You are here:
- Home
- Business
- Corporate Law
- Collections Law
- Will Credit Card Settlement affect my credit as if I claimed bankruptcy?
Collections Law/Will Credit Card Settlement affect my credit as if I claimed bankruptcy?
Advertisement
Question
I was a cosigner for my ex fiancé’s lease vehicle because he had bad credit. He stopped making payments then it was reposed and he claims he will not pay what is owed. The difference the collection agency (Bank) wants is $16K, but willing to make a settlement for $8K. There is no way I can afford to pay this off because I have my own debt and mortgage. I am 17K in debt total with the one credit card I have. I used to have a credit score of 750, but as of current it is 600. I want to know if I should make a settlement with my Bank of America credit card and how it will affect my credit. Is it just as worse as claiming bankruptcy with the credit bureaus? (I do not want to claim bankruptcy) I am not sure what to do. My credit means a lot to me. Any help is greatly appreciated!
Dear Annalisa,
Thank you for your question.
Call me at 888-686-6834 ext 8013. It's better if we speak about this over the phone. As I can better assist your needs.
Warm Regards,
Mike Moore
Ontrack Financial Group llc
www.OntrackFinancialGroup.com
Related Articles
- Benefits of Debt Settlement - Are There Benefits of Debt Settlement
- The Nuclear Option for Credit Card Debt – Bankruptcy
- How to Negotiate a Credit Card Debt Settlement with Your Credit Card Company
- Dave Ramsey: Can make payments now, but worry about the future?
- Should Teens and College Students Have Credit Cards - Staying Out of Debt
Answers by Expert:
Ontrack Financial Group llc
Expertise
With the credit market on a brink of collapse, the future of having good credit will be paramount. Loans will be near impossible to obtain with strict lending practices around the corner. Debt collectors and Law offices will use even stronger tactics to recover more of your hard earned money. Protecting you and your credit has to be a top priority. In 2000 Ontrack Financial Group llc founded the credit arbitration movement. More and more companies entered into the arena and new business models joined old ones. Only one company has the attitude and aptitude to truly assist our clients. Ontrack Financial Group llc is that company! With our proven credit arbitration solution, you can become Charged Off Debt free within three years or less. Our clients have eliminated their Charged Off Debts with our service and avoided communication with collection agencies and law offices in the process. Since the inception of Ontrack Financial Group™, we have continued assisting our nation-wide clientele with their burdensome unsecured debt and has enrolled thousands clients in its programs, managing millions of debt for its clients without one complaint. Ontrack Financial Group™ is a for-profit, private company and is not affiliated with the credit bureaus or the credit industry. As a result, our services are unbiased and independent, which allows us to better serve the consumer.
Experience
Please read about us at Https://www.OntrackFinancialGroup.com
Education/Credentials
Banking & Finance
©2012 About.com, a part of The New York Times Company. All rights reserved.