Re: Credit Card debt

Posted by Drew (24.59.27.46) on October 21, 2003 at 15:32:55:

In Reply to: Credit Card debt posted by larry on October 21, 2003 at 14:50:48:

Whatever you do, get it in writing. It sounds like you don't have much choice and settling is better than bankruptcy and is better than chargeoffs. I assume that some are close to charge off status.

The point now is to take care of your family the best way you know how and to do whatever needs to be done. Settling if they are willing is the best thing in my opinion at this stage. If you cannot make the complete payments, then they will charge it off. That looks best.

Three things to avoid if you can.

Don't miss a payment.
If miss a payment, don't get a charge off.
If charge-off state, try to settle in full or pay in full.

Bankruptcy last option.

Credit counseling is iffy and from your situation, it does not look like it can be an option for you since you don't seem to be in the position of making the required monthly payments.

Do you have any assets?

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