hi here's my situation, i've lost my job recently

hi
here's my situation, i've lost my job recently and i owe
4 cards totally 35k :15k(wf), 8k(bofa), 10k(local credit union), 2k(chase)
i always made minimium payments for over a year, and now I can't due to job lost. I also used the cards during the card actively until last month.
My questions is: I took out 3k 2 months ago from the bofa cc as cash advance,and 10k as cash advance from the creidt union periodically beginning march this year in order to fund my business startup. What's the chances of me being sued by the cc companies for frauid? should I go with the settlement route? what order should I settle in? or should i settle them all together at same time. Thank you for all the help out there!

3 Answers

Well, it seems that you've been trapped in a cycle of high interest debt, both credit cards and cash advance loans. Since you've lost your job, you can negotiate with your creditors and ask them to alter the terms and conditions on your credit card accounts or allow you to repay the debts through a hardship plan. While you already had credit cards debts, taking out cash advance loans for your business was a wrong decision! Yet, now that you've taken out, repay them as soon as you can so that you are not in a mess. You may also go for credit card debt settlement to waive off a portion of your outstanding balance.


lost my job very recently, like a month ago, and my business venture obviously didn't work out :( thats why i can't pay for those cc anymore....


When did you loose the job?  What happened to the business venture??

How to Deal with Illegal Loans..OhioGal's Primer
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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