Wachovia and Regions Business Lines
Date: Mon, 10/12/2009 - 05:22
I had to close down my business established back in 1997. During those years I racked-up a $50k Balance to Wachovia and $35k balance to Regions. Simply put, I do not have the income to continue making payments on these loans. I do have some cash available but definitely not sufficient to pay these loans off in full. Both are current with payments however it is extremely difficult to make my monthly budget these days.
Do I stand a chance settling these loans and if so, how late do I need to be to get their attention? What kind of settlement can I expect?
Thank very much in advance.
Do I stand a chance settling these loans and if so, how late do I need to be to get their attention? What kind of settlement can I expect?
Thank very much in advance.
Quote:Originally Posted by scott.alvarezDo I stand a chance set
Quote:
Originally Posted by scott.alvarez Do I stand a chance settling these loans and if so, how late do I need to be to get their attention? What kind of settlement can I expect? Thank very much in advance. |
You surely can settle. You may have to fall back for 90 days on the loans before you can negotiate settlement. But remember that these past dues would have bad effects on your report.
Regarding settlement amount, it really is a matter of negotiation. However, older the account better can be the deal. But at the same time you need to show your readiness to settle with the lender to avoid being sued by them.
