Settle or BK?
Date: Wed, 02/25/2009 - 08:38
I would really like to settle my accounts. I have about 27,000 in CC debt and part of that is a personal loan with HFC. Problem is, whenever I speak with my creditors about settlement they want the entire amount up front. This seems silly to me because if I had that kind of money, I would be paying my bills and defaulting. Does anyone have a suggestion as to how I can settle with payments? How I should approach this subject with my creditors etc. If I can't do it with payments, I'll be forced to file CH 7 BK. Any help is appreciated.
If you can't pay your bills then you could just let them get cha
If you can't pay your bills then you could just let them get charged off and then deal with debt collectors. You may have a better chance of getting a lower settlement at that point. You should also put as much money in a safe, deposit box, under the mattress that you can for when that time comes. You might even have a better shot at getting a deal right around the 180 day charge off period. If you can't then let it go.
It will take a while after charge off before a debt collector probably contacts you. This gives you more time to hide the money away. If at any point you get sued, then you could file bankruptcy.
Face it, your credit is probably messed up already so a little more is not going to hurt as long as you don't plan on anything big in the near future. You can try debt settlement, chapter 7, chapter 13 or charge off. That is your 4 options.
Hope this helps.
