Long story short, I accumulated a lot of credit card debt and despite a good income lived paycheck to paycheck. A recent unforseen loss in income has left me wiser and behind in my payments. I am in the process of lowering my monthly expenses and plan to be lean by September - October of this year.

However, I seek to settle my debt and believe I can do this for around $50,000. I am flexible on the terms, but this is what I am thinking:

repayment plan- minimum 5 year ammortization, but could do a balloon as early as 3 years
interest rate- 10% - 12% apr
fees - minimal if any
security- a working interest in natural gas production. This is a monthly check I receive from the production on those wells, I have received this for 10+ years and have the tax returns to show it. Additionally, I can prove recent checks - the last was about $1,900, but in the last 12 months I have had some as high as $8,000.

I am in the process of reducing my monthly expenses so that I can live off of my job, and use the wells to pay for this loan. However, I have fallen behind on these credit cards for the first time in my life and am now about 3 months delinquent, so my credit is poor.

I am a realist, not an optimist and I am fully confident I can pay this off. If you are serious and see the minimal downside I offer, then let's talk turkey. I can any questions you may have.

In the unlikely case I do default, you get the wells. I am only interested in people who we can meet locally and will settle their differences in court not with physical threats (read- "no loan sharks").