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to settle or not to settle?? need advice!

Member

to settle or not to settle?? need advice!

recently sold my business at a loss and have credit card debt.
i have 2 chase credit cards with approx $8000 on them. over the last 2 years i have paid more than that amount in interest and finance charges. i did call them and told them my financial stituation. the person i spoke to was very nice and receptive.
 
since i don't have the funds to payoff the full amount....  if i were to settle the account for less how much of a drop can i expect in my credit score does it make a difference if more than one account is being settled? currently i have 680 score.
 
does anyone know of any good lenders that provide loans to consolidate credit card debt?
 
appreciate your help.
Message 1 of 3
2 REPLIES
Established Contributor

Re: to settle or not to settle?? need advice!

most folks here will recomend you try for a PFD...this way what ever you end up paying them at least you don't have the derog on your report. It may be a long shot...but, if your on good speaking terms its a win win.
9/18/08 TU=707 EQ=706 EX=702
Message 2 of 3
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Moderator Emeritus

Re: to settle or not to settle?? need advice!

There is 2 things wrong here:
1st you didn't sell the debt with the business
2nd doesn't sound like you separated your business credit from business credit
 
also was there no proceeds from the sale to pay these debts?
 
You need to either PFD or set up payment agrangements until you can find a way to finace this.

tamir wrote:
recently sold my business at a loss and have credit card debt.
i have 2 chase credit cards with approx $8000 on them. over the last 2 years i have paid more than that amount in interest and finance charges. i did call them and told them my financial stituation. the person i spoke to was very nice and receptive.
 
since i don't have the funds to payoff the full amount....  if i were to settle the account for less how much of a drop can i expect in my credit score does it make a difference if more than one account is being settled? currently i have 680 score.
 
does anyone know of any good lenders that provide loans to consolidate credit card debt?
 
appreciate your help.



Message 3 of 3