Debt Settlement… Settle Debt From Corporation?
From CaseyPedia
In this episode of IAFF, Casey ponders debt settlement. Can "every dirty penny" mean "some dirty pennies"?
Casey finally opens some month-old mail and finds that Washington Mutual's collectors are offering a debt settlement of 70% on Casey's credit card debt. Casey sneers "Is that the best they can do?" Wells Fargo are also offering an 80% settlement.
Casey considers repaying them with corporate credit, dancing around the issues of morality and legality, while carefully ignoring any consideration of how Hammar might repay the ensuing debt. The corporation is still just a debt shell:
- We’re finally in the process of getting our first set of juicy lines and investing that money. But it hasn’t happened yet. So the corporation is not making any money, just borrowing.
Casey also worries about gaining a reputation for "shadiness". A little too late for that.
[edit] Revisions
Casey adds a "what should I do" poll to the end of the post, asking readers to vote on options including bankrupcy, settlement, and "refinance via corporate credit". Most vote for bankrupcy; very few for corporate credit. A surprising number answer "do nothing", which has been Casey's favored approach thus far.
[edit] Comments
In the comments, Casey plugs his new poll, and touts a new addition to his supporterz, CongressRealty, who "sponsor" a link titled "Don't be a Casey. Sell now!" He also mentions another sweet opportunity:
- The other day I was approached about “Resetting My Credit”. The guy said right away that it’s NOT illegal, just GRAY. Hmm…. something to look into and expose if it’s shady or recommend if it’s good.
and adds a "chat thingy" to the IAFF sidebar. An early user notes "i predict that this will become a pimping out galina chat room in less than 2 hours". It does. The chat widget is quietly removed later that night.
[edit] Links
- Debt Settlement… Settle Debt From Corporation?, IAFF, May 24th 2007
- Debt Settlement Offer, Flickr, taken on May 24th 2007
- What Should I do About Unsecured Debt?, Zoho Polls
- I added a poll..., comment on IAFF, May 24th 2007 at 12:26 pm
- Thanks to CongressRealty.com for being a Supporterz..., comment on IAFF, May 24th 2007 at 1:37 pm
- The other day I was approached about “Resetting My Credit”..., comment on IAFF, May 24th 2007 at 1:44 pm
- Added a chat thingy in the sidebar..., comment on IAFF, May 24th, 2007 at 2:38 pm
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