Day 411 of My Financial Freedom Countdown
As expected we heard back from our lead negotiator today and didn't receive the news we had hoped for. The bank is not budging on the business debt we have charged off with them. With that debt, which we do not pay a dime towards currently, we do not qualify for a loan modification.
It was suggested to us by the negotiator to call the card services department and see if we can work out a settlement. I am fine with this. Especially, since we may be looking at a law suit sooner or latter regarding the charge off and that would really put us in a pickle. So in some ways this may get that monkey off our back and at the same time finally qualify us for a loan mod.
I will be calling the credit card department tomorrow to see what we can do. We were offered settlements before, which were not workable at the time, but now may be doable. I am hoping that they offer us a similar offer as before or maybe even better. The only concern I have is next year at tax time. If they send us a 1099c we could very well owe some money to the IRS. Have I told anyone how much I hate debt?
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