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 Posted: Thu May 15, 2008 10:24 am |
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so.......my husband and I talked more in depth about debt settlement today. It sounds like we are def. going to do it. A few questions arose though.
1) if we are already behind on payments (capital one is almost 2 months late) do we pretty much have to start paying our bills immediately to make this work?
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luv2laugh
Joined: 27 Jan 2008
Posts: 64
Debtcc Points: 917
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| Posted: Thu May 15, 2008 10:34 am |
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No , Actually in a debt settlement program you are no longer sending monthly payments to your creditors but rather putting money aside each month to use to settle in a lump sum.
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mobile0311
Joined: 05 May 2008
Posts: 561
Debtcc Points: 3179
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| Posted: Thu May 15, 2008 10:40 am |
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oops, I sait it wrong. I meant stop paying bills - i'll edit that.
the reason why I ask is it is kind of scary for me to make the actual decision to "stop" without researching a little more. but i guess we don't have the money to pay, so we kind of are anyway, hmmm.
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luv2laugh
Joined: 27 Jan 2008
Posts: 64
Debtcc Points: 917
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| Posted: Thu May 15, 2008 10:41 am |
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ok, i can't edit it, but i meant stop payments. do i have to stop ASAP.
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luv2laugh
Joined: 27 Jan 2008
Posts: 64
Debtcc Points: 917
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| Posted: Thu May 15, 2008 11:13 am |
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I you are going to do a settlement program it would kinda defeat the purpose of you were to continue to pay the creditors , so yes i would stop paying them asap.
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mobile0311
Joined: 05 May 2008
Posts: 561
Debtcc Points: 3179
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