Need some advise
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Posted by Trader7147 (24.218.98.35) on April 14, 2002 at 15:37:05:
Hello:) I have a problem. Have about $7000 in credit card debt 1/2 which is late fees and interest and overlimit fee charges. I have tried a credit counsel agency which was working fine for 5 months but then fell apart because of major car repairs on my end. Now also I am back on SSDI as my only source of income so there is no way I will be able to pay these debts anyway shape or form and it will be several years before I work again if ever. I have no assets except the car which I am paying for. I need some advise on what to do. A relative suggested I send out a cease and desist letter to all my creditors and wait to see what happens because these 14-16 phone calls a day are driving me nuts. Another person suggested I do the same thing forcing the creditors to turn these debts over to a collection agency which would then give me bargaining power for settling out the debts for 50% or less by having a relative pay them off for me. Of course I would then be indebted to the relative for the rest of my life. What is the lowest a collection agency can settle an account for? I am not sure how all this works like on charge-offs since I am not working (tax wise) etc. Sure could use some advise. Thanks,
Lost and Needing a Map
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