|
Back in the saddle again
Join Date: Oct 2001
Location: Central TX west of Houston
Posts: 57,086
|
We looked into it at one point and decided it sounded like a very bad idea. Yes, as mentioned, for the CC co to want to negotiate, you have to stop paying on all of your credit cards and get way behind (means the hassle of many, many collections calls).
Not only that, but when they "write off" some of your debt, for instance you owe $20k, but they settle for $5k, you may get a 1099 for the other $15k which would bump your income tax.
Not a good idea. I'd avoid it if at all possible.
__________________
Steve
'08 Boxster RS60 Spyder #0099/1960
- never named a car before, but this is Charlotte.
'88 targa  SOLD 2004 - gone but not forgotten
|