Question
settlements on my loans and bad credit?
i've bad credit. i could still rent an apartment but i'd have to put down high deposit. i took 30,000 bucks on loan for nursing. i was approved for 15,000 through sallie mae and the rest of the 15,000 i put on credit cards. well the credit card companies are after me now and there is no way i could pay it off at this time. i am trying to settle some of my accounts with the companies as i go through. but some of them are just after me every day. they call me atleast 7-8 times a day. is there any way i can not pay them .. i am in california and no matter what my credit is messed up for the next 7 years. even if i pay all the loans it'd still remain the same. what's my option on paying back the loan and the chances of improving credit score.. or should i just stop making payments to them
3 months ago - 1 answers
Best Answer
Chosen by Asker
You would have to contact a lawyer and arrange a debt settlement. You may be able to settle your debt for a fraction of what you owe. However, keep in mind that there may be tax consequences for this. You could also contact a government-approved credit counselor to see if there's anything else you can do. Otherwise, you will have to declare bankruptcy. Never just stop paying your bills. You are always obligated to pay, and the only reason not to make the payment is because you don't have the money. If that's the case, you must remain in constant contact with your creditor until you either pay the debt, negotiate a settlement or complete bankruptcy proceedings.
Source(s)
by Jaycee
3 months ago
Asker's Rating: 