Arrange to pay off CC's

Posted by Stressed (68.155.234.188) on July 29, 2003 at 00:14:47:

Once upon a time when I was desperate to make ends meet, I got a way to pay for things even if it meant another CC. Now I'm paying for that mistake but want to make it right. Worst case at one point, I had 7 credit cards (Mastercard and Visa). I now only have 2 and both are in very good standing with low limits ($350 and $500) and are easy for me to keep current. I want to clean up the "bad stuff" before CA's come after me if they haven't already.

Depending on the CR that you look at depends on the status of each card. For instance, TU shows 4 of the 5 remaining cards as Collection/chargeoff status/charged off as bad debt/profit and loss write off. One Cap 1 CC shows 120 days past due on CR dated 7/2/03.

I cannot afford to pay all these off in full right now nor afford to be sued, etc. If I were to write a letter on each account to each CC company and offer a payment arrangement and start making payments of X amount of dollars per month, would they take it.

I thought I'd write a letter stating something to the affect of I can afford to pay $25 every two weeks commencing on 8/1/03 and send a "good faith" payment with the letter. Also in the letter, I thought I'd put a remark as to the affect of that if I didn't hear from them within X number of days that I would take that to be their consent to the agreement and begin making payments.

Would this work? Would it help me or hurt me? Does anyone know where I can find sample letters? I thought I had found some somewhere on the net but cannot find them now.

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