Amex and Bank of america bad debt

Chrisboy

LoanSafe Member
Jan 19, 2014
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Hi everyone I am a bit new at this but here goes!
In may this year a large client in my business screwed me and in attempt to stay afloat I used my credit cards to try and survive with the business.
I ended up with $90,000 amex and $45,000B Bank of america I stopped paying in July and here I am with my bisuness gone.

With the assets of the business sold I now finally have my hands on the money to settle these card balances but to have a fair chance at starting again I am determined to settle the debt and not go Bankrupt but in doing so need to repair my credit IE get the two companies to show fully repaid and get negative comments by them removed!

Is this possible or pointless? Its chicken or egg if I have bad credit I cannot start a business please help!
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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San Diego, California
www.LoanSafe.org
Welcome and thanks for joining the LS community Chrisboy.

I'm very sorry to hear that your business partner caused you to take on such a large amount of debt to keep the business afloat. Keep in mind that if you stopped paying on both CCs in July, it's likely both cards have been charged off and your credit has already taken a major hit. The "charge off" notation alone is going to make it very difficult to secure financing in the near future. However, you can always attempt to negotiate a "paid as agreed" in exchange for a reasonable settlement offer. Check out the following thread, we have many members here who've successfully settled their credit card debt.

http://www.loansafe.org/forum/debt-settlement/49604-general-playbook-cc-debt-settlement.html