File or wait to fall off report?

[Beeheery]

Hi Luci,
I don't have any $$ to settle. A friend of mine said that she would let me user her credit card to settle my debt. It would be someone else's money paying my debts. I have been unable to work for several years due to complications with prior surgeries so I think I fit the insolvency issue. I just don't want to file if i absolutely do not have to and my friend said i do not need to pay her back. What would you do if you were me? How long would those negative accounts stay on my report? I know BK is 10 years but how long for settling? Thank you so much for your help!

[Beeheery]

Oh and I was thinking of saying in each of my letters to my collection agencies that I agree to pay X% to them within 30 days IF all my creditors agree. Would that fly???

[LuciluS]

Hi Luci,
I don't have any $$ to settle. A friend of mine said that she would let me user her credit card to settle my debt. It would be someone else's money paying my debts. I have been unable to work for several years due to complications with prior surgeries so I think I fit the insolvency issue. I just don't want to file if i absolutely do not have to and my friend said i do not need to pay her back. What would you do if you were me? How long would those negative accounts stay on my report? I know BK is 10 years but how long for settling? Thank you so much for your help!

O me Sweetie! Complications with prior surgeries? Been there..done that. I've had 7 with 1st one 5/1/05 after a car accident 3/14/05. Are you sure your Friend is in good shape: financial, physical & mental wise, for you to accept her offer? I've seen where money borrowed can/may ruin a friendship.

I believe you are not married right? So no Hubby or SO to rely on for $$. I'd have to go back & research your posts to see $ amount of each credit card. Without knowing how many CCs & balances, I guess it could be doable.

I believe the CR Report will read Settled and date. I don't think there is any mention of who started the Settlement process. I guess one could presume it would end the specified date final $$ amount is recorded.

I know it's tuff when you have obligations you cannot fulfill. Hmm, as for the letters, go over to the Collections forum. I believe there is a stickie on min. and/or max. % on each Creditor.

If not, utilize the Search button in the top right hand page & type in % offered. You put Credit Cards Adjustment & you will receive a super-duper candy bar full of questions.

Yes, on sending letters to all. Just make sure they are sent in a way you have a 'signature from that specific CC.'

I pray your financial situation improves! Good Luck!

Luci

Luci
O Another ? popped my mine. This friend capable of you receiving these funds at any given time? In other words, he/she wants you to slowly, slowly pay them off as to not 'ding' his or her credit card.

Your letter should be sent to all Creditors; however, like I said scoot on over to Collections for a better 'feel' for bottom line $ settlement.