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Q & A
Creditor Proposal Gail, I recently went to a credit person to discuss
credit proposal, in an effort to prevent bankruptcy. But, since I have
been following your plan of getting debts paid within 3 years I believe
I can pay all my debts except my student loans, which will be 10 years
old in Jun 2008. Should I still consider the proposal to add the student
loans? Or is there another suggestion.
Name Withheld
I'm not a huge fan of the credit proposal route since you end up with as crappy a credit history as if you'd gone bankrupt. If you can pay these debts off in three years on your own, that's the route I'd recommend. I'd also recommend that you call and negotiate with your creditors to knock as much of the interest off as you can. You might even be able to settle some for a portion of the principal if you negotiate really hard and tell them you're considering bankruptcy. As for the student loans, there are a number of alternatives for debt relief. You should investigate and take advantage of those before going the credit proposal route. Good luck. |
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Books The contents of this website are of a general nature and should not be construed as financial advice. Individuals must seek professional counseling based on their specific needs before making a financial decision. ©Gail Vaz-Oxlade. Contents of this website may not be reproduced in any form without the written permission of the author. Site by cobourginternet.com Site map |
