This certainly has been a productive last seven days. As was reported in the last post, I had trimmed my debt from $70,000 on 11 cards to $30,000 + on three. It gets better:
With interest, the largest one had grown to over $34,000 and I was given the opportunity to settle the debt for half of the balance. Excitement grew until I attempted to get a loan from the three banks with which I have accounts. I was sadly disappointed that the credit union I belonged to since 1980 would not give me a signature loan. There has never been a loan with a late payment with them. I was sadly disappointed. Sure, the realization is that the credit union is a business and has to answer to the shareholders, but I, too, am a shareholder. That account will be closed soon.
Back to the settlement: I was able to secure $8,000 to offer as a settlement and called them up with the offer. I believe it was all in the presentation. At first they balked as my offer saying that it was less than 25 cents on the dollar. I presented the fact that they haven't been able to collect even one cent on the dollar lately and that I was sadly considering bankruptcy as an option. If bankruptcy was pursued, they would get nothing, as this is an unsecured debt. They then offered to take my $8,000 as a down payment and to pay $900 a month for nine months.
I stood firm on the $8,000 as it was a "take it or leave it" offer. They took it. Of course I have to pay $100 a week until the $8,000 is paid off. If there is overtime available at work, it will be paid off much sooner.
My other card balance of $1,720.08 was paid off with an offer of $1,032.05. It is done. Finished. I have paid over $9,000 in the last week, but I was able to erase over $26,000.
What a relief!
If I can, so can others...keep the faith!
Have a great day!
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