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Settlements have been reached but still in debt


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Posted by kat (209.193.39.51) on August 21, 2002 at 01:55:26:

We recently were able to ask 9 companies that we owed money to for a settlement amount in writing. All of these stemmed from a failed business in 1999 and went delinquent all around 3/2000. We have settled 5 of the accounts, but still owe around $15,000 which we have also received settlement offers in writing on. The refinance on our house went through, but we were not able to get as much money back as we expected to take them up on their settlement offers. What should we do if we ever hope to get any credit again? Do we negotiate to re-age the debt or just wait till they fall off in 2007 and hope that we don't need credit until then? I am lost with all the information out there. Bankruptcy has always been an option, just to get it over with fast. Will it do nothing good to our credit either way we go? Try to work with them or not? 2 are with the original credit card company, the other 2 are with collection agencies. Any suggestions would be appreciated.


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