Sending letters to credit card companies to avoid getting sued?

Question

For 3 months I haven't paid my credit cards, if I send each credit card company a letter stating I'm having financial problems and can pay them 20 dollars a month, can they still sue me?

*This is my husband and I's credit cards combined, which are 30*

Answer 1

They are under no legal obligation to accept anything less than the amount owed.

I would suggest you call them and explain your situation to them. They might have some mechanism in place to help you.

Some of them will probably be more helpful than others. Create a spreadsheet and keep track of who is helping and who is not. Your short-term goal should be to keep all of your cards from going into chargeoff status...because if they do then you'll have collection agencies hounding you.

Answer 2

Should have called them the first month that you could not make a payment, three months later not only is your credit shot, but they are already in the collection mode, and your ignoring them for that long just exasperates the problem.  It has been 90 days so most likely you are most likely already having you cards sold to collection agencies, who are adding fees, and will not accept $20 a month. Basically you waited too long to rectify this situation.