Letters to the Editor
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neema_r is right - settlement is the word the credit industry doesn't like to hear
Indeed, I was screwed by a business partner who bolted with 6-figures in debt...some of which rolled over to me.
What I found out was:
1) save your house/mortgage first.
2) credit card companies will settle with you and the percent on the dollar VARIES greatly...some start at 75% on the dollar and haggle, some go right to 20%...and in that you see the squeeze because these people are making commissions off your pain.
3) if you can afford an attorney (a good one) get one even just for advice...figure out the attorney fees and what you'll be saving. Lawyers talking to lawyers gets respect and few fools are played.
4) engage them, be nice but don't be scared because theirs is a leverage play and you just need to find the counter-leverage...i.e, INFORMATION.
5) you can repair credit.