Any Options?
Date: Tue, 07/14/2009 - 23:32
I'll make an effort not to drone on - basically I lost my business when the world fell apart - I have no income and live off a small savings. All the debt I have is CC debt around $40,000- all in default 90 days.
When I call the banks, few are willing to do anything, no smaller payments, no reduced interest. I know if I wait long enough they will offer a settlement but I don't really have any money to pay anything unless I want to stop eating and living indoors.
Do I have any options besides waiting for the CC companies to write off the debt and going to collections? I don't want to go BK if at all possible.
I just need smaller payments for a year or so - and they tell me to go to hell and charge me 30% interest forcing me into default. How is that a good business model?
When I call the banks, few are willing to do anything, no smaller payments, no reduced interest. I know if I wait long enough they will offer a settlement but I don't really have any money to pay anything unless I want to stop eating and living indoors.
Do I have any options besides waiting for the CC companies to write off the debt and going to collections? I don't want to go BK if at all possible.
I just need smaller payments for a year or so - and they tell me to go to hell and charge me 30% interest forcing me into default. How is that a good business model?
That is what they do. I would not pay anything until they came a
That is what they do. I would not pay anything until they came around with a better offer. If you paid smaller payments for a year or so, you would still owe 40K after that time. I would try to hold out and hope to get a good settlement offer down the road and get rid of the debt for good.
It seems that you have 2 options outside of the obvious, which i
It seems that you have 2 options outside of the obvious, which is get more income. Beyond that, it's settlement or BK. If you cannot raise the funds to settle and you know that you can't...it's BK. Not the end of the world, but it stinks for sure.