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High Credict Card debt - BOFA and City bank - PLEASE HELP - thanks !!!!

Discussion in 'Debt Settlement' started by andriushka, Dec 12, 2011.

  1. andriushka

    andriushka LoanSafe Member

    Hi,
    I wanted to see if someone has some advice , or has been in similar situation-
    I just maxed out all my credit cards ( 3 boa - Total 23k ) and city card 10,4 K , and 1 K in medical care credit card, my total CC debt is about 34 K.
    I have not missed any payment yet , it is due in 3-7 days, but I have no money to pay , and all my cards have like 5-15 $ left . I have nothing in my name , no savings account, just lots of debt , student loans for around 33k , my car - I still owe 5 years of payments. No house. So , there is not really to take away from me.

    basically , can the banks garnish my wages if I have nothing? normally , I have $ 200 left after I make all my payments, rent, student loan, car , cable each month.
    I do not care about credit at this point , as I will never be able to pay it off anyway . How do I wait for banks to offer me settle like 20 %25 % of my debt? I have no money saved , but If I know I only need 20 % of 33 K, I could somehow start saving for this . The statue of limitations is 55 years in Florida I think , so maybe I wait 5 years and my debt will go away ? or should I file bankruptcy ?
    Should I ignore their calls ? Should I wait for them to send me letters, then ask them not to contact me at my cell ?


    should I wait 90 days for that ? of should I just stop paying and wait for collections agencies?

    Thanks for advice !!!! I greatly appreciate it !
  2. chrissty

    chrissty LoanSafe Member

    hey -- I think for you the best situation might either be bankruptcy or settlement

    I personally went the settlement route -- you will have to stop paying on all -- and at around 5 to 6 months you will get offers to settle. your credit will take a hit -- bankruptcy you have to pay lawyers up front so, maybe settlement would be better --

    they can garnish your wages, check your state for the limits -- in new york its 10 percent -- but it takes a while before it gets to that and you can always settle at court -- first you'll deal with creditors then collections --
    I personally have 3 collections agency I am dealing with -- I just settled with one collections agency for amex for 20 percent -- saved 11,000 -- I settled my citibank for 30 percent of total balance -- you can also make payments on the settlements --
    good luck to you :)
  3. andriushka

    andriushka LoanSafe Member

    Thanks so much !!!!!

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