My friend owes $25,000 on his credit card, he asked me for help.
 

My friend owes $25,000 on his credit card, he asked me for help, no, not financially, just help on what to do, so I thought maybe GFY'ers would be able to offer some advice. Here is the situation.

He owed originally $20K on the card, but did not make a few payments because of financial issues, but now he was sent to collections and a arbitor issued a judgment against him for $25,000 (after attorney fees and such)

So now he must pay $25,000 on a credit card. He doesnt want to file for banmruptcy. What can he do now that a arbitor has issued a judgement against him? Can he offer the credit card company a partial payment on the account and call it even? He sais he can pay $15,000, but not $25,000.

What are his options, besides bankruptcy? Thanks for the help guys!

get a job?

If it's gone to collections (for sure), the original company won't even touch the account due to the fact that it has probably been charged off and they have sold the account.

His best bet might be to contact the collection agency and strike up a kick ass deal, then bve sure to get a letter sent stating that the debt had been fulfilled. This is still going to hurt his rating, but if he can walk into a bank in the future and prove that he satisfied the loan, it may give him a little leeway as far as getting another loan :2 cents:

Start looking for the receipts and return policies.

i have been mesmerized your sig for 5 minutes now, and i think i have just worked out the meaning of life

A man has been in business for many, many years and the business is going down the drain. He doesn't know what to do and is seriously contemplating suicide. He goes to the Rabbi to seek his advice. He tells the Rabbi about all of his problems in the business and asks the Rabbi what he should do. The Rabbi says "Take a beach chair and a Bible and put them in your car and drive down to the edge of the ocean. Go to the water's edge. Take the beach chair out of the car, sit on it and take the Bible out and open it up. The wind will rifle the pages for a while and eventually the Bible will stay open at a particular page. Read the Bible and it will tell you what to do."

The man does as he is told. He places a beach chair and a Bible in his car and drives down to the beach. He sits on the chair at the water's edge and opens the Bible. The wind rifles the pages of the Bible and then stops at a particular page. He looks down at the Bible and sees what he has to do.

Three months later the man and his family come back to see the Rabbi. The man is wearing a $1,000 Italian suit. The wife is all decked out with a full-length mink coat and the child is dressed in beautiful silk. The man hands the Rabbi a thick envelope full of money and tells him that he wants to donate this money to the synagogue in order to thank the Rabbi for his wonderful advice. The Rabbi is delighted. He recognizes the man and asks him what advice in the Bible brought this good fortune to him. The man replies: "Chapter 11."

:1orglaugh :1orglaugh :thumbsup

Get a bankruptcy syndic, prepare blank bank drafts ( 5 x 3000,00 ) and call a crediitor meeting ( all together).

Tell them you have 15 K , and that's it.. or eslse you file for bankruptcy and give the syndic one of the bank drafts...

They will take the $$$ and give you a full release. They are collection agencies ( % )

welll, bad situation.
he sould try to get 25k somehow, because he is late with his payment and it wont go with delays or part payments.
= Friends help :)

100 fat chicks x 100 bucks = 10,000

get another card?

How did he get 25K in credit. Im wealthy and I only got 10 from my 1 card.

WTF someone is ripping me off at BAC

He has $15,000? Go to Vegas and put it all on red (Roulette, one spin). If he wins - boom, $25K go to the card company. If he loses - he's still in deep shit so it makes little difference.

about 50000 posts on GFY should do it

Suicide is always an option!

Live on TV !!!

That should raise a few bucks....

that sounds like a good idea...

good advice.... :X