What is the name of your state (only U.S. law)?
Ohio.
My fault. Yes. I ran my credit card to a high amount. (over the past 5 years). (Anyway, for the past 3 years I have tried to get the cc company to lower my interest rate...but they wouldn't.
Finally, the cc company agreed to put me on a 5 year plan. no finance charges, no late fees, etc. $390.00/month. ( I now owe around $18,000; which @$10,000 is accrued finance charges.)
For the past 5 months, I have been trying to negotiate a cash settlement/foregiveness, of $9,000.00. I get the run-around. (call next month, and you will probably qualify...etc)
But, they won't. They said I have been paying on time and therefore I do not qualify....my account is up to date.
The only thing I can do is to stop paying.
So...tell me the worst case scenario, if I stop paying. I don't want to. I would prefer to do a cash settlement
Also, the card is in my name only...not my husband. If I stop paying, can they go after him to try to collect?
Ohio.
My fault. Yes. I ran my credit card to a high amount. (over the past 5 years). (Anyway, for the past 3 years I have tried to get the cc company to lower my interest rate...but they wouldn't.
Finally, the cc company agreed to put me on a 5 year plan. no finance charges, no late fees, etc. $390.00/month. ( I now owe around $18,000; which @$10,000 is accrued finance charges.)
For the past 5 months, I have been trying to negotiate a cash settlement/foregiveness, of $9,000.00. I get the run-around. (call next month, and you will probably qualify...etc)
But, they won't. They said I have been paying on time and therefore I do not qualify....my account is up to date.
The only thing I can do is to stop paying.
So...tell me the worst case scenario, if I stop paying. I don't want to. I would prefer to do a cash settlement
Also, the card is in my name only...not my husband. If I stop paying, can they go after him to try to collect?