You are here:
- Home
- Shopping
- Credit/Debt Management
- Creditors and Bankruptcy
- Judgement Threat
Creditors and Bankruptcy/Judgement Threat
Advertisement
Question
I have an outstanding debt with a credit card company that they are threatening to file a judgement on. I used credit cards for operating capital to start my business. Two years ago, the total was nearly $60,000. I began negotiations with the companies, and with their concessions have allowed me to pay that figure down to about $16,000 now. I concentrate on paying one company at a time, and leave one other company without payments for about six months to attempt to gain leverage for a settlement. This does not appear to be working with one of the card companies. Yesterday, I made an offer to pay a reduced lump sum, but they insisted they would not take any less than the total amount. The balance was about $11,000 when I stopped paying, and now it is over $13,000. What are my options?
Dear Mike,
Thank you for your question.
Good job on paying down 60k.
Your dealing with a debt collector that has reviewed your credit report and noticed your paying off debts. They are making an educated guess that if they stick it out long enough they will be paid in full. Remember credit card companies / debt collectors do not have to give settlements. Now you have to play the waiting game.
Ontrack Financial Group llc
AllExperts Response Team
www.OntrackFinancialGroup.com
Related Articles
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 attitute 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.