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What if I can't afford the settlement my creditor offered?*

I have some accounts in a settlement program. I know what you are going to say....stupid idea, could've done it myself, etc etc etc. I already know that. However, settling for less than I owe was my only option other than bankruptcy, as I was paying the minimum payments on time for 3 years and barely saw the balance move. Anyway....I just received my first settlement offer, from one of my highest balance cards. The account has moved on from MBNA to a 3rd party collector (Creditors Interchange). The offer is for 60%, which is pretty good. The only problem is, they want it broken into 3 lump sum payments between now and August, and they want all 3 checks by Monday post dated for June 30th, July 30th and August 30th. I most certainly can not come up with $1600 between now and August. Credit Solutions has told me it's ok and we'll just decline this one and try again in a few months. Any suggestions for quick cash???...I say that like it's easy right? I'm just so frustrated :( boy do I hate sarcastic answers :( I know there's really no such thing as easy money. Was just looking for some help or advice, that's all.

Answers:

1) The same thing happened to me. I owed like $4,000 on a credit card and it went to a 3rd party creditor...blah blah blah. They said I HAD TO PAY it in like 4 lump sums. I was so upset because there was no way I could do it. so.....I just told them the truth. I said, "I can pay $250 a month. That's the best I can do." I said if you don't want to accept it fine, take me to court. I said that the judge will see my income and what I can afford and that's probably all you're going to get out of me at the end. The woman said, hold on let me check with my supervisor. ten seconds later she came back and said fine that will do. I am paying 250 a month and I only have 4 payments left. Just tell them the truth and what you can afford and tell them to take it or leave it. I guarantee they will take it. Good luck.

2) be responsible, get a part time job to pay it off. you are stealing from someone if you don't pay it off.

3) NEVER give a series of post-dated checks to debt collectors. There is nothing to stop them from putting them through all at once. Banks process millions of checks per day...there is no one looking at the date on the check to see if it's post-dated.... Negotiate the same deal...BUT, you'll send them one check at a time as the payment is due....I recommend USPS money orders so they won't see your bank transit #'s

4) Quick cash?...a couple of options: -give sperm/egg (depending on your religious/moral beliefs....eggs pay a lot of money!!) -sell a kidney (u only need one) -prostitution (just don't get caught or catch anything) -campus weed dealer -rob old ladies -take the money from any of the above and invest it all in some lottery tickets See it's easy

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