage of my balances I could settle for if I talked directly to the CC companies - anybody? Thanks.

[iv65536]

You would need to do the math and decide for yourself if it is worth the hit to your credit to be rid of this debt once and for all. I looked at my numbers and concluded Chapter 7 was the best alternative in my case.

[UpaCreekinCA]

Anyone tried this - negotiating with credit card companies? I talked to B of A and all they did was direct me to GreenPath, which would have just set me up to fail at making THEIR payments. I would like to know what percentage of my balances I could settle for if I talked directly to the CC companies - anybody? Thanks.

New to the forum and planning Chap. 7 but yes I tried this with multiple unsecured cc. The best reduction I was ever offered was 60% (still owe 40%) which isn't bad if you only have 1 card. In my case my wife and I needed all of them to play ball which it just took 1 to make our decision that it would be better money spent to start over with a BK. Our credit was already jacked and they didn't want to deal with us reasonably so its MUCH cheaper to wipe it all out. We even got current with a few and paid some of the smaller ones off while trying to work with Citibank and Chase. They are in it for business so that was the attitude we took too. In reality, taking 10-20 cents on the dollar is a good deal for them but they don't look at it that way.

[ryan]

New to the forum and planning Chap. 7 but yes I tried this with multiple unsecured cc. The best reduction I was ever offered was 60% (still owe 40%) which isn't bad if you only have 1 card.

To me thats the whole problem. If only ONE card, its plausible to make debt settlement work. But most of us have many cards and its not likely that all will accept good settlements.....and it only takes one suing to upset the whole apple cart.

[LSUTiger32]

Lastly, I don't agree that bk results in 10 years of doom and gloom on your credit report. I've seen many people return from the perceived ashes of bankruptcy. For me, we're hitting the reset button. After many failed attempts at working with secured and unsecured lenders regarding my hardships, I'm now looking at my life the way they have......no emotion, all business. Business wise, this makes sense for us. Additionally, we have a great rental property that we can move into so trying to rent with bad credit isn't an issue for us. Given the circumstances, bk seems to be the way to go.

Well, you don't have to agree but you will learn for yourself. I am not talking about credit cards, yes idiot companies will give you a credit card a few months after you file. I have no idea why someone would want one, but that's another story.

What I am talking about is what I am experiencing. This is not some guess, I am telling you that you will have issues for the next several years. Try to get a mortgage in the 2-4 years after filing.....good luck. So many things other than credit cards check credit. I lost my homeowners insurance because I filed and had to go with the insurer of last resort because no insurance company wants someone with a fresk BK. You will have issues if a utility company runs a check, get ready to put down a deposit.

Trust me, you are dropping a freaking bomb on your credit. Again, I don't regret what I did and I am not suggesting you don't file I am just trying to prepare you for reality.