Would credit counseling help solve the problem?
By clorissa123
@clorissa123 (4926)
United States
October 28, 2009 3:47pm CST
Recently, I have a defaulted debt from the previous discover card, commercial account. My former business partner promised to pay it off next year by February, right after the tax return. We had proposed the deal to pay $100 each month, until the end of the February 2010, and we gonna pay the balance off immediately. But obviously Discover card rejected that offer. And they wanted to bring it to court. I just wonder if anyone ever experienced the same experience I have right now. I also have other debts on my back. Would it be advisable to seek a credit counseling, like NFCC.org. I would be avoided to go to financial court?
1 person likes this
1 response
@Hatley (163772)
• Garden Grove, California
28 Oct 09
clorissa I had a similar mess with Sears who even though my other two debtors lowered their interest rates Sears refused to do so, and the credit counselors I had could do nothing further to help me.now finally the big bill is out dated since i never had that much money at one time to pay it. if you have a business partner, even former, I think the two of you should seek a pro bono lawyer and get some good advice as no credit counselor can help if the creditor refuses to make a deal that way. what the credit counselors do is get your debtors to cut out the interests and or settle on a lower price to pay off the debt. but they will only go so far.if they cannot get the debtor to agree you are sunk.
@clorissa123 (4926)
• United States
28 Oct 09
But what if the credit counselor can consolidate the debt into one monthly payment. Would that help? Because NFCC.org is authorized by the government to help people who facing financial difficulties currently. I just wonder if you ever seek their help, and could it be work out?
