negotiated settlement

[aristotle65]

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.

[saving advice]

You can see answers to your question here:

http://www.savingadvice.com/forums/showthread.php?t=25480

[Ken Long]

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