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  1. I think you should consider debt consolidation companies the same as "Credit Repair Companies". Obviously, you prefer the DIY route, (which can probably be done by yourself just as effectively as paying someone else). Having read your whole thread I have a question because you seem to be focusing on two wholly separate objectives. What is your primary objective here? 1: Pay back the lenders you borrowed money from for an unsuccessful Casino wager you couldn't afford to make, (provided they make a concession on Interest rate). 2: Find a way to get the lenders to swallow 60% of your Casino loss that you couldn't afford to lose, (at the cost of trashing your creditworthiness). You should decide this question BEFORE you intentionally go delinquent on your revolving debt. I don't envy you Sir. You're in a hole that won't be either easy or cheap to get out of. I am trying pay back lenders so option 1 but I need to get Chase to negotiate with me. They won't negotiate on their interest rate. American Express did, however. So I guess i have to walk away from Chase card, stop making payments for few months and hopefully they will negotiate. I already called Chase about 5 times. Each time they told me to talk to a credit counselor.
  2. Where can I find resources to negotiate with banks? If credit counselors can't help me, I don't know why when I called Chase 3 times, each time they told me to talk to a credit counselor.
  3. Question: anyone has experience with credit counseling? anyone has experience debt consolidation? Here's an update: I called Chase. They told me time and time again to contact credit counseling. Interestingly. When I call the number, it turned to Money Management International. I googled it and http://www.moneymanagement.org/ https://www.bbb.org/phoenix/business-reviews/credit-and-debit-counseling/money-management-international-inc-in-phoenix-az-8202/reviews-and-complaints?section=complaints I got routed to a call center in Phoenix Arizona and then finally to a credit counselor's voicemail. I hung up after leaving a voicemail. I called the credit counseling number again and this time, it went to Navicore Solutions. They have a lower rating than money management. https://bestdebtcompanys.com/company/navicore-solutions/ Next thing I am googling other companies out there and found out I am looking at debt consolidation companies. https://bestdebtcompanys.com/company/consolidated-credit-review/ this one has the best rating. I read somewhere don't spend time talking to debt consoldiation companies. Isn't one strategy is to let the account lapse for 3 months or 6 months so banks will negotiate with you? I can just do that myself. I spoke to a debt consolidation company and they want to consolidate all the debts even though I only have 2 credit cards now that are in danger of default. Their fee is up to 25%. https://www.nerdwallet.com/blog/finance/national-debt-relief-debt-settlement/
  4. Apparently my idea to at least cover the minimums has fell on deaf ears. victims are often hard of hearing.. My goal has always to pay banks back and yes to pay the minimum. I didn't understand your joke on truck stop. We are having a serious discussion and there is no room for jokes.
  5. if they sue me, so what? I don't have money to pay. i can declare bankruptcy but unlikely though. All I want is to get banks to negotiate with me. I want to pay back on the amount borrowed. I don't want to pay compound interest however. I can pay maybe a fixed interest like 3% simple interest that's all. Do you actually own a business or just have business cards? I'd be worried about losing my business. business cards. my business is just investment. no worries here.
  6. I have every intention of paying banks back. AMEX put me on payment plan- $23K of balance, $410/month at 5.99% interest rate. No prepayment penalty. That's feasible. I am willing to negotiate with banks and work something out. Chase on the other hand, is not yielding. This is on my business credit card and I could just walk away if I want to. This lady told me a few times that no one could adjust interest rate and doing so would violate Truth in Lending Law because different customers would be getting a different interest rate. Is that a real reason? I don't think so. Then they transferred to customer credit team to work out a payment plan. I asked what the interest rate is. He said it depends on your situation. I was like well, wouldn't that violate Truth in Lending Law? Someone said don't give your financials like your income so I didn't proceed at this point. Chase and I are not getting anywhere at this moment. On the other hand, What do you think about this article? https://jamesaltucher.com/2015/08/dont-pay-credit-card-debt/
  7. if they sue me, so what? I don't have money to pay. i can declare bankruptcy but unlikely though. All I want is to get banks to negotiate with me. I want to pay back on the amount borrowed. I don't want to pay compound interest however. I can pay maybe a fixed interest like 3% simple interest that's all.
