I am more then $3,000 behind on one credit card,they offered 60 mths with no interest and no late fees, but they want to pull $470 out of my account every month. This will still be a major hardship. Do I have any other legal options they are not tell ... [1]
Submitted by down2onesister [2] on
Jurisdiction:
- Maryland [3]
Area of Law:
- Bankruptcy Law [4]
Question:
I am more then $3,000 behind on one credit card,they offered 60 mths with no interest and no late fees, but they want to pull $470 out of my account every month. This will still be a major hardship. Do I have any other legal options they are not telling me
Selected Answer:
You may not have any "legal" [5]
Submitted by Staff_Writer [6] on
You may not have any "legal" options. For example, if they want to collect, they can sue you and eventually get a judgment. However, many credit card companies will settle with you for much less than you owe. You might toffer to pay them $600 all at once to settle the whole bill. A bank might rather have 20% and be done with you, than have to sue you or push you into bankruptcy. Typical settlements range from 10-35% of your balance.