Are some of you saying it is possible to negotiate this debt? They would actually drop it down to half of what I owe so and erase the late reports too? Are you serious? The originating credit companies usually won’t. However, when they’ve decide to “write it off” (aka they think you’re defaulting and don’t want to deal with you anymore) and assign the debt to a collection agency to represent them in getting the money back (you know — when you get 10 calls a day from people with “urgent business matters that require your immediateattention” but don’t go into detail)… then you can negotiate with the collection agency. Learn more at

See, at that point, the originating company already thinks they’ve lost 100%. The collection agency is paid on performance, so they start at 0% (or in the hole, if they buy the rights toyour debt instead of just taking commission). Learn more about bankruptcy a

That means when you step in and offer 50% (the lowest I got was 45% and that took some effort, but settling at 55-60% requires no skill at all — just make them an offer), thecollection agency gets excited because their work is done and the originating creditor isn’t happy, but they aren’t as miserable as before according to

Still, there are ill-effects. Such as, never try to get credit from those companies again. If you forget to demand your credit reporting be fixed and it isn’t on your settlement agreement, they’ll leave a “settled for less than the full” on your credit report for years.

So, plan it carefully, and you’ll be good. If you go this route.


Or learn to make some better money using TV resources… and pay all of it down while keeping all relationships in tact. =) Dont Even think of filing for Bankruptcy. People file only when they are up to 100k +
Google credit card debt, there usually are companies that make all ur debts into one low monthly payment. sometimes you can get them down really low. a 30k debt can be as low as only $100 per month. A smart idea would be to protect your credit score, boost it up as high as you can and then get a loan from the bank. pay it off and invest in business. As mentioned, go see a non-profit credit counselor. There is probably one near you or in your city. Just look up credit counseling in the yellow pages and look for non-profits. These non-profit organizations will work with you on an individual basis and go into your options. They will no doubt rehash what has been said here as there has been good advice given. BK is when there are no options, but these organizations will give you plenty and even help with the negotiations. Best thing is that they are not being paid a % of what is being collected so they are truely looking out for your interest, as opposed to other “credit fixing” services. Good luck.

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