Will creditors accept a cp?
January 28th, 2013 by Questions
I owe about $28,000 in credit card debt and money I owe the CRA. My income is about $600/month (welfare). I know most posts on here say that creditors will accept a minimum of 1/3 of the debt owed, but I don’t have the money to pay any of the debt back. I don’t want to go bankrupt, but am tired of collections calls. My mom has offered to pay $6,500 for me if they’ll accept a cp. Do you think my creditors would accept this, even though it’s only about 23% of what I owe? At least then they’d get some of what I owe them which they wouldn’t receive anything if I have to go bankrupt.
Posted from: British Columbia