Settling a debt?

[JamesP]

Hi guys,

I'm new to the forums, but have been trolling for a week or so . there are many great posters on this website, thank you.

I just had a quick question on what is the best way to go about trying to settle a debt with a C.C company instead of filing BK?

If there is a post about it, a link would be much appreciated. thanks.

James.

[HHM]

Since this is primarily a BK site, we don't have any sticky posts regarding debt settlement, but I am sure if you use the forums search feature, you can find where people have talked about debt settlement.

[keepmine]

In my experience {pre bk reform} at the 150 day default mark, Chase called and unsolcited offered to settle at 45% and, Cap1 offered a 50% settlement. You'll have to be 90 plus days in default before they'll even discuss it with you.
You'll get settlement offers once you've stopped paying .

[ssdsco]

Hi guys,

I'm new to the forums, but have been trolling for a week or so . there are many great posters on this website, thank you.

I just had a quick question on what is the best way to go about trying to settle a debt with a C.C company instead of filing BK?

If there is a post about it, a link would be much appreciated. thanks.

James.

[treehugger1]

Yep, That is my take. Until you are 90 days or so out, don't expect anyone to want to deal with you. There are some CC companies that might never talk with you. In such cases, you will probably need to wait for a charge-off and deal with them (or the CA they've assigned the debt to.) In the meantime, your credit will be destroyed. If you don't think you are up to the task of dealing with phone calls or waiting as $100's of dollars of fines, late fees, overlimit fees, interest, etc, you might be better off filing for BK. If you have no assets, other than wages and can afford a potential wage garnishment order, then wait it out. How you react can also be determined by whether or not you are BK 7 or BK 13 material.