Ge money bank/care credit-settlements

[freelancer47]

Hello, all. I have a quick question that I wanted to ask for a close friend of mine. This question is for my friend, she is not a part of the bankruptcy forum.
The question is I was wondering if anyone has had any experience doing debt settlements with GE MONEY BANK, in relation to CARE CREDIT???
To give you alittle bit of background, my friend co-signed on a loan with one of her former ex-friends. The amount of this Care Credit loan is $2,400..
Now this ex-friend of hers was the one that IS RESPONSIBLE FOR PAYING THIS ACCOUNT AND THIS WAS AGREED UPON BY THEM WHEN THE ACCOUNT WAS OPEN IN 2004..
Since then, the ex-friend was current on payments until about 2 years ago and since that time she has had very spotted payment history.. She miss payments almost every month and sometimes makes only a partial payment or no payment at all. This has been going on for the last 2 years, and the balance has ballooned an extra $500 with late fees and such..
NOW I KNOW THAT MY FRIEND who co-signed will probably have to pay this debt off or make the payments here soon.
However, I am wanting to ask on her behalf if anyone here has had any luck in getting some sort of debt settlement in relation to GE MONEY BANK/CARE CREDIT...SHE WANTS THIS SETTLE SO SHE CAN MOVE ON WITH HER LIFE AND HER CREDIT RATING...

My friend's credit is excellent, except for this damn ex-friend that has brought her credit rating down...
My friend would like to pay the balance off and get the hell out of each others lives, but since this debt was related to someone else even though she co-signed, she would like to do debt settlement, to at least get the balance down some what...

Has anyone had any experience with Care Credit, and if so what should she ask when she calls CARE CREDIT/GE MONEY BANK?????

I know that by her doing debt settlement, my friend will get a 1099-C form at the end of the year..

But, my friend is getting tired of dealing with this ex-friend bringing down her excellent credit rating, that she wants to get this paid off for as little as possible..

Her ex-friend, has had this account with 9 collection agencies already, during the last 5 years, and wants this to end..

Any advice that you can give on your experience with GE MONEY/BANK AND DEBT SETTLEMENT WOULD BE VERY VERY HELPFUL AND WHAT SHOULD SHE SAY WHEN CALLING THEM?????

Melissa

[48adam22]

I have / am dealing with GEMB / Care credit. My ex-wife racked up $ 9,000.00 in plastic surgeries before she filed for divorce,,,,, all in the year before she filed,, yeah, I think she knew what she was doing

After we split up I kept making the payments, $ 331.00 per month for about 1year. At the divorce settlement conference hearing it was clear that I was going to to get stuck with the vast majority of the credit card debts and I was right, totalling about $ 60,000.00. Yeah, I know, I should have paid more attention,,,

Well when I stopped making the payments GEMB/ Care Credit, they began calling me sometimes twice a day. They were a pain. After about 7 months the debt was referred to a debt collection agency, Encore Receivable Management Inc., in Olathe, KS. Their collections attempts show the same $ amount that I owe GEMB / Care Credit. I was never offered a debt settlement agreement, so on that point I can't comment. I know that the ex-wife and I were both 50 % responsible for the debt, but I filed alone. I had to list her a creditor also because we are both on the account, and listing her as a creditor has something to do about her ability to sue me in civil court because GEMB might go after her because of my BK, and I was awarded the debt in the divorce. Ho0pe this made sense and good luck to your friend.

[catleg]

Here is really what needs to happen. Your friend just needs to pay this off to save her own credit and butt. Then depending on the amount and your local courts sue in small claims court the other party. Then they have a judgment they can try to collect on over the next 10-20 years. They can set up a repayment plan or something. A little of something is lot better than a lot of nothing.

OR another option is, if her 'friend' the other party gives her a statement she has no intentions of ever repaying the debt (see the IRS website on this) your friend can then take the amount she paid off the loan and she can then take that as a loss off her taxes if she has income enough to off set it. At least she would get a little something back.

I think BB nailed this one. This is the way to go.

[walkthaplank]

care credit? I'm assuming you are talking about Care one credit. If that is the case, I suggest that you and/or your friend read their own community forum with regards to debt settlement. I did and decided that Bk was going to be my best bet. Going through debt settlement programs will likely end up with your friend filing BK anyway after having wasted a lot of money. I read lots of posts over the YEARS of the same people starting out enthusiastic and then talking about the judgments and garnishments and ultimately filing for BK and not getting much of their money back from the debt settlement lawyer.

Good luck!