Credit Card Debt
(Marietta Georgia America)
My cousin is self-employed in Georgia; has two business credit cards, two personal credit cards, personal line of credit and a business line of credit all of which are maxed out. The projects that would have provided income since April did not pay him because they not get loans from the bank hence he my cousin was not paid.
He has called each agency owed monthly to give an update, except June in which he was trying to find another way to get funding. Last month he paid each of them $100 in good faith which was not the minimum, but they barely acknowledged it. I told him to notate each conversation including name, date and time when he contacts the companies for his sake.
Now one of the banks, billing statement, wants entire $40,000 as does one of the credit cards. He just secured a project coming up in August/September that will be able to pay some of these accounts off gradually, but not in full.
He refused to join the programs where the credit card company pretends to help lower the amount until the last payment and then closes the account. Wouldn't the closing by the credit card company affect his credit score even more?
How can he buy time or negotiate?