{ "media_type": "text", "post_content": "Divorce question: As part of divorce settlement, my ex owes me $50k in credit card debt. Their lawyer offered $0.50 on the dollar to settle by lump sum today. The debt owed to me is currently accruing 18% interest.\n\nWould you take it? Why or why not?", "post_id": "616df3d966306f00380b1448", "reply_count": 13, "vote_count": 2, "bowl_id": "59e88be7e2808e00149b0443", "bowl_name": "Women In Consulting" }

Divorce question: As part of divorce settlement, my ex owes me $50k in credit card debt. Their lawyer offered $0.50 on the dollar to settle by lump sum today. The debt owed to me is currently accruing 18% interest. Would you take it? Why or why not?

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I am assuming your ex is not off the hook if you pay off the card. If true, I would just pay it off. Best case scenario where your ex pays in entirety with the 18% interest tomorrow, you are still losing that difference against the total 24% interest. Worst case scenario, you not only lose that 50K but also the 24% interest.

likesmart

Correct BCG2.

Did he accrue the debt? I wouldn’t accept a half payment if it was his. Do you have the funds to pay it off immediately so it stops accruing interest and you have time to sort this out with your lawyers?

They accrued the debt but it was on joint cards. I do have the funds to pay it off, but it would come from my emergency funds. They are in receivership from the court, which is supposed to restrict what they do with their funds. The receiver hasn’t gotten any documentation from them proving their financial positions but is just taking their word for it.

Is the agreement to pay $50k for the debt of pay off the debt in full as it incurs interest?

They owe $50k and by the court order, it is accruing 18% interest annually until they pay off the debt in full. The credit card itself is actually accruing 24% APR.

Does the order say when the $50k has to be paid by?

No, but each year what is owed increases by 18%. It serves them to pay it off sooner rather than later.

Is he ever going to be able to pay the full money. There is time value of money to consider. 25k in hand now is better than 50k in 10 years.

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