Expert Advice When You Need It Most
I have approximately 15000-$20000 in debt....1 or more of the credit card debt collecton agencies are threatening to go to legal
i want to buy a condo with the help of my family in about a year: I have checked my credit reports (1 at least ) and there are many bad marks on my credit, do i do a Debt Settlement?
Attorney answers (1)
Reputation Level 19
Answered about 3 years ago.
DUI / DWI Attorney in Los Angeles, CA.
Debt Consolidation is usually a loan of lower interest than your credit cards that you get and that loan pays off all of your credit cards which you will not be able to use and then you only have the consolidation loan to pay, which is at a lower rate.
Debt Settlement is usually when you are behind in your payments or your account is in collection and you settle the debt with the creditor for less than the balance you owe. So, you owe them $10,000, you agree to pay $5000 and the debt goes away. But, they can 1099 you for the $5000 write off. 3 people marked this answer as good
Nicholas Chukwuemeka Okorocha, licensed in California
Add comment
Related Questions1 Attorney answers: 
Asked by a user in Washington - almost 4 years ago. 1 Attorney answers: 
Asked by a user in Riverside, CA - about 2 years ago. 1 Attorney answers: 
Asked by a user in Long Beach, CA - over 2 years ago. |
