jakeduke Posted November 29, 2009 Report Share Posted November 29, 2009 I have two cc's w/ high balances. We have been trying to pay them down. We have stopped using them in months. - About 45,000 total of cc debt. 21,000 (citi) and 24,000 (am. express).I have contacted the lawyer thru my employer...(legal group, similiar with HMO) and asked him to help me "settle" my debts.My lawyer suggested me to take $350 per month payment for 5 years on ONE account (I owe this cc $21,000). I figured I would end up paying total 22,000 if I took this deal. I feel 5 years is too long for me. He said that if I struggle to pay, then BK is suggested. I disagree w/ the lawyer. I told him that I don't want to file a BK and this is my last option. I told him that my goal is to pay my cc off in 3 years. He has not replied yet. My goal is to pay the debts down in 3 years. I suspect that citi has closed without letting me know. In my last statement, I noticed that my credit limit avail is Zero. It is not important though. I don't want cc anyway. What should I do? Link to comment Share on other sites More sharing options...
Denita Posted November 30, 2009 Report Share Posted November 30, 2009 If you are going to pay for 5 yrs it sounds like he is suggesting what the hardship dept would suggest. Did he speak with your creditors or just come up with an amount? Link to comment Share on other sites More sharing options...
jakeduke Posted November 30, 2009 Author Report Share Posted November 30, 2009 I came to see him for debt settlement.Yes, he did contact one of my creditors. He offered me to make $350 payments for next 5 years for this only one account. He has not discussed the other CC, Am. Express. I asked him about it. I am still waiting to hear from him again. What I want is to settle debts and pay them off within 3 years. I have been struggling to pay and my payroll has been cut. Link to comment Share on other sites More sharing options...
Denita Posted November 30, 2009 Report Share Posted November 30, 2009 Try contacting the hardship dept yourself and working out a payment plan. The hard part is actually getting in touch with the hardship dept. It usually takes several tries - the CSR's do not have the authority to make a hardship plan with you. Set up your budget first so you know exactly the max you can pay in order to make your numbers work. Then offer less of course. Link to comment Share on other sites More sharing options...
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