Internet's first get-out-of-debt community - 136,000 members

Posted: Thu Oct 13, 2005 8:36 pm Subject: Where do I go from here??

I am so glad to have found this page but I hope I'm not being duped!! Meaning...everyone here is really doing the debt elimination thing and not just trying to suck me in for more money!!!

I had to leave work a year ago because of problems with foster kids. Lived off credit cards (I know bad idea)because I figured I would pay them off when I went back to work. Now I can't go back to work but have a little income. Can I do debt consolidation? Also...if I deal with the creditors directly (hell, don't have a job mays well make it mine!!)can I get the same reduction in interest rates or balances as if I went through a company? It is a huge amount of debt..over 40,000...all suggestions appreciated!!

Ms.Mistchf

Posted: Thu Oct 13, 2005 8:50 pm Subject:

MsMistchf

Welcome to the forums. Signing up for the conseling and speaking with one of the debt counselors would be the first step to starting a debt free life. They can deal directly your creditors and lower these finance fees you inquire about. More than likely any late fees, and over limit fees will be removed. Your total debt will be calculater, and depending on what you can pay--will be calculated into month payments.

When you sign up, a debt conselor will contact you and give you all your options.

Your debt is a high debt. If you've consider bankruptcy, please make sure you read up all the reprocussions it'll have in the long run. Although your credit is deeply impacted by the high debt, it's possible to have most of the items removed. You have a right to ask for validation on any item in your credit file. If you sign up, it's possible the debt counselor will do this for you.

Hope everything works out for you.

Best Regards-
Mike

Posted: Fri Oct 14, 2005 9:56 am Subject:

Hi Ms.Mistchf

Creditors are interested in recovering their money back from the consumers. If you are interested in paying off their debt, they are likely to offer you a reduction in the total amount of your debt. But looking into the past history, they might not be willing to give all the benefits to you.

Taking the help of a debt consolidation company becomes meaningful because most of the consultants have a good relation with the creditors and they know how to speak in their language. Since the consultant is working for you, he will ensure that you are offered with the best concessions in your total debt.

You should consider in repairing your bad credit as early as possible so that you are able to get new credit in the future quite conveniently. Discuss your problems with the consultant. I hope that he offers something very beneficial to solve your debt related problems.

Regards
Roxette

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