I will start by saying I am sorry for the long post. I just wanted to state all the information I have so that hopefully others will be able to give me some much neede advice. I am dealing with a total of 6 credit cards. ( 4 mine 2 my husbands ) I will start with mine 1. Chase Visa Past due since oct 2002 with $7200.00 owed. 2. Chase Mastercard Past due since oct 2002 with $11900.00 owed. Note was turned over to CA on 04/21/03 - creditors interchange. 3. Fleet past due since oct 2002 with $12000.00 owed. 4. Citibank Past due oct 2002 with 22000.00 owed. Note was turned over to CA on 04/17/03 - account solutions group. ( Husbands ) 5. Chase Mastercard Past due since oct 2002 with 12000.00 owed. 6. Citibank past due since nov 2002 with 10000.00 owed. We really are in a financial strain but we want to try and salvage our credit to the best of our ability. We have thought about trying to settle with my husbands creditors in order to save one of our credits but would even have to borrow money from a relative to do this. We are hoping that some of you can give us some much needed advice. Thanks in advance for your help! Maekenzie
From the looks of it, I calculated you guys are 75,000 in debt, and creditors are likely harassing you everyday. Chances are your scores already took huge hits and they probably wouldn't go up much even if you paid off your entire balances due to numerous R9's caused by serious delinquencies. Those R9's will stay on your reports for up to 7 years. What I would do: Do some research on Chapter 13's, IMHO it's your best option with that kind of debt. A CH13 only stays on your reports for 7 years (same as R9's) as opposed to a CH7 which remains for 10 years. Normally under a CH13, you pay back a small fraction of your original debt over a period of time determined by the BK court, in my case it was 10% of the original debt over 3 years. I'm not sure if your creditors will give you that kind of deal, 10 cents on the dollar, and even if they did the R9's will be tough to change. Good luck!
