Settling
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Posted by hps
on January 30, 2002 at 15:43:37:
First let me thank this forum for a really informative content! I have more than a 100,000 debt in 10 or so credit cards! As you may imagine, all of my accounts are either charged off or very-very late. I had lost my job and had not been able to make any payments for about 8 months. I just received about 50,000 unexpectedly and I would like to try and settle my debts. I have some questions: 1) Is this my best option?
2) What is the best way to do it??
3) Should I bargain for 30, 40 % on the dollar?
4) How to deal with aggressive creditors that say that the cannot settle below a higher %?
5) Will settling make my future credit better (as opposed to bankruptcy). From going through this forum I have an idea about some of the answers but I thought that this may be useful to others. Thanks a lot for all the help!!
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