Loans on line

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. First, I wanted to say that this forum has been a life saver for me. I have been able to gather so much information about credit card debt, and it has opened my eyes to the mistakes I have been making by paying out 800 bucks per month on credit card interest. So here is my quick story, and I will follow with just a couple questions I have. We (my wife and I) have a large house payment (2,600. We have never missed a payment on anything in the 15 years we have been married. My wife lost her teaching job a couple years ago due to the state budget (Illinois) and her income went down drastically. A couple weeks ago we re-worked our budget, and to our surprise, not only are we paying out 800. SO, I made the decision (after reading this forum) to stop paying them altogether, and start stock piling money into savings to save up for settling these cards.

It is a huge weight off of our shoulders to stop wasting the 800 per month for interest only!! Total credit card debt is spread out between 3 banks, all total about 34K.

There are 7 credit cards 5000 loan now total, and the 3 banks are Chase, Bank of America, and Commerce bank. The largest portion of the debt (13K) is with Commerce bank, followed by Bank of America, and finally Chase. We are not overly concerned with the hit to our credit score, because we built our house 10 years ago on 40 acres, and plan to guaranteed loans die here.. Also, we do all of our banking with our local bank, and the bank president is a personal friend of mine, so I have access to money with no questions asked. Our house is also financed through this bank (500K) so they generally jump through hoops to help us. With the OC before charge-off, or with the debt collector after charge-off. Am I right in thinking that AFTER charge-off is the best bet?? He ended up being loans on line our states attorney, and now has his own law firm. I know he would be happy to help me if I made a simple phone call to him.

Obviously there would be cost involved in this, because I would never ask him to do it for free. I know from what I have read that often times the attorneys that sue are not very organized, and often times lack the evidence they need to get a judgement. We are never using it unless it is an absolute emergency. One of the other cards we are stopping paying is with this same bank.

Will they close out this card as well if we keep paying it on time? I may have used the wrong terminology, forgive me, I am new to this. I assumed Scorched Earth meant that you stopped paying your credit card payments, then later settled with a CA for a fraction of the balance.


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Hello Brad and thanks for sharing your story with the LoanSafe community.

It just means stop paying your debt with the ultimate goal of settling them loans on line for a fraction of what you originally owed. What will happen after some time of missed payments is your creditor will most likely charge off the debt and once they do this, it makes it easier to settle. If for some reason, one bank or more does sue, this is when you can get aggressive in trying to work out a settlement.

In my experience in counseling thousands of people, I have found that lawyers rarely help at all and often are a complete waste of money and time in debt settlement situations. They only help when it comes to filing a legal case such as bankruptcy which can get complicated due to the various laws etc. Credit Cards each have their own contract and are treated legally as separate so I assume they will settle each one individually. As I mentioned above, your credit cards each have their own contract and are treated legally as separate, but they also have the right to raise rates per the contract and terminate it as well at their discretion.

There are many things that could cause them to cancel and yes, this may be one of them. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or cheapest pay day loans any individual attorney.

Please Read our Maurice, thank you for taking the time to answer my questions, it means a lot. I do have 2 more questions, and they are more asking for an opinion than anything else. The card with the largest balance is a citibank with 6,500. In your experience, what are the odds that I will be able to settle after charge off, as opposed loans on line to being sued? If I am sued, you were saying a lawyer is more or less a waste of time.... How could I possibly face and beat an attorney on my own? If you are sued, you just need to answer and try to respond the best you can with the information you can easily find on the internet. You need to keep in mind that they will win once they sue because you have a legal contract that is pretty much cut and dry. With that said, getting a lawyer is not going to do much other than cost you money.

The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.


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You should contact your attorney to obtain payday lender advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions 100 day payday loan of the firm or any individual attorney. I have read in a couple places that some folks recommend mentioning possible bankruptcy to the debt collectors, basically saying that you are looking into it with a bankruptcy attorney, and that this sometimes will give you a little more leverage to reach a good settlement.

If one were to file bankruptcy, they may get nothing at all right?

Obviously, I would avoid mentioning this unless the collector is really playing hardball. We are taking the 800 bucks per month that we are saving from making cc payments, and stashing it in savings.

We want to have 3 or 4K in savings to be ready to settle with lump sums.

I have read in a couple places unsecure loan that some folks recommend mentioning possible bankruptcy to the debt collectors, basically saying that you are looking into it with a bankruptcy attorney, and that this sometimes will give you a little more leverage to reach a good settlement. If one were to file bankruptcy, they may get nothing at all right? Obviously, I would avoid mentioning this unless the collector is really playing hardball. We are taking the 800 bucks per month that we are saving from making cc payments, and stashing it in savings. We want to have 3 or 4K in savings to be ready to settle with lump sums. We let them know we had significant medical issues going on, and also used the below wording on the phone with them... They called us the next day and we set up the payment. There is really only 1 thing that I am a little confused about though.... I thought that all credit card banks automatically charge-off loans on line after 180 days? Then I assumed that after charge-off, you are then dealing with a collection agency. The 3 cc banks that I have cards with are Bank of America, Citibank, and Chase.

Did you successfully settle with all of your cards? Bkakca, in your settlement journey, werent you worried about any of them suing? I have read in a couple places that some folks recommend mentioning possible bankruptcy to the debt collectors, basically saying that you are looking into it with a bankruptcy attorney, and that this sometimes will give you a little more leverage to reach a good settlement. If one were to file bankruptcy, they may get nothing at all right? Obviously, I would avoid mentioning this unless loans on line the collector is really playing hardball.

We are taking the 800 bucks per month that we are saving from making cc payments, and stashing it in savings.


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We want to have 3 or 4K in savings to be ready to settle with lump sums. If you qualified and filed for example, a chapter 7 bankrupcty, then they would most likely get nothing. You can also play hardball as bkakca stated by saying that you will just wait for the Statute of Limitations to run out. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or loan with no credit check problem.

The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Bkakca, in your settlement journey, werent you worried about any of them suing? We successfully settled each card, there were four, if memory serves. Citi was charged off and sent to a CA called Client Services, and we settled that one with them. During that consult, they recommended we stop paying on our cards as well, blow everything up at once they said, and get it over with. We had never been late on anything either, and it was very hard. The attorney wanted to settle the cards for us too, and told us it would be in the 40-55 percent range. I had already found LoanSafe and had been reading everything I could, so we told them we needed to think about things first. Within a day or two, we got settlement offers from BofA on both Helocs (just lucky timing, as they had a bunch the wanted to get rid of).

I think we had to do about 45-50 percent to settle that one.

It gives me hope that my situation can in fact work out. Your settlements were exactly what I am looking for. I am taking notes and stashing cash in my savings account, so I can be ready when settlements can be reached. I am really only confused about 1 aspect of this whole thing though..... I am not concerned about my credit score, so this is not a factor at all. I AM concerned however about being sued, and having my wages garnished. I just want to have a good grasp on whether to settle before or after charge-off. IF anyone else has any advice on this particular subject, please chime in! Oh and, I assume Bkakca that your credit score was trashed, is it starting to recover yet? It gives me hope that my situation can in fact work out. Your settlements were exactly what I am looking for. I am taking notes and stashing cash in my savings account, so I can be ready when settlements can be reached. I am really only confused about 1 aspect of this whole thing though.....