Is long term payments possible?

[DYLAN150]

Need some advice here.

I am currently about 30 days late with my credit cards. I owe the major banks, B of A, Chase, US Bank, USAA and my local credit union. Here is my question. Will the Banks settle with me after 90 days or so and would I be able to make payments over 4 or 5 years? Is this possible or do they all want cash settlements? Being disabled, drawing social security and Veterans benefits, I really don't see how they would ever collect anything. If I could settle for a lesser amount and payments over 4 or 5 years I certainly would consider this. (don't really want a chapter 13, last resort)

[frogger]

There is a long term payment plan out there. Forgive me for not remembering the details, but from what I remember, I received one from one of the CC companies before filing. I don't remember which one, but it set a monthly payment plan up for 5 years with no additional interest. The CC was closed, no further charges could be made, and you had to make each and every payment on time and it would not be turned over to a CA or go legal.

I'm sure someone here will have more current details...

[DYLAN150]

Has any posters on this site made any such deals? Been offered any such deals?

[doni49]

CapOne recently sent me an offer to let me pay the balance at 0%. But that was for the full balance (which included all fees/interest that's accumulated at this point).

But that's the only such offer I've seen as of yet.

[catleg]

Chase at one time had me on a balance liquidation plan for one of their cards which would have paid it off over 60 months at 0% APR.
But most of them wanted to "get me back on track" meaning the debtors gerbil wheel after a 6 month plan. Anything is better than that.

[GoingDown]

From what I have heard from other debtors who have tried such a thing, typically they will start off with easy to manage monthly payments for a few months, and then suddenly switch you to a different collection agency which will conveniently forget the deal (and the payments already made) you had with the previous collection agency, and the new collection agency will demand considerably higher payments. Meanwhile, all the payments you had made either never existed as far as they are concerned or they were applied to interest and fees, and the balance is now higher.

After all you have read about debt collectors on this forum, do you really expect them to treat you fairly in any kind of arrangement like this?

If you are going to go down this route, I would suggest filing bankruptcy and getting the court to decide how much you will be required to pay back.

[DYLAN150]

GoingDown: Your right!

[frogger]

Chase at one time had me on a balance liquidation plan for one of their cards which would have paid it off over 60 months at 0% APR.

That's what it was called. The plan I was offered came from Chase, not a CA.

I still chose the 0% repayment plan. lol

[catleg]

That's what it was called. The plan I was offered came from Chase, not a CA.

I still chose the 0% repayment plan. lol

Exactly, BK is the best repayment plan. 0% and no taxes. Or a pittance and no taxes in ch13. Example: in my ch13 Discover is getting about $38 a month on a $15k original balance. (0.2%) But they cling to that account like grim death, all the other big banks have sold their accounts to JDB's.