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Debt Settlement Update

March 16th, 2008 at 07:15 am

I haven't said much lately about my credit card situation and thought that maybe you'd like to know what has been happening. First of all, my phone has been ringing daily, I still have four creditors with 7 credit cards that are calling. I have my answering machine set up so I don't hear the constant ringing, but I can see from caller ID, they are calling.

I have been sick since last Sunday with that horrid flu and today I'm not much better still. I did talk to my creditors the week before I got sick just to let them know I was here and waiting to settle with them.

What I have learned from this experience is that there are policies within each credit card company and you have to wait until you are at least 120 days past due before they will negotiate a settlement. I'm not 120 days past due yet, I'm only a little over 90 days and less on some cards.

This whole thing seems like it has been an eternity, probably because I saw my falling last October and have been worrying relentlessly ever since. I've made offers to two of my large accounts; one wrote to me that they were unable to settle at this point and thanked me for my good faith effort to settle this account and the other told me I was not eligible yet. So I asked the collection person what they meant by "I'm not eligible yet, did it have to be a number of days?" She said, "you've got it" and then I said, "how many days, 120 days?" and she said, "you said it", I guess we are talking in code because this is a company secret. So two weeks into April I will be 120 days on one of my accounts and I am going to make the offer and see if I am now "Eligble". I will be so glad when this is over so I can move on with my life.

I was offered a new job a few weeks ago, but had to decline because my credit is a mess and in my business, "Credit is Character"; they would not have hired me if they had seen my credit. Even after I have cleaned this mess up, I am going to have to wait until my credit score goes up before I can apply elsewhere and it will be embarrassing to explain that I was overextended and had to take this approach. With the housing market not budging, I may have to take a different job and it would probably be in sales, because I could never work in an office again and be stuck to a desk, I've been on my own for years and it's a scarey thought that I would be confined in an office cubicle.

So the saga continues and hopefully, by June, this whole thing will come to a closure. In the meantime, I hope the housing market opens up. I was unable to pay my mortgages this month and am having to use money from my debt settlement account to pay them; that is not good, I need that money to settle this mess.

I have a car I'm planning on selling and hope to take that out of storage this week and get it to a garage so he can get it repaired and put on his lot to sell for me; there has been so much snow I haven't been able to do that yet. This would be a huge boost to my situation if I sold that car. The current vehicle I am driving is 8 years old and needs work so if I sell the other car I can fix my current vehicle to run for the next few years until my credit comes back; but even when my credit comes back, I hope to save enough money to pay cash for a good used vehicle and hope not to borrow any money - I never buy new!

After this situation the best thing I can do for myself or anyone can do for themselves, is put their own money in the bank and borrow against it to start building a new credit history. I do have a couple of mortgages I am paying on that also will help, but I do hope to sell a house this year.

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