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Catching up on late CC payments?


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I have about 8 cards that are anywhere from 60 to 120 days late. I would like to make double payments over the next couple months to catch up.

 

Can I make 2 payments on a 90 day lates and end up in a 30 day late status? How would I go about making payments on120 days lates. If there in collections vs not quite there yet. any good ideas?

 

Thanks in advance

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do the original issuers still have the accts? Can you keep them current once you start paying?

 

If yes to both questions, call the creditors and work out a deal - they may be able to remove fees and lower interest rates so you can get back on track faster. If you can't keep them current, it just adds more time to SOL - save your money for settlements or BK fees.

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Well there's three different kinds of collections. At the very least it is in their in-house collections department, where it goes when it's a single day late. These are the people who will be the easiest to work with, since they too want to get your account back to current. They can also hire a collections agency to try to collect the balance on their behalf. This can still be workable, as the collections agency is working for the OC, and in communication with them. Worst case scenario, they sell it to a junk debt buyer in which case the OC will generally not be able to do anything but give you the name of the agency they sold it to. At that point, they have written it off as bad debt, and they probably legally couldn't take a payment from you if they wanted to.

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when it goes to collections...is it considered Charged-off?

 

No, it usually happens after 120 days - typically 180 days after last payment but some CO sooner. Even if CO, they might still hold the paper and can work with you. ETA: they have two levels of collections - internal collections and external collections. If its still in internal collections you'll probably have better luck - that makes it more important not to delay on the cards with 120 days lates.

 

I'd start calling the creditors - begin with the cards that are the most behind - and see if you can work out payment plans. Some will, some won't. Work with the ones who will and deal with the others later.

Edited by toopooor
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