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MBNA, Fleet, and Citi cards - can I settle?

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Posted by sharpturn (68.76.87.56) on November 23, 2003 at 14:27:16:

I have read numerous posts, but not come accross much info on whay to do in my current situation.

I recently lost my job and have been unable to pay three credit cards for about 50 days. Each credit card has roughly a $7500 balance. I get calls about every three days from each credit card company. I tell them I still have not found a job and that I want to pay them, but cannot at this point.

To date the credit card companies have been very understanding - they still thank me for my business. But I cannot assume I will find a job in the near future, allowing me to pay them. I am guessing the credit card companies will become less freindly in the near future.

All my interest rates are now at 27% and I have racked up some heafty late and over-the-limit fees. Due to this I do not see this debt ever being settled-in-full. I also see no point in making any kind of small payment because that only worsens my current situation.

I would like to avoid banckruptcy or collection agencies if possible(could be wishful thinking?). Has anyone had any experince settling debts with MBNA, Citi or Fleet?
I have read a lot of posts with advice on what to do after your account goes to a collection agency. I am just wondering if there is anything feasible I can do to avoid them in my current situation. I have a little less than 5k in savings currently that could be be used to help settle these debts. But 5k might be like trying to put out a forest-fire with a garden hose when my total credit card debt exceeds $22,000.

Here's a few general questions I have:

Will the credit card companies be more understanding since I am unemployeed?

Can you ever reach an agreed upon fixed-amount less than 50% of current debt and make a payment plan?

In a "best-case scenario" what's the least amount of money I need to settle all three credit card debts totalling over $22,000?

All my accounts are now 30 days past due and closing on 60 days quickly? How much longer till they will consider sending my account to a collection agency?

What should I say/discuss with my credit card companies when they call?



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