Update June 16, 2009:
With the current economy, more and more credit card companies are willing to take 35%-50% of the balance as payment in full. I've had some people tell me the credit card companies have called THEM with offers below 50%. If you don't have lump sum cash, some lenders are willing to spread out the payments over several months.
Here's my plan for paying off $25,000+ in cc bills in the next few months.
Firstly, I hope no one judges me for that awfully high number - without going into details, dh and I are super hard working, own 3 small businesses and live in one of the highest col areas in the country/world. A lot of that is business investment and INTEREST, I feel totally justified in trying to cut a deal, I've def paid what i originally owed!
That being said, this is my plan: notice all the "IF'S" - I'd like your opinions on how feasible these are.
CC #1 $6,500 - cash in my mutual fund. This was something my dad helped me get started in my college/single years (he gave the first $1000 the rest was my contribution). After taxes it is just enough to pay this card off.
CC #2 $2,500 - ask my landlord - who I think knows and trusts us enough to do this, dh thinks so too - if he would give us our 'last month's rent' back. I would explain to him why. (getting big cc bills paid off). He would still have another $2500 as security left.
CC #3 #19,000
Negotiate with cc company. Tell them:
"I have been bouncing this balance around to 0% nterest cards. When this zero APR ends, I'll leave Citi. You will NEVER get $19,000 from me, I have the income tax forms to prove it. I did HOWEVER just get a huge tax refund of $5,000 and a small inheritance of nearly $5000. Wanna make a deal?"
translation:
huge tax refund = I'm hoping - this is how much we got last year, unbelievable, right?
inheritance = well, a white lie. i would ask my dad for a loan to be paid off in monthly installments over the next 2 years. I think he'd do it if it made this whole plan come to fruition.
Anyone else wan to try negotiating? Tax time is coming, maybe your bills aren't as staggering as mine. Check out this info below:
http://www.creditinfocenter.com/debt...ttlement.shtml
With the current economy, more and more credit card companies are willing to take 35%-50% of the balance as payment in full. I've had some people tell me the credit card companies have called THEM with offers below 50%. If you don't have lump sum cash, some lenders are willing to spread out the payments over several months.
Here's my plan for paying off $25,000+ in cc bills in the next few months.
Firstly, I hope no one judges me for that awfully high number - without going into details, dh and I are super hard working, own 3 small businesses and live in one of the highest col areas in the country/world. A lot of that is business investment and INTEREST, I feel totally justified in trying to cut a deal, I've def paid what i originally owed!
That being said, this is my plan: notice all the "IF'S" - I'd like your opinions on how feasible these are.
CC #1 $6,500 - cash in my mutual fund. This was something my dad helped me get started in my college/single years (he gave the first $1000 the rest was my contribution). After taxes it is just enough to pay this card off.
CC #2 $2,500 - ask my landlord - who I think knows and trusts us enough to do this, dh thinks so too - if he would give us our 'last month's rent' back. I would explain to him why. (getting big cc bills paid off). He would still have another $2500 as security left.
CC #3 #19,000
Negotiate with cc company. Tell them:
"I have been bouncing this balance around to 0% nterest cards. When this zero APR ends, I'll leave Citi. You will NEVER get $19,000 from me, I have the income tax forms to prove it. I did HOWEVER just get a huge tax refund of $5,000 and a small inheritance of nearly $5000. Wanna make a deal?"
translation:
huge tax refund = I'm hoping - this is how much we got last year, unbelievable, right?
inheritance = well, a white lie. i would ask my dad for a loan to be paid off in monthly installments over the next 2 years. I think he'd do it if it made this whole plan come to fruition.
Anyone else wan to try negotiating? Tax time is coming, maybe your bills aren't as staggering as mine. Check out this info below:
http://www.creditinfocenter.com/debt...ttlement.shtml
