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how do I to negotiate a settlement?


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Posted by Confused (66.149.92.155) on January 23, 2003 at 19:52:36:

My husband and I began the paperwork to file bankruptcy when I was offered a personal loan to avoid the process. The catch was that the loan could not be for the full amount of our unsecured debt - appx $74,000. The offer is tied into negotiating a flat settlement with our credit cards (about 9 cards total). The loaner said they could pay probably 20-25% and to try my best. My bankrupty attorney advised most settle for 35% only in litigation. Sigh...

I just ended a totally money wasting effort with a debt management group and no one wants to talk to me until they receive notice via snail mail that I am out of the program so for the moment my accounts are showing current.

What should my expectations level be on what they will settle for? Are my chances better after they don't receive payments for 30, 60, 90 days? Discover offered me a whopping 85%.

My attorney advised that these companies do not have to send a 1099C on the balance that they write off and I was hoping to offer to pay more if they send me something in writing that they will not send me a 1099C- is that realistic? If this works out but I get 1099Cs, it could end up being a substantial amount of income tax for us!From what I have read, receiving a 1099C might be the only way to protect the remaining balance from being sold to someone else??

I would appreciate any advice- Help!


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