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Need Advice
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Posted by Pete (152.163.197.189) on April 10, 2002 at 13:03:40:
I was out of work for about six months last year and wasn't able to pay any of my credit card debt. I owe about 35,000 to about six different cards. I have ignored most of them for about one year now and most have gone to collection agencies. I am back to work now and want to get re-establish my credit but there is no way I can dig out of this huge amount. My question is what is the best way to proceed from here. Should I attempt to settle with the creditors or is my credit ruined enough that I should go straight to BA?
I don't have much cash to settle with. Is it advisable to attempt to restart payments if I can negotiate a lower balance as well as a favorable credit rating? I'm thinking I can negotiate a favorable credit rating from them if I tell them that I need the favorable rating so that I can refinance my home loan to pay off the remaing credit card balances.
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