bussiness credit line called in
Date: Sat, 07/17/2010 - 13:55
I have a citibussiness credit line secured personally for 50,000
since 1997 have always paid on time and lost bussiness in 2006 but still continued to pay interest this past month they called the loan with principal in and cannot afford this going thru hardship filed for loan modifacation on my house and now this ....
would they settle for less since it is secured and i can get little money from family to clear the debt ?
please help
since 1997 have always paid on time and lost bussiness in 2006 but still continued to pay interest this past month they called the loan with principal in and cannot afford this going thru hardship filed for loan modifacation on my house and now this ....
would they settle for less since it is secured and i can get little money from family to clear the debt ?
please help
Yes you can definately negotiate a settlement with them. I thin
Yes you can definately negotiate a settlement with them. I think business lines of credit are easier to negotiate than personal stuff. Call them and tell them you can't pay the whole amount but can pay xxx to settle it as the business is out of business and has been. Make sure they know your financial hardship and that you have applied for a loan mod on your house as it may be going into foreclosure. That may make them willing to talk.