  8. I will update it after work today. I am in Los Angeles- Pacific Time.
  9. Well, if you can buy some time with reduced payments that can be handled within your available cash flow, and ultimately crypto recovers to a palatable sale price, then you recover with your credit intact. I see this as a sterling option. Settling the debt at 40% is going to likely to trash your credit for 4-7 years. And, I have doubts that on the debt amounts involved, that debtors won't aggressively sue. Of course, it helps that aside from the crypto, you appear to have limited assets. Bottom line, this seems a very unpleasant scenario in any case. In your shoes, I'd much prefer to try to seek reduced payments/interest. The spreadsheet upload was very helpful. Can you update it with a column of current min pymts to round out the picture? I don't have it now. Just assume 1.5% or 2% of the balance each month. With 0% interest due, it will shoot up quickly.
  10. Here is the breakdown: https://docs.google.com/spreadsheets/d/1tBwJ8xfojfZpgtLzmlAy3fgl201WqG7yUtm_V-IFXLY/edit?usp=sharing What is a better plan? To negotiate with banks and tell them the situation? But isn't it better to stop paying for 6 months so they will settle for 40% of debts? When will they start suing? I don't have $170K in one card. It is spread out among different banks.
  11. I read in myfico.com, they are advising don't make payment for 6 months, settle for 40% but beware of 1099. I guess that's my plan. If I have the money I would pay banks back in full.
  12. My debt is spread over 8 cards. See the breakdown in my other reply. I read in myfico.com, they could only get 25% of my wages.
  13. Thanks for offering constructive advice. here it is Bank 0% ends Balance Total Amount Total Credit Personal/Business % utilitization Available Credit Balance Transfer Fee 1 American Express Business 4/8/2018 $23,400.00 $24,200.00 business $800.00 2 Barclay 1/3/2019 $13,824.41 $40,000.00 Personal 35% $14,000.00 3% minimum fee, 3 Chase credit card Business Veritas Associates 4/5/18 $27,958.00 $34,000.00 business $5,760.00 4 Citicard ending personal 8/1/2018 $37,958.00 $40,000.00 personal $5,408.00 5 Elan Financial Services (East West Bank) 2/2019 $8,839.15 $14,000.00 Personal 35% $4,900.00 3.99% or $339.15 6 US Bank Business 1 7/1/2018 $22,836.00 $25,000.00 business $1,225.00 7 US Bank Business 2 11/1/2018 $8,211.08 $10,000.00 business $1,705.92 8 wells fargo bank 10/22/2018 $15,499.71 $40,000.00 personal 35% $14,000.00 3% minimum fee, $420 Total $158,526.35 $227,200.00 $47,798.92
  14. I need help on knowing what my options are. I have $170K credit card debt. I am not a big spender and have pretty good credit at 740 now. I make $100K or so a year. I drive a 14 years old Camry with 240K miles. I don’t have a house. I don’t plan on buying a house or a car soon so a dip in credit temporarily will not affect me much. I invested that money in crypto and crypto tanked 70%. I want to pay back the banks but I will need more time. I am hoping when cypto pick up end of 2018 or early 2019, I will be able to pay back credit card companies. What are my options? My friend told me the only time credit card companies will negotiate with you is when you are behind payments for at least 3 months. Do I just skip paying for 3 months and negotiate with them? Or I can go to nationaldebtrelief but they charge up to 25% in fees. I want to pay back the banks and stop the credit card interests from compounding. Right now I have a mixture of personal and business credit cards. I have these following cards in Business credit cards: American Express Chase-business credit card US Bank-Business Personal credit cards: Barclay Citicard East West Bank

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