I'm still trying to avoid bankruptcy because of the cosignor. I'm trying to settle with the credit cards but am not having much luck. Is there a forum you all could recommend? I just don't know what to say or expect once I've been denied. I try to go to the next level up but oddly that is harder than it sounds for these people to do! They just keep giving me options that aren't doable. Help please!
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This is a GREAT forum. I've been a member for quite a while and have learned a ton. I was able to successfully defend a lawsuit from CAP1 with the knowledge I gained here. Good luck, and let us know how it's going!
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Thanks!Comment
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Read up on the advice we have about settlements. I personally think they are a horrible thing to do. You still have to pay the credit card company or debt collector a huge amount of money, and then any part they "forgive" instantly becomes counted as "income" by the I.R.S. when the company files a 1099-C with the I.R.S., unless you can claim to be insolvent by I.R.S. rules, which are not as easy as regular bankruptcy rules.
You would probably be better off just filing bankruptcy.The world's simplest C & D Letter:
"I demand that you cease and desist from any communication with me."
Notice that I never actually mention or acknowledge the debt in my letter.Comment
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You know they are taxable. If you go through a company they will charge you tons of money and act like their helping you, you end up paying almost 80 percent with their fees and they tax you say for 60 percent of the debt. Plus it is usually a huge payment I looked into it.Oh so 20 percent of the money you give them goes in their pocket and a credit card company usually owns them. I had a credit card want to settle here 1400 this and for 3 months thereafter well I didn"t have 1400 to spare. Good luckComment
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