negotiation til its chump change
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Posted by clever
(24.160.106.90) on March 02, 2003 at 10:20:25:
I was brainstorming this morning and I thought up a good way to get out of trouble if you are in and was wonderign if anyone has ever done it because I haven't ever read about it on any of the boards.. to make it simple I'm going to use this scenario
mr. dude has $20,000.00 in c.c. debt with MBNA. He is the only one on the card. His wife has good credit with no credit debt. They can't make payments anymore so he has to let it go for some reason or another..'
MBNA calls and he gets a settle in full for 50%.
He gets a cash advance from his wifes cards and pays the 50%. Now they are only $10,000.00 in debt.
Now its been a year since he settled his and he was able to establish credit with another company. She then lets hers go and settles for 50%.. now they only owe $5,000.00. He cash advances and now they only owe $5000.00. He lets go and they save up $2500.00 and pays them off. Works hard at credit reports and clears it up.
I know it sounds far fetched but I don't see why it wouldn't work.. and it also gives the couple a chance to get back on their feet. If they got back on their feet early then they would just payoff then..
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