Please read the other post. There is valuable info on this site

There are a couple of people on this forum who will be able to hep. They average joe and footlose. Send them a PM.

So, how do they know I've got 80K? I would tell them that???

Only the banks can answer if they will settle. If you were the bank though, and someone had 80k and wanted to settle less than that, what would you say?

It's not 'let's make a deal,' you owe X and have more than X, so they're going to want X paid back.

Hi: I've had an impeccable credit rating for decades. I'm now in the position where, in a couple of months, I'll be in default on 3 loans. One is secured by my home (CIBC) for $250,000, the other is personally guaranteed at $100,000 (CIBC) and the other is a personally guaranteed $38,000 loan at Business Development Bank of Canada. No CC debt.

So, rather than go in default and wait for the collection, I'm putting my house up for sale which will cover the secured loan. That will leave me about $80,000 - $100,000 which I'm planning on trying to make a settlement with the CIBC and BDB. I want to keep as much of the 80K as possible. If I ruin my credit rating, so be it.

Here's my questions: Will BDB and CIBC settle on the personally guaranteed debts without me being delinquent? ie. if I go into their offices, tell them I have no income and I'm willing to settle today?

Do I have to quit making payments and let creditors chase me for a year???

If they are willing to settle - how much can I expect to settle for?

Will they force me into bankruptcy (which I'm trying to avoid as my kid's RESPs for college will become part of the settlement)? What are the chances of this?

How will a settlement (if possible) affect my credit rating? (Not that I'm all that interested in borrowing any more money for my business). Will it affect my ability to get a mortgage in the future?

Do I need to bring in the professionals? If so, who would that be?

Anyway, that's my sad story - can anyone offer some advice (hopefully anyone with experience with these specific lenders?)

Just sign me - this is gonna hurt, I'm just wondering how much?