Originally Posted by
Waitingformins
Because refusing to pay loans and reorganizing are two different things.
It isn't unethical to negotiate a debt settlement with a credit card company.
If I had the money to pay the collection company the 30% off deal they are offering that money would not even go to Key Bank! Key Bank "charged it off" (that's what the credit report says) and they write it off on their taxes.
My "loan" (the right to collect the cash) has been sold from one collection agency to another 5 times.
For the people who think that I don't want to pay my loan back- or that I feel justified to not pay it back... I would be MORE than happy to begin paying Key Bank back on my loan, as I promised to in good faith, as soon as I can afford to live and pay the payments. I was begging Key Bank for just another 6 months of forbearance when they sent it to collection.
I don't feel justified in not paying.
It's just simply not possible to pay with my income at this time.