Status of credit card debts

[DYLAN150]

Well, I am now 90 days past due. The phone calls are down to about 6 a day. So far, I have only had 5 messages left on my phone from a real person. Bank of America, Chase, U.S. Bank are down to one call a day. With 8 over due accounts, I have only received 6 over due letters. But yesterday I received a letter from Chase hiking my interest rates up to 28% which I knew was coming. These banks will only discuss the accounts on the phone and not by e-mail.

[GoingDown]

That's true, they won't usually discuss anything by email. They will say it's because it is not a secure method of communication, but the truth is they don't want a paper trail because they know they are going to lie and try to scare you into paying them, which is much easier to do on the phone. And they know most people don't record their phone calls.

[jwmc1]

What are your plans?

[DYLAN150]

JWMC1: good question, am trying to work out some kind of repayment plan with the banks if possible.

[GoingDown]

JWMC1: good question, am trying to work out some kind of repayment plan with the banks if possible.

Do you really think it is possible to work out a repayment plan with them?

After all you have read in this, and perhaps, other forums, do you really think they will deal with you in a fair manner?

I have seen so many people on this and other forums try to go down this road, and in the end they rarely succeed, and have to end up either filing bankruptcy afterall, or just simply walk away from the debt like I did, and wait them out. And then any money you gave them along the way might as well have been flushed down the toilet.

[DYLAN150]

GoingDown: I have pretty much put myself into a situation where the banks can't really do anything to me but get a judgment. No wages to garnish. No bank accounts to take. No equity in my home. No car to take. Household goods are exempt. I am in my 60's and will live in this house until I go to the old folks home. Do I think I can work out a repayment plan with them? Problaby not from what I read on this site. I have wrote them letters and will wait and see. I am only 60 to 90 days past due so it may be awhile.

[frogger]

GoingDown: I have pretty much put myself into a situation where the banks can't really do anything to me but get a judgment. No wages to garnish. No bank accounts to take. No equity in my home. No car to take. Household goods are exempt. I am in my 60's and will live in this house until I go to the old folks home. Do I think I can work out a repayment plan with them? Problaby not from what I read on this site. I have wrote them letters and will wait and see. I am only 60 to 90 days past due so it may be awhile.

I think that you're going to either:

A. Wait them out
B. Wear them down

Good luck.

[DYLAN150]

I wrote letters to all the creditors (credit card companies) asking 1. Reduce the debt. 2. enter into a payment plan over 36 months to repay the debt. I also asked them to reply to the letter by mail and not the phone. ( I have a hearing disability) I did receive my first reply from Bank of America today. They don't mention my offer. However, they say they will honor my request for no phone calls and they will turn over my accounts to an collection attorney. Or, get this, I can set up automatic payments with them thru FIA card services. (cold day in hell) Ok, so now I know why my phone calls are down to a few a day. Oh yea, they also advise me that they may suspend my charging privileges. You mean a person could be 60-90 days late and still charge on an account?

[DebtHater]

Oh yea, they also advise me that they may suspend my charging privileges.....

Chances are they already did. They are using it as a lure to get you to pay as some people rather go without food than with out their credit card.

[DYLAN150]

Yes, Bank of America ask me to set up auto payments thru FIA card services, that's were they can go in and withdrawl funds for payments each month. However after reading about several lawsuits where FIA took more money than authorized, I would never consider that method. If, and I say if I settle with me, they will get a money order each month or nothing. It does not look to positive when they would rather talk about phone calls then a settlement offer. I also got an offer from PNC, they just deducted a little interest and was not too good of a deal. But its only been 90 days so I can wait and see.

[treehugger1]

I'm reflecting on my past negotiations with creditors. Two of the most common requests that creditors wanted in order to provide a "new" agreement were: 1) a current financial statement in terms of monthly income and bills, and 2) a checking account number that would be used to make any negotiated payments. The OC's would tell me they could not make any arrangements without first satisfying 1) or 2) or both. I always refused to give them any updated information. In the end, they always agreed to ignore my current financial situation and also give me a PO number where I could send a payment (money order.) Eventually, I could not live up to agreements due to suits from folks who would not negotiate. But, I have to say that when I stood my ground and made it clear what I was willing to share, they almost always came up with a solution that met my refusal to share information. All of this was 3-5 years ago, but i doubt things have changed all that much. You get to decide what you will pay, how you will pay, and when you will pay. The word "will" here refers to your willingness. The OC can either accept, keep sending the debt to CA's, sell the debt, write the debt off (not the same as charge-off) and send a 1099, or order one of their legal firms to sue you. Other than that, you are in charge of your decision, and they are in charge of theirs.

[catleg]

It's very much like going to a timeshare sales presentation.
Just remember to keep saying "no".
Definitely keep writing cease and desist letters to everyone.

[DYLAN150]

Yes, they don't want to communicate with e-mail, they want to talk on the phone to take a current finiancial statement to see what a person can afford to pay back.

[catleg]

Some of them compile a dossier on you based on your credit report, and if you engage in conversation, you will be confronted by facts such as, I see you're still paying your Exxon Mobil card. There is no talking to them. They're so rude, getting into your personal financial affairs. :-)

Ironically, this conversation led me to stop paying the Exxon Mobil card. :-)

And then there's the annoying ones who try to qualify you for a re-age program and you give them a whole bunch of info and they say, nope you make too much or nope you don't make enough.

Talking with them is a waste of time, but it does probably run the clock a bit longer before you get sued.

[keepmine]

Most creditors will not accept settlement agreements that rquire years to payoff. They'll want their money within a few months.
Prior to my filing in 05, at about the 150 day mark of default Cap 1 sent me a settlement offer of 50% and Chase offered to settle for 45%.
If you do settle be certain the agreement is in writing and the language bars them from selling, assigning or, transfering the unsettled portion to a 3rd party collector.