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Hello Everyone, I just came across this forum 2 days ago and it has been the best information gatherer out there. I have a major decision to make and would love anyone’s input or opinions! Me and my wife have been struggling with paying our minimum CC payment for the last year, but so far we have not missed one payment and are up to date on all of our accounts. Here is a summary of the accounts: Bank Name Min. Payment Balance Interest Citi Card I $93.00 $6,238.85 17.90% Citi Card II $26.88 $3,196.28 24.50% Chase I $37.00 $3,821.33 18.00% Chase II $28.00 $2,836.81 19.00% Prosper Loan $395.79 $8,595.10 14.50% Total: $580.67 $24,688.37 We are going to incur some serious medical expenses from now till August (High Risk Pregnancy) and we are thinking of stopping on all of our payments and try to settle with the creditors ourselves. We have approx. $10,000 right now that we can use for settlements plus the $580.67 per month from now till 4 months (my goal would be to settle with the OC before it goes to collections) would equal a total of approx.$ 12,300.00 to use for settling these accounts, is this reasonable? With my current income and the debt that we will incur via medical bills we are going to have to stop paying in 6 months anyway so I’d rather stop now save that money for a settlement. A couple things to clarify: 1. I DO NOT care if my Credit score goes to Zero! 2. I would be happy with settling these accounts @ 40% or less 3. I look forward to documenting everything and handling the calls and letters. 4. I do not want to be sued or taken to court if possible 5. I do not own any assets (No home, or Car) 6. I have close to $10,000 saved in cash (to be used for Settlements/ Medical expenses) 7. I should be able to prove that I am delinquent at the end of this year so a 1099-C will not affect me My main goal is to just get rid of these pesky irritating credit cards and to NEVER get them again. Right now I plan on stopping all payments by this next month (March) and close down my account with my current bank where I do all my payments with (ACH) on all 5 accounts. Then do all my banking with a different local bank. (I already have an established account) I also am thinking of withdrawing all of my money that I currently have and keeping everything in cash while I go through this ordeal. I also want to get a Cheap pre-paid phone and change all my accounts to that phone # (that way I will know anytime that phone rings I know who it is PLEASE GIVE ME ANY IDEAS/ SUGGESTIONS THAT I SHOULD BE DOING BEFORE I STOP ANY PAYMENTS! Thanks everyone for the help I Strive to learn!