i owe $17k on a line of credit. I'm presently unem

i owe $17k on a line of credit. I'm presently unemployed and was struggling to pay it even when I was employed. What can I do instead of bankruptcy? I've heard you can get debtors to lower the overall amount.

2 Answers

You'll certainly have to convince your creditor about your hardship. He'll only listen to your when you're able to show him through your current financial obligations. Once he's assured of your will to repay it quickly as you come out of your financial crisis, he'll probably offer an alternative payment plan. Here's a sample letter of requesting an alternative payment plan -


You will have to contact your creditor and inform him about your financial situation. You will have to negotiate with him for an affordable payment plan so that you can pay off the debt. If the creditor is convinced about your hardship, then you'll be able to lower your monthly payments.

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