That could work if you are approved. You may wish to meet with a
credit counselor to see if they have additional information to help
you determine your options. Here is info on credit counseling (http://
www.pfni.net/how_it_works.htm).
If you are looking to settle, then just make sure that you know what
the consequences could include. Saving 50% on the balances sounds
great, but the IRS generally considers such "forgiven debt" as a form
of income. You could find out that you owe considerable taxes.
Creditors are required to automatically report any "forgiven debt" of
$600 or greater to the IRS on Form 1099-C.
Here is info on debt settlement: http://www.stopccdebt.com/Debt_Settlement.htm
On Jan 28, 11:49 pm, "aristotle65" <aristotl...@hotmail.com> wrote:
> Owe $100,000 on credit cards. Can borrow $50,000 from private source
> if I use money to get out of debt. Is it possible to negotiate a 50%
> settlement with card companies and obtain their promise to show my
> card paid in full and satisfactorily. What steps should I take. I
> would want a letter of agreement from each card company first before I
> paid them off.
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