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Stopped paying on three credit cards
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Posted by Saint22 (24.197.86.54) on October 04, 2002 at 06:39:55:
I stopped paying on three credit cards about 7 months ago. The three cards are Discover, First USA, and Chase. Each card has a balance around $10,000 on it. I am beginning to receive letters from each of them stating they are charging off the debt. I have no experience doing this type of thing, and basically took this course of action after realizing that there was no way I could ever pay this debt off. I thought about filing bankruptcy, but apparently I am not able to do so. A lawyer friend of mine recommended I should just stop paying on the debt. My question is, after they charge off my cards, what are the odds they will still come after me? I own a vehicle, and am paying off a mortgage (still have 29 years on my mortage). Some of the companies have offered a settlement for 25% of the debt, but even that I cannot afford. What should I do? I don't really care about my credit rating, but don't want to lose my house, car, et al. Any help would be greatly appreciated. If it mattes, I live in the state of West Virginia.
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