Good morning,
I hope to get some guidance on my options as I attempt to help my 78 yr old mother resolve a Mastercard debt. She is living on social security and has no other source of income. She has a balance of $17K on her mastercard. The payments are simply more than she can handle. For that matter, the minimums, as everyone knows, are doing nothing to reduce her balance anyway. I'm at a point where I see very few options. I would like to approach mastercard with a settlement offer, but I'm not certain how to proceed or whether they'll have any interest in the offer to begin with. If I could pull together 50% of the total balance, what are the chances that the card company might consider accepting this as a payoff. The only other optioin I see is for her to seek bankruptcy protection. Obviously, I'd rather not go that route if it's avoidable. I'd would really appreciate any advice or feedback on this dilemma. Thank you.
Regards,
Frank
