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Posted: Thu Aug 28, 2008 11:08 am Subject: DNP

I have $60,000 in debt. My accounts are all current, but I am barely making the min. payments. We have moved and changed our lifestyle and live on the cheap, but we are not making any headway. Can I use a DNP if my accounts are current? Do I have to wait to contact someone until my accounts are delinquent?

Posted: Thu Aug 28, 2008 11:12 am Subject:

Posted: Thu Aug 28, 2008 11:18 am Subject: Oops

I've been looking at a lot of sites and DNP (debt negotiation Plan) was from another site. debt settlement is what I mean here. I need the balance negotiated down.

Posted: Thu Aug 28, 2008 11:41 am Subject:

I see . Debt Settlement is a hardship program for people who can no longer afford the minimum payments. If you are over extended and you are already delinquent or about to be than settlement would be a great option before filing bankruptcy. You don`t necessarily have to be delinquent before you enroll but just understand that the account will eventually have to be for the creditors to be willing to settle.

Since you are shopping around with settlement companies please be sure to check them out with the BBB to either make sure they are members or at least a solid track record. I also suggest you try and do a 36 month program or faster if you can afford it. Your risks of possible lawsuit will be much lower.

Posted: Thu Aug 28, 2008 11:52 am Subject:

If you are current with 6K in debt you probably have good credit. debt settlement will hurt your credit score. debt consolidation won't hurt it as much. You may try an aggressive payment plan on your own first. This is done by contacting your creditors and trying to get your interest lowered. Pay off the smallest debt first and use that money for a larger payment towards the next largest and so on. Try to get lower interest cards and tranfer the balances. Contact an officer at your bank and talk about a consolidation loan and STOP using credit cards. You will be surprised that in a year or so you will have everything under control and paid no one to do it.

Posted: Thu Aug 28, 2008 12:08 pm Subject:

I don`t mean to correct you MR Frogpatch but she said 60k not 6k. Smile

Miranda can you tell us the names of the creditors and the balances ?

Also have you sat down and done a budget yet to see how much money you have over at the end of the month after paying all of your fixed expenses to see what you have left over to use to resolve the credit card debt ? The reason I ask this is I want to make sure you are a good candidate for settlement. I agree with frogpatch in that debt settlement should be a last option before bankruptcy.

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