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Question
I have been out of a job since May 2009. I have been up to date with my credit card's above minimum payments until now. I am a foreigner that is required to return home for good since I cannot secure a job now (according to the INS/US govt.) I have exhausted all my funds and in fact am staying for free with a friend. I am trying to sell my things to be able to pay my creditors. Should I call them now and explain my situation before my nearest due becomes late or should I wait until I have some money to settle before I call. I owe about $18,000 between 5 creditors and might be able to salvage about $6,000 before I have to leave in December. Please be of advise. I have gotten some other advise to just not worry and leave without doing anything and others saying to wait and let the account past due for about 60 days before calling for a settlement. I truly appreciate your time and advise.
Geoffrey:
Thank you for your question. Based on the situation you described, it would not be a bad idea to discuss your situation with your creditors to see what can be worked out. If they are unsympathetic, than you can always go to plan B and settle out with them if you have the means. The latter would require some arrearage and money, so be careful if you go that route.
Good luck.
Christine Janklow
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Answers by Expert:
Christine Janklow
Expertise
As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.
Experience
My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.
Organizations
Provisors;Turnaround Management Association; Los Angeles area
Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."
Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising
Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.
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