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Last Minute Settlement...need advice


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Hello guys,:)++

Here is my situation (I am in Florida) and question...just don't want to make a wrong move here so I ask the experts.:)++

Had not made a single payment on most of my accounts since July/August of 2006....we have all the major CC's here..a total unsecured/revolving debt of about 30 K.

Went to a BK consultation can only get BK 13...and that's not good anyway.

About 40% of my 14 account are in Collection already. Chase sued me but could not get a judgement yet did not got the summons.

But the pressing question I have are two account where I don't know what's the best move.

#1 BOA 5 K CC debt, was ready to be CO today but I called them and they offered a deal to stabilize the account with a payment of $91.91 by the end of the week and one more for $135 in March and them have a conversation for possible. payment plan for O% AND MY ACCOUNT WILL SHOW AS CURRENT WITH THE CREDIT BUERO.

Is this a good deal??? I have still a checking account with them...don't use them anymore cause I have 2 other Bank (Checking $ Savings) accounts besides them... I believe in spreading the risk and possibilities.

And the second question is Citi Biz Card....5 K debt. Called me to asking me to call them back tomorrow to talk to them about a payment plan....other wise the account will be CO and I have to talk to arbitration....

Please help me here...I don't know where I am in the settlement plan that I have....actually I have no cash to settle really right now .

My plan was to wait and settle when I have lumb sum with each account.. but do I have enough time ??

I know they might sue me...like Chase...how can I make it through this mess...was counting on SOL 4 Years for most of my debt.

I hope I make some sense here....

Thank you very much for your time and wisdom.


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Hi Marion,

That sure sounds like a lot ya got on your plate there.

My first thought is, if you don't have lump cash to work with to settle, what other option do you have but the CH.13? If you sit it out and hope they don't sue, that doesn't necessarily mean SOMEONE won't end up getting a judgment and those judgments can report longer than 7 yrs as I understand it.

Secondly, I think the deal BOA is a great deal. It gives you the opportunity to POSSIBLY do credit rebuild later, so you may want to SERIOUSLY consider bending over backwards to work with the creditors that offer you this kind of deal. I'm glad you caught it before CO status, are there any others like this???

As far as Citi Biz, do your best with them--see what happens. If they're willing to play ball, go for it. The issue I had last year w/ Applied Card Bank was the account WAS NOT in charge off status and the rep ALMOST was able to get us stabilized but her boss was listening in and he told her she wasn't authorized to accept our money and he immediately demanded payment in FULL and they'd STILL close the account. You gotta do what's best for you but quite frankly, I'd have rather have spent the funds on the creditors that WERE willing to work with us FIRST.

So---yeah, some definite prioritizing is in order here.

It'd probably start looking like this...

BOA-Is willing to accept payment plan and keep acct open.

City Biz-Hopefully same as above...

Chase-Lost cause...(lol, j/k) but you get the idea...use your money and put it towards whoever is willing to work WITH you, rather than against you. You're money can only spread so far, but in the end if you end up in court at least you can say you TRIED to settle these.

Hey, why don't you put up a list of all the debts and make sure you include how much you owe on them and when your last payment was...???


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Hi Elyse,

Yap I know its a mess.....you live and learn....I am pretty organized and know all my 13 accounts plus I can read my Credit Report.

I have print outs of my Credit Report over many years that is as thick as Phone Book.:cool:

Just to give you and idea where I was .....In June of 2005 I had a Credit Score of 720....in March 2006 I went through a nightmare of seperation with a partner of 9 years. He was a scamer and I did not know it. He involved me in a bad real estate deal and used my good credit for it.

Since March of 2006 I don't have my own apartment anymore...living with friends etc. But its a miracle that through all this I did not end up in the gutter.

The main thing is "Knowledge is Power" , don't ber afraid of anything and dont let anyone blow smoke up your yahoooo:)

I am humble that I have good friends and have faith.

Talk to you later



Citi is a goner..I talked to them and they did not worked with me...one more CO what can I do, but I am glad BOA is under control:-)

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