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What if I can settle with some but not all credit cards?


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I have (6) unsecured cards with varying balances that total close to 72k. I am almost 30 days late on all of them.

I was going to contact the CC on Monday and try to work out new terms for repayment based on Debtors Anonymous methodology as I have spent the last month going over my expenses line by line and keeping a spending log.

I am basically in survival mode right now just taking care of house payments and utilites. I am going to send off a hardship assistance review packet for my house payments on monday to see what/if they can do anything to reduce my mortage payment.

I was just informed by a family member that I might be coming into some money through inheritence and want to try and settle with my lowest (3) cards; $7400-$6800-$3600 for half.

Should I try and negociate with my (3) higher ones first for lower payments, ect and then offer to settle with the lower (3) or vice versa?

The other issue I might face is that I have 3 cards with BOA, but can only settle on 2.

I welcome any thoughts or suggestions...

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Not an easy question.

Paying any of them anything is going to alert the others, and, given evidence that you have money to work with, they may get aggresive.

I'd suggest you see what happens with your house...then see if you actually get the inheritance...then, and only then, see where you're at.

Survival mode because of job loss, or just over extended?

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To answer your question..a little of both.

I think I will contact the two cards with the highest balances and see what I can get the payments reduced to first, but after I hear about the house. Then go to the other cards for settelment.

sound like a plan?

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Make sure you get everything in writing - all deals/settlements.

You are doing the right thing by contacting your creditors before anything goes into collections; stay in contact with them.

Try everything to pay/settle these cards with the money you have.

You might want to start looking around your house as well for things you might be able to sell to get some extra money.

Keep us posted on your progress and best of luck!

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