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Failed business, 2 cc cards - ? what to do

Date: Thu, 06/10/2010 - 12:35

Submitted by anonymous
on Thu, 06/10/2010 - 12:35

Posts: 202330 Credits: [Donate]

Total Replies: 3


I had to close my failing business last month after 2.5 years. I have two cards - a bank Visa card from a local bank and a Chase CC. Total of about $24,000. I called each today to claim hardship, but neither will work with me. I am now down to $1000/month income of which $725 is spoken for (HELOQ). These bills are in my name, not my husband's, and although I want to be responsible, I can't possibly make the minimums ($275 on one at 5.9 and 3.9% from 2 balance transfers and $229 on the other at 13.99%). I can do $100 a month on each, but they won't hear of it as I am currently up to date (that will change next month). What are my options? One gave me the name of Money Managment International as a go between, the other the # to Consumer Credit Counseling. I don't want my husband's credited affected and he has no extra right now to help me out of this mess. Is it better to seek counseling with a reputable company or not pay, play the "game," and come to settlement if I can borrow from family to make a settlement????

Down in the dumps over this.

Thanks!


I can attest to your situation. I've been their. What you will need to do is stop paying the creditors asap. You will certainly get phone calls from both of the creditors, a constant phone call is possible. Simply, let them know that you would like to make a settlement. They will refuse as your account will be less than 90 days . Let the time laps to play the game. Around 90 days offer both of the creditor what you can pay, ie. 30% , 50 % of the debt.

Settle the debt and walk away .

Good luck

Ben


lrhall41

Submitted by Ben World on Thu, 06/10/2010 - 13:07

( Posts: 23 | Credits: )