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

I have outstanding credit card debt an payday loans. I am trying to get tihngs taken care of but it care of but it doesn't seem to happen. I have emailed my credit card companies asking them to settle for the amount I was given credit fo. IS this the right thing to do? Can I try this with the PDL companies? Is there a way or a place to consolidate all these bills? I just want to be debt free, but keep finding it hard. Also no checking account makes it hard to set up consolidation right? Please if anyone could help I would greatly appreciate it. I am a single mom of two and don't wnat to end up in court or jail over this crap. and contacting people while at work is near impossible due to people always in my buisness. Thanks again if you can give info I will truly appreciate anything

brandi1113 · Posted: Thu May 18, 2006 3:58 am Subject: Been there already!!!!

We've all been there from time to time. My suggestion, though most people are afraid of it is to
file bankruptcy. Depending on your assets such as if you own property or not the fee is minimal..somewhere aroung $800 for everything.....they will never be able to bother you and you will have your life and your money back again. I've filed twice in my 43 years of life.....not happy that i had to file twice, but it happens.......talk to a local bankruptcy lawyer. Most of them give an initial consultation for free. Hang in there, it can only get better!!!!

Posted: Thu May 18, 2006 5:49 am Subject:

susanb91877,

I would only choose bankrupty as a final option. Bankrutpcy will stay on your credit report for 10 years from the discharge date. When you signed up with this site, a couselor should have called to discuss your financial problems and set you up in a program to where you have one payment. It is hard to find a consolidation company that will consolidate pdls. Have you tried to contact the pdl companies and try to work out a payment plan with them? Some are willing to accept monthly payments and some will not, but it is worth a shot to call and see what they will do.

Posted: Thu May 18, 2006 1:54 pm Subject:

Some lenders are hard to deal with at the beginning. But, if you can assure them regular payments, they will be willing to work with you. Moreover, your effort to pay the debt will be mostly counted. So, figure out a payment plan and send the money through check to your lenders. Send it through money gram so that you have the receipt number. If the company cashes it, your proposal will be considered as accepted. In case, they don't, the receipt will prove your actions taken to resolve the matter. Do everything in writing and keep letters documented in a file for your records.

Will Reilly · Posted: Tue Jun 26, 2007 2:57 pm Subject: No jail

I am a U-Illinois law student specializing in financial study, and I'd like to note that you almost certainly will not go to jail for debt. Debtor's prison was eliminated in 1833. The only debts which can result in your being jailed are child support and alimony back payments. These companies will try to scare you, but there is little basis for the threats.

Will Reilly · Posted: Tue Jun 26, 2007 3:10 pm Subject: No Jail - REALLY no jail

Overall, in fact, I think you should not be too worried. Under the Fair Debt Collection Practices Act, consumers have far more rights than most people know. If your problem is close to the collection stage, you can write to debt collectors to tell them not to contact you further (they MUST obey), order them not to call you at work, or report them to the police if they use any racial or sexual slurs ("a lot of you broads are in debt"). It's also important to note that debt collectors - much less the card companies themselves - have much less power than consumers think. They cannot garnishee wages or polace liens on property prior to winning a court case against you. As I just said, they cannot send you to jail. They usually can't touch income like student assistantships. Consolidation, furthermore, is easily available online - just Google (no checking) AND (debt consolidation). I also recommend the work of John Ventura for advice about how to settle with CC companies or get rid of debt collectors.

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