Can I lie and say I may file bankruptcy to get credit card companies to settle for less?

I have five credit cards totaling approximately ,000. My parents offered to pay them for me (and I would pay them a lower monthly installment). The question is, I would like these companies to settle for less. I have heard they are more apt to settle if they think you may file bankruptcy? I am not going to file bankruptcy.

Besides the moral factor, would they ever know/could it go against me?
The account was severely behind 4-5 years ago but has been current since.

Technorati Tags: , , ,

Posted February 6th, 2010 in Bankruptcy Q And A. Tagged: , , , .

4 comments:

  1. Donna:

    When you agree to a credit card, you agree to give the card company access to your personal info. They will know if you are really facing bankruptcy based on your financial information, your credit report, your balances on your other credit cards and other information. Some may offer a settlement even if you are not facing bankruptcy but be careful…your credit may be damaged.

    February 6th, 2010 at 2:41 am
  2. Really:

    Yes all is fair in battling debt. This is called negotiating. Make sure you have a figure in mind when you start.

    February 6th, 2010 at 2:41 am
  3. CatDad:

    - Credit card companies only settle if you are behind in your payments…like at least 3 months. They "may" settle on current accounts and give you a token 10% or so savings/settlement…this involves charging-off the card and this REALLY damages your credit rating..the damage to your credit rating is not worth a small savings.

    Don’t threaten filing for bankruptcy…it may backfire. If you way behind in your cards, then you can try to settle for less….You really need to be 3 months behind to get the best deal.

    February 6th, 2010 at 2:41 am
  4. The Debt Eliminator:

    If you lie, your creditors will not know. The longer you wait to settle with them, the lower they will settle for. I’d wait about 6 months before you make a settlement offer. But keep in mind that they can sue. Highly unlikely, unless they know you have a lot of assets.

    February 6th, 2010 at 2:41 am

Leave a response:

-->