C
cdo4
Guest
Colorado-
Due to unemployment in Colorado, I now owe:
$28,000 in student loans (which I have defered at the moment), $16,000 to cards, $600 in utilities, and $2500 to friends. I know my student loans are non-dischargable and repaying my friends is my first priority. My parents are taking out equity on their house and are willing, if I pay the extra on the morgage, to take out extra to pay off my cards. I want to know the best way to negotiate lump-sum payment. I have read that you can settle for 50 to 75 cents on the dollar. Amex, one of my largest creditors, has already gone to a collection agency. With the added morgage payments, I will need to be sure that I can repay my credit card, utility and friends' debts in full; otherwise, I will have to consider bankruptcy. I will be able to get about $14,000 from my parents. This would mean that I have to negotiate for repayment of only 70% on my credit cards. Any suggestions? Thanks
Due to unemployment in Colorado, I now owe:
$28,000 in student loans (which I have defered at the moment), $16,000 to cards, $600 in utilities, and $2500 to friends. I know my student loans are non-dischargable and repaying my friends is my first priority. My parents are taking out equity on their house and are willing, if I pay the extra on the morgage, to take out extra to pay off my cards. I want to know the best way to negotiate lump-sum payment. I have read that you can settle for 50 to 75 cents on the dollar. Amex, one of my largest creditors, has already gone to a collection agency. With the added morgage payments, I will need to be sure that I can repay my credit card, utility and friends' debts in full; otherwise, I will have to consider bankruptcy. I will be able to get about $14,000 from my parents. This would mean that I have to negotiate for repayment of only 70% on my credit cards. Any suggestions? Thanks