Re: Charge-off?
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Posted by Linda on October 27, 2001 at 11:38:15:
In Reply to: Charge-off? posted by Pete on October 27, 2001 at 10:20:17:
Your options would be to contact your credit card companies yourself and try to negotiate - if you do that, ask if they have a hardship program of some sort. If you don't qualify as a hardship case, try to negotiate a settlement. You will have bad credit for 7 years, and the charged-off amounts (total debt minus settlement amount) will most likely be sold to collection agencies who will chase you for years to come. You can go to consumer credit counseling - the results will be the same as above, only possibly your negotiated payments will be listed as late, repeatedly. You can just stop paying and wait to see what they do. With the current financial climate, they may sue you and get a judgment, so you'll be taking a big chance since you have assets. You can contact an attorney who can negotiate with the credit card companies for you, and possibly keep your credit from being totally trashed, but that will cost you upfront (no idea how much). I doubt they'll put you on a payment plan. You're in a tough situation. Make up your mind though, and either make arrangements or stop paying altogether, because every time you pay, you are resetting the statute of limitations, and restarting the time limit for credit reporting. Maybe someone else has better advice. If you want to tell me which cards they are, I might be able to tell you what your chances are of negotiating with them. In all honesty, bk is your way out. Did the attorney you spoke with make any suggestions to help you? Linda
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