As you all know I'm in a lot of credit card debt and my income in the housing market, crashed. Since last October I've been trying to come up with money to settle my credit card debt. My first creditor, BOA, I had a balance of $59900 and they settled for $23,000 early on, which was a huge relief. Since then I have been struggling with collection calls.
Last week, I unexpectedly got a call from a Supervisor from Citi card company that I have a $26000.00 balance with, he advises that he has listened to the tapes of my hardship and feels it is serious and they might like to settle. He ask me what I can give and I tell him all I have left at this time is $10,000 because I just did a large settlement with BOA. I've had to borrow money and sell personal belongings to get to this point. He says he will think it over, take it to Management and will call me back by Tuesday or Wed. next week. I finally hear from him on Thursday morning this week and he said they would take the $10000 as settled for less.
I was so excited; another credit card resolved and just three more to go totaling about $54000, I'm over half way there. Citi has been very nice to me throughout this whole process, they always treated me with respect and were nice to me and even gave words of encouragement. There are some very nice people working there.
So how do I get through the rest of this? I have a little money left, I have a used car to sell, I've got my house on the market and I'm going have a yard sale to get rid of extra furniture; some office supplies and etc. I'm still waiting for my tax refund, an escrow refund and my stimulus payment. When I pull all this together I'll have an estimated $24,000; almost half of what I owe my credit card companies.
When I get through this I will have to start saving for my tax implications. I also have a car that is in need of a lot of repair and I can't fix it until I know I'm successful in my debt settlement. The car is 8 years old but will run nice once I get everything repaired. I figure my credit is shot for the next two years so I'll have to drive it, it has about 130,000 miles on it.
Someday this housing market will come around and when it does and I can catch up and start saving for another car; I'll pay cash for a used one, no more car loans, no more credit cards and hopefully when the house is sold; I'll have just one mortgage left I want to plug away at.
Ambitious plans for a brighter future.
Another Credit Card Settled
May 2nd, 2008 at 11:38 am
May 2nd, 2008 at 11:55 am 1209729354
May 2nd, 2008 at 12:02 pm 1209729726
May 2nd, 2008 at 12:03 pm 1209729822
Good to hear.
May 2nd, 2008 at 12:44 pm 1209732286
May 2nd, 2008 at 03:48 pm 1209743292
May 3rd, 2008 at 04:25 am 1209788700
May 10th, 2008 at 12:53 pm 1210423980