Friend is in over his head in 10,000 of unsecured debt

Date: Tue, 07/27/2010 - 16:14

Submitted by miketechit88
on Tue, 07/27/2010 - 16:14

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Total Replies: 3

I have a friend who has about 10,000 dollars of credit card debt. He is behind 1.5 months, and has never been late in the past. I called the credit card companys to negotiate, and found it near impossible compared to a few years back. They would not budge on the apr or fees, but would reduce the monthly payment for three months which would not make any sense if he was still incurring the same fees. His work hours where cut back, and if he lets this go any longer it will turn into a nightmare. Whats your opinion on Debt Settlement. Thanks in advance, Michael

Hi Michael, In order to negotiate with the credit card compan

Hi Michael,

In order to negotiate with the credit card companies over settling the debts or lowering the interest rates, your friend should be behind the payments for at least 3-4 months. The creditors will never negotiate for lower payments if they know that the customer has the potentiality to make regular payments. So, ask your friend to miss the payments for at least 3 months. After that, you can go for negotiation with the credit card company.

lrhall41

Submitted by paulcahill80 on Tue, 07/27/2010 - 21:32

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I would call SPAM PHONE NUMBER REMOVED they could work miracles

lrhall41

Submitted by on Wed, 07/28/2010 - 12:01

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Don't call that number it's probably a scam! Yes if you want t

Don't call that number it's probably a scam!

Yes if you want to negotiate a final settlement of the accounts you will need to be further behind. Also realize that when you settle they close the accounts, but it's the best option for people in financial trouble.

lrhall41

Submitted by Debt Free to Be on Wed, 07/28/2010 - 19:31

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