I have good credit. I just lost my job. I had to s

I have good credit. I just lost my job. I had to sale
my house with little equity coming to me. I owe
$122,000.00 with 5 credit cards. Can I negotiate
a lesser sum with the credit card companies to pay
off the balance. If I was able to do this, would that affect my credit score.

3 Answers

Vote up!
6
Vote down!
-4

I agree with what my previous posters have said. You can try to settle the debts with the credit card companies. But it depends on their discretion whether or not to accept your proposal. Settlement has a negative impact on your credit score.


Vote up!
3
Vote down!
-3

You have piled up a huge amount of debt. Settlement will trash your score by as much as 120 points. You can definitely negotiate for a lower payoff amount. If you are not able to settle the debt, then you may file bankruptcy.

 


Vote up!
4
Vote down!
-5

Settlements will very much affect your credit rating as you are not paying as agreed. 

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http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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