Newbie Help with Timelines for settlement of credit card debt??????

[saintjoseph]

Hi, I have been reading many of the post on this forum and it is very helpful. I am carrying quite a bit of debt. 1/2 is business lines of credit(which is really me because I had to sign personally). The other half of my debt is a variety of credit cards in varying amounts. It is now about 60 days(90 days since I paid anything) or more late for all of my debt. I have quit using all credit and paying cash for everything. I am not answering any calls. So far I have recieved on one settlement offer from Citi in the mail. I was quite surprised because it seems early in the game. On one account they state in there offer letter, they are willing to settle for 50% of what is owed. I have other accounts with them but no settlement letter for my other accounts with them. It also states if "I qualify". I have burned through quite abit of resources to keep my credit good. But cannot keep burning through money just to keep my credit score up. I figure to let it go to crap and hopefully settle for them. Get it over with and start again. Any good guide book or source of how to handle timelines.? Also any info on PNC business line of credit and handling them? I am hoping that each one starts the settlement offers first. Don't want to blow this and want to do this right. Any help is appriecated.

[Evan Bedard]

Welcome and thanks for joining the forum.

We have many members here who successfully settled some, if not all of their cc debt so I'm sure some will chime in soon.. How many credit cards do you have and how much do you owe overall?

[saintjoseph]

I have no joint account. It is either my spouse accounts, my accounts, or business lines of credit. We are carrying alot about $300,000 total for everything. I had been juggling this for years and see no use at this point to continue this into insolvancy. At this point I still have options. Will not if I would have continued the keeping my credit score high game. At this point, I never use my credit anymore...so it does not matter what my credit score is. The amounts of each card range from $2500.00 to $50,000.00 to my biggest credit card(line of credit). All of these account are unsecured. My mortgages are all current. I plan to keep these current...because they are secured. If I am able to settle these unsecured debts..... Income to bills are good and will allow me to be out from this problem. It is all this unsecured debt which is killing us.