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04-16-2009, 10:56 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 20
| | | credit card debt
Ohio. Over the years, I have acquired a credit card debt to nearly $30,000. I have tried, for the past two years to work with the 2 companies. One has been accomodating with lowering my interest rate...Bank of America won't budge. I have transferred nearly all to Citicard (5.99), but it is still astronomical.
Any thoughts on how willing CC companies are becoming at settleing for a lump cash payment of a fraction of the balance?
Also, the cards are only in my name....if I file bankruptcy, does that affect my husband?
He just found out about this and is livid...because he is self employed with impecable credit. (believe it or not....I am not a shop-a-holic. most everything charged has been for things like car parts, gas,etc) |
04-17-2009, 06:41 PM
| | Senior Member | | Join Date: May 2001
Posts: 6,454
| | | A bk filing will affect him if, you have equity in joint assets like a home or car that is above what your state exempts.
Most bk lawyers give free or lowcost inital consultations. Speak with a few and get all of your options explained. |
04-17-2009, 06:44 PM
| | Senior Member | | Join Date: Dec 2007 Location: Thebes
Posts: 6,097
| | Quote:
Originally Posted by fati  Ohio. Over the years, I have acquired a credit card debt to nearly $30,000. I have tried, for the past two years to work with the 2 companies. One has been accomodating with lowering my interest rate...Bank of America won't budge. I have transferred nearly all to Citicard (5.99), but it is still astronomical.
Any thoughts on how willing CC companies are becoming at settleing for a lump cash payment of a fraction of the balance?
Also, the cards are only in my name....if I file bankruptcy, does that affect my husband?
He just found out about this and is livid...because he is self employed with impecable credit. (believe it or not....I am not a shop-a-holic. most everything charged has been for things like car parts, gas,etc) | What makes you think they should? You got the benefit of the products and services your purchased, right?
__________________ Dang the Persephone for eating those pomegranate seeds. It is because of her urge to snack that we must suffer through the winter that will soon be upon us.  |
04-20-2009, 01:20 PM
| | Senior Member | | Join Date: Oct 2007
Posts: 2,548
| | | why did you borrow and promise to pay back so much money you couldn't pay back? |
04-21-2009, 10:16 PM
| | Junior Member | | Join Date: Apr 2009
Posts: 5
| | | I think some have become quite willing. All the bad press or guilty consciences or something has them offering deals of about .50 on the dollar. In fact, B of A offered my wife .50 on the dollar. You just have to stop paying for enough months to make them worry.
Now, the consequence means it will adversely affect your credit. But, if you've already got a bad credit report, it won't make that much difference. On the other hand, you may prefer not to risk the poor credit rating. | |
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