Will the CC Sued My Friend?
Date: Fri, 03/19/2010 - 14:06
Last year one of my friends ask me to help him settle his credit card debt.
He was in over his head so I agree!
I helped him get his ducks in the roll and spend a good amount of time coaching him on what to say and ask for! I even wrote letters for him!
In the end he got a cash settlement of 35% on his chase card.
I was under the impression he had the cash to settle, he has since told me he did not and borrow it from another card, around $8,000.
When he approach me the other day and said he needed my help again I was shocked.
8 months later he still owes the $8000. and has manage to charge up the card to $17,000.
I told him to count me out!
He doesn't have the money to make the payments now since the interest rate is 29% due to his fico score from defaulting on the other card!
I???m worried the new credit card company will see it as fraud and sued? (8 mo old card)?
$17,000.
He doesn't want do a hardship program, he wants to settle for less. WITH WHAT I ASK?
This makes me MAD!
He was in over his head so I agree!
I helped him get his ducks in the roll and spend a good amount of time coaching him on what to say and ask for! I even wrote letters for him!
In the end he got a cash settlement of 35% on his chase card.
I was under the impression he had the cash to settle, he has since told me he did not and borrow it from another card, around $8,000.
When he approach me the other day and said he needed my help again I was shocked.
8 months later he still owes the $8000. and has manage to charge up the card to $17,000.
I told him to count me out!
He doesn't have the money to make the payments now since the interest rate is 29% due to his fico score from defaulting on the other card!
I???m worried the new credit card company will see it as fraud and sued? (8 mo old card)?
$17,000.
He doesn't want do a hardship program, he wants to settle for less. WITH WHAT I ASK?
This makes me MAD!
The credit card company can sue him for the amount as long as th
The credit card company can sue him for the amount as long as the debt is collectible, i.e. under the SOL.
Well Guest, if you're friend is not interested to go for a hards
Well Guest, if you're friend is not interested to go for a hardship program then it's better to start a negotiation for settlement with the creditor, provided he has the fund to deal with. Yes, the creditor can take the resort of legal suit in order to collect the debt if it's within the SOL.
