California | Credit and Debt Law
Legal Question
Credit card debt settlement
I owe Chase approx $40k on 2 credit accounts. I am 60 days late on 1 and nearly 60 on the other. I had never missed a payment until the end of July when my funds pretty much ran dry. I am 60 yrs old, living on my retirement ck and have depleted my entire nest egg to keep payments current. I had a stroke 3 yrs ago and have other health issues. I have a mortgage on my personal residence and a share in another property with other family members. 2 family members have died. One of their estates is settled & the other is still in court on issues in his will. This property cannot be put back on the market until his estate is settled, possibly in Nov. I have on been making $50. payments on each credit account since July but am not able to do more now. I am considering an offer of a loan by a friend of $40k to pay off 2 other smaller debts and make an offer to Chase of $25K to settle those debts. My son thinks I should only offer 10 or 15 cents on the dollar. He also said after 120 days late they will charge off the entire amount & a collection co wouldn't pursue it because of my age & situation. I have been discussing settlement with Chase. What is my best choice? My credit rating is really not an issue for me now.
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Read More Answered By: H.M. Torrey |
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