HELP! Effect of credit card write off

[DolfanCLT]

RE-POSTING FROM CREDIT CARDS, AS ADVISED BY FELLOW MEMBERS

Hi all... I'm new to this forum... wish I had seen it earlier...

My Cap One credit card account is about to be written off... I have two cards with Amex and one with BofA that are maxed out but current... I have kept using them as a way to 'stretch' my remaining funds one more month at the time... in the last couple of months, I have made the minimum payment to Cap One as well, just to push the write off one month... but I won't be able to do it anymore... so, the question(s):

1. Is it worth to keep extending the Cap One write off even if I start getting late on one of the other cards? I.e. maybe 'buy me' another month using part of the money I have to pay one of the Amex cards....

2. If I let it go to write off, will the other card companies 'penalize' me by freezing or cancelling the cards?

Thanks in advance for your help!

[fishbjc]

If Amex does a sp on your account, and sees a charge off, expect them to shut you down.  CapOne is 'sue happy'.  They sued my sister for $1200.  Have you thought about a debt management program?  I know of a great one if you need them!

Have you called CapOne to discuss the issue?  It's really best to keep them on the hook.....they may have a credit solution for you!  I'm sorry for your troubles!

[DolfanCLT]

Thanks, fishbjc...  

Yes, I have been in continued contact with them... they know I do understand the impact of a write off and that's why I have tried to avoid it... I will consider a debt management program but only after I secure a job... at this time, it is moot as I do have no income... once I get a job, I will know how much I have to play with and can go from there...

Right now, I need to decide whether I go late on say, one of the Amex cards so I can buy me another 30 days in Cap One (keeping the other two cards current)... or if I just shut it down completely (allow the write off to happen AND stop paying my other credit cards) in prep for a BK process... need to make that decision between today and tomorrow... man!

[fishbjc]

We're here to support you in whatever decision you make.  It's a tough spot to be in and I understand completely!   While BK can be difficult, you CAN rebuild credit.  What's important for NOW is to keep yourself healthy and don't let his weigh too heavily on your shoulders.

The economy is still fighting and many people are in similar or same situations.  Do what's right for YOU!  It doesn't hurt to seek a BK attorney and look at your options.  You cannot get blood from a turnip.  I had to make a tough decision and two years later, things are WAY better!  I avoided BK and foreclosure by the skin of my teeth.  Our situation was due to an injury/illness.   

I wish you luck!