Quote:
Originally Posted by platinum
The question I have us that since we plan on staying current on the vehicles, will our CC companies even consider dealing with us with a credit card consolidation or will they see that we can keep up payments on some loans and refuse to write off some of the debt?
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If you can't afford your mortgage and minimum payments with your income, no bank is going to loan you $75k unsecured to consolidate your credit card debt. Your debt-to-income ratio is simply way too high. So you can forget about consolidation.
Typically, credit card debt is only negotiable after it gone to a collection agency. If you really want to write it off or minimize what you pay back, stop paying on the CCs entirely until the banks or collectors start calling you. Then try and negotiate with the collectors for 40-50% of the owed amounts.
However, there is a further problem. Banks and collectors will be able to see you are current on your vehicle loans, so they will not want to cut you a deal in paying back the CC debt. If you want to negotiate, you will have more wiggle room if you look like you are behind on everything. Sell the cars and buy used ones with cash so you don't have payments.
I'd suggest you post your budget on this board. I have a feeling you could be making your payments each month if you cut out some luxuries. I know you "need" your cars, but I wouldn't be surprised if you "needed" your gym memberships and "needed" Tivo and "needed" your leased boat.