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Navy Federal Credit Union NFCU Credit Card Settlement?


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The last post in this topic was posted 3937 days ago. 

 

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I have a closed NFCU credit card with a $15K balance. Last year when trying to sell our home, I pretty much maxed out the card on getting our home ready for sale (paint, carpet, landscaping, maintenance). Anyway, we couldn't sell the home so I am now stuck with a rather large $350 month payment. I was able to get on a reduced payment plan with NFCU for 1 year. The year is now up and my payment is going back up. I can't afford $350 a month payment and it doesn't look like NFCU is willing to continue the reduced payments.

 

Just wondering how willing NFCU is willing to negotiate a settlement given that they are a credit union. I don't have any extra money now, but possibly may have something next March. Due to health issue, my wife just stopped working and can no longer work (cancer). Our houeshold income has gone down and it's enough of a challenge to pay the living expenses with a family of 5. At any rate, if I can't get a lower payment on this debt, I may just stoppasying and go from there.

 

I would like to be rid of this debt, but I just don't see having $15K extra in my hand anytime. Thought or experiences on setting with credit union credit cards?

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CUs are pretty tough to deal with if you plan to pay anything less than the balance owed. Have you figured out what you can afford, if anything? That might be a good starting point. With most debts you have to let them go for a while before the creditor will even consider settlement. If you are using them for banking, you may want to pull everything out and have deposits rerouted elsewhere.

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