I used 7 credit cards to pay off a house.
How can I make a plan to start repaying my debt
Well that’s a new situation I don’t think I’ve ever had to deal with before.
I’m going to assume that when you say “a house” that it is your house.
The problem here is that the house, now free and clear, is a valuable asset for creditors to go after if you default on your payments and they sue you.
I’m always a firm believer in calling your credit card companies to work out a payment plan you can meet. If you are not behind on your bills, they probably won’t give you the time of day.
In that case, you should probably contact a debt management company and ask to be put on a debt management plan. That will give you one monthly payment at typically 2% of the the balance when you begin, on a monthly basis.
If you can’t afford that kind of payment then we’ve got some bigger issues to deal with.
I’m curious, what was the motivation to pay off the house using the credit cards? Interesting tactic.
I can see how this could be used in a bad way that possibly would let you pocket the cash from the fair market value sale of the house. The problem would be if you did this within a year or so of filing bankruptcy to discharge the credit card debt and if the creditors challenged the sale of the house to another party as a “fraudulent transfer” or a “fraudulent conveyance”. Could this be a possible fraud loophole that someone would use to scam creditors? Might be.