When to stop on recently used cc?

[coolmom04]

I used one card from Oct through the first of December for $1500 worth cash advances to pay for car insurance and Christmas for the kids (well, they were transfers to our linked checking account and attorney said that wasn't AS bad as just plain out cash advances, but I dunno). When can I stop paying on it? It's through the credit union, so I am a little nervous about how quickly they will try to sue us. The balance is about 10K. I just don't have it this month. It is due on the 6th. I thought about just paying some, like $50, but is that even going to help keep the situation at all?

I also used a newegg card the beginning of November for about $300. I've made the November payment and December payments, but when can/should I stop paying it? Balance is about $1700.

We aren't filing until July. I've stopped paying all the other cards that we didn't use at all and I did pay off one small card that was for $150.

Any suggestions?

[ForumReader]

I used one card from Oct through the first of December for $1500 worth cash advances to pay for car insurance and Christmas for the kids (well, they were transfers to our linked checking account and attorney said that wasn't AS bad as just plain out cash advances, but I dunno). When can I stop paying on it? It's through the credit union, so I am a little nervous about how quickly they will try to sue us. The balance is about 10K. I just don't have it this month. It is due on the 6th. I thought about just paying some, like $50, but is that even going to help keep the situation at all?

I also used a newegg card the beginning of November for about $300. I've made the November payment and December payments, but when can/should I stop paying it? Balance is about $1700.

We aren't filing until July. I've stopped paying all the other cards that we didn't use at all and I did pay off one small card that was for $150.

Any suggestions?

Only your lawyer can tell you best, but I personally think linked cash transfers to one's checking account is just the same as cash advances. It would be wise to stop using any more cash transfers or even ccs now if you plan to file this coming summer. Maybe try to make a couple more minimum payments on those involving cash transfers and then stop paying altogether to prepare for filing. Good luck!

[Naomi]

From what I've read on here it doesn't help you any to make a small payment. I mean it's still not going to count as being paid for that month.

I made the Aug payments on all of my cards and then stopped. Most had not been used since April ore before, but there were 2 cards that I used in Jun so I wanted to make at least a couple more payments.

[coolmom04]

Only your lawyer can tell you best, but I personally think linked cash transfers to one's checking account is just the same as cash advances. It would be wise to stop using any more cash transfers or even ccs now if you plan to file this coming summer. Maybe try to make a couple more minimum payments on those involving cash transfers and then stop paying altogether to prepare for filing. Good luck!

I thought the exact same thing about the transfers. It's still advances! I have stopped using them all now. I haven't used any since the first week of December. I'll try to make the minimum payments, but maybe a little at a time or something... I dunno... I guess I will figure it out. I have paid at least one full payment since the last time I used the cards.. some of them I have made two full payments.

From what I've read on here it doesn't help you any to make a small payment. I mean it's still not going to count as being paid for that month.

That's what I thought, too.

[StartingOver08]

I would be very cautious in your situation. Taking money from a credit card and putting it into your account IS a cash advance. You took more than the $750 trigger that the Trustee's look for in cash advances. Hopefully you are not filing for at least more than 70 days. Read this: http://www./2008/03/26/credit-cards-...re-recent-use/

If it were me, I would do whatever I needed to do to make at least two payments to that credit card where you took the recent cash advance - sell something, work OT, anything to not draw attention to that $1500. OR be prepared to pay it back as non-dischargeable debt. JMO.

[coolmom04]

I would be very cautious in your situation. Taking money from a credit card and putting it into your account IS a cash advance. You took more than the $750 trigger that the Trustee's look for in cash advances. Hopefully you are not filing for at least more than 70 days. Read this: http://www./2008/03/26/credit-cards-...re-recent-use/

If it were me, I would do whatever I needed to do to make at least two payments to that credit card where you took the recent cash advance - sell something, work OT, anything to not draw attention to that $1500. OR be prepared to pay it back as non-dischargeable debt. JMO.

No worries on the length of time as I am not filing until July. Thank you for that warning though. Also, I decided to put off a couple other things this month and next so that I can pay the minimum balance at least twice on this particular cc.