Charge-off vs. settle ment

[Mari]

Are charge-offs the same thing as settlement?
I am being offered a settlement for 50% of cc balance but that still means I need to pay off about 40K.
They tell me I must pay off in 90 days due to federal law? Is this true.
How am I going to pay this off in 90 days, without maybe borrowing from my bro, but then, he can only lend me 13K a year right?
Could HE make check to cc and then it does not flag IRS that I am getting a 'gift over 13K?"
he probably not willing to do this, in fact in prelim discussions seems like he wants me to sign promissory note, etc.. any input would help

[frogger]

They tell me I must pay off in 90 days due to federal law? Is this true.

Just another collection tactic.

[flyinbroke]

There is no law for settlement payoff. Most do seem to want it in 4 months or less though and never offer long term payment plans. Just a scare tactic.

[Mari]

should I pull trigger

Its been about 6 mos since I separated from husband, so about 5 mos in arrears for 2 cc. One has about 60K balance and if offerring me settement for 55 cent on the dollar IF I somehow pay in 3 mos.
One has 24 K and offerring 50 cent on dollar.
Plus I am losing my mind
Peace of mind vs. optimal settlement.
When do I pull the trigger?

[keepmine]

First , don't involve others in your financial problems.
Don't borrow from your brother or accept a large cash gift. It's likely throwing money down a rathole.
Why not just file bankruptcy and be done with it?
If you need help post bk then, reach out to family.

[AngelinaCat]

Hi Mari:

I moved your threads from the 'Bankruptcy & Credit News' forum to the 'General Bankruptcy Talk', where it more properly belongs. The 'Bankruptcy & Credit News' is reserved for actual news articles.

Welcome to the forum. Thanks!