Make a long story short. I have 4 credit cards and have made paying the minimum on 3 of them but the 4th card I have stop sending my payments now for 2 months. On that card I owe about $10,000. I have never been late on payments but I have recently lost my job and just cant pay it. I now average about 12 calls a day from Chase and was wondering should I talk to them? I have not picked up the phone so they don't know my story. Another thing is 3 out of 4 of my cards are from Chase and I have been paying the minimums of 3 cards from them but not the $10,000 card. Does Chase look at those other 3 cards and sees I'm able to pay on those but not on the $10,000 card? I have had such good credit all my life my credit line was always so high and that came back to haunt me because now I am in debt. I want to settle so should I wait, keep ignoring them, talk to them etc. Any words of advise or wisdom would be greatly appreciated.
Personally, if I had the funds to settle or make some sort of payment arrangement for this debt, I would much rather do it with the OC instead of a CA. If you ignore them much longer, your debt will likely get charged off and sold to a CA or turned over to a CA for collection. Then you'll end up with late pays, a charge off, and a collection on your credit reports. And yes, Chase should be able to see all your cards with them and your payment history on all 4. However, since you're only late on 1, that's the one they'll keep bugging you about. I would talk to them first to figure out your options, and then I would keep all correspondence from that point forward in writing. The worst thing you can do is keep ignoring it and let it go to collections.
