Running out of time with OC - possible to restructure with 0% no late fees or just SEttle?

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Hi Everyone


New here and been lurking for awhile. Great info.


After plunging off a cliff (figuratively) I'm starting to pull my life back together. Just brought my 1st mortgage current after falling 6 months behind. Now that that is taken care of I can address my pile of credit card debts.


For 30 years I've paid my bills on time even if it meant dipping into my retirement account which is now depleted. After a few years of substantially reduced income, a client who owed six figures told me they can't pay. Suing will take years to resolve not to mention the cost. Sent me off the cliff. I had stellar credit until 9 months ago and had never missed a payment.


To recap (don't faint):


BOA $31K

WF $60K personal

WF $40K business

CO $12K (kept this current - need credit in my business)

Advanta $1,200 - business CC closed years ago when Advanta went under

Home Depot - $8.5K personal

Home Depot Citibank - $4.5k business (Citi closed account years ago when stopped offering HD card- current balance)


Most of my credit cards are with OC's - only the Citi business card has gone to collections and even then I'm not sure it's been sold. I'm close to 120 days late on most so I know time is running out to work with the OC.


Here's my question. I would like to repay the entire debt rather than settle. I spent the money so I feel obligated. I would also like to get back my decent credit score and be able to buy a car. Life has turned around 180 degrees and I'm able to start making monthly payments. I also feel like I can explain a 6 month problem on my credit report easily rather than something that drags out for years.


I would love to get my creditors to waive late fees and the hideous interest charges that have accrued.


Does anyone here have experience with an OC where the borrower requests 0% and lower monthly payments. I understand they will close the account but I don't care. Cash only for me now.


Or should I just take the hit to credit and live with collections on my report for the next 7-10 years.


Thanks for your help in advance!



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Most lenders have "hardship" departments. Call...don't punch in your account number...speak to a live body...ask for the hardship or resolution department.

Usually, the plans run for a year or so. If you miss an agreed payment, they'll come after you again.

Its unlikely they'll do 0%, but they might lower the rate. Be sure you talk to ALL your creditors before you agree to deal with any. One hard ass in the lot might force you into BK.

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