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Posted: Sat Aug 30, 2008 4:15 pm Subject: Debt Settlement

How can I manage to settle ALL of my debts mself? I have never done this EVER and I am drowning in debt! Please ANYONE help!

Posted: Sat Aug 30, 2008 5:14 pm Subject:

I suppose that depends on what type of debts you have and how far behind you are on them? You can start by being proactive and remaining in contact with them. I am sure someone else will have some input, so please keep checking back. Smile

Posted: Sat Aug 30, 2008 5:42 pm Subject: more ifo

thanks, yes it's all unsecured debt and we are at 90k total. i have been in contact with them and a few are aware that we just cannot pay at this time. i have been reading several posts and i am pleased to see that we can do this on our own(without hiring a company) and use the money that we would pay the hired company to pay off or settle with our credit cards. thanks for the input and I will keep checking for new posts. I greatly appreciate ALL of the comments and advise from everyone!

guest · Posted: Sat Aug 30, 2008 7:59 pm Subject: settle on your own

I too have over 100k in cc debt. The two largest are Amex and BoA. I've talked to both and told them in no uncertain terms that I want to pay but have no means to do so. I believe the more upfront you are the better the situation will be. In my case...my trucking company went out of business and they can see that. I've never abused my spending and told them to check into my situation if they don't believe me. Give the creditors as much info as you must (your story why you can't pay.) Be sure to tell them that you've consulted with a bankruptcy attorney who've suggested you file. Tell them it would be used as a complete last resort if necessary but you intend to find another way to pay your bills. My best advice is to communicate with your original creditors and try your best to settle with them after 90 days but before charge-off. Good luck to you.

Posted: Sat Aug 30, 2008 8:04 pm Subject:

THank you for your post! I have acts with both BofA and Amex but I need to settle the BofA acts. They are hefty! What if I have 3 bofa's but 2 are aprox 2 months behind closer to 3 and 1 is paid on time regularly? Will that affect the settlement situation?

Posted: Sat Aug 30, 2008 9:44 pm Subject:

Yes, I think it might have an effect. They won't be as likely to settle for less if they don't think that you have a true hardship.

Posted: Sun Aug 31, 2008 5:10 am Subject: Debt Settlement

Hello, forum members. We have a Visa with Citibank that is 76 days past due. The wife is the actual account owner with myself as an authorized user. They call several times a day trying to work out a payment plan that is just not acceptable for us. I have offered a plan to them but, they don't want to accept my terms either. At what point will they listen to my terms and be more agreeable? Current balance is about $6500 and I am offering $100 a month for 54 months.

guest · Posted: Sun Aug 31, 2008 6:16 am Subject: citibank offer

partainjr.....

your offer is much too high..+ they won't negotiate a deal like that most likely. I would wait til 150 days past due then make a much lower offer to settle.....

Posted: Sun Aug 31, 2008 7:04 am Subject: My comments and a question

Quote from Guest, "My best advice is to communicate with your original creditors and try your best to settle with them after 90 days but before charge-off. Good luck to you. "

I have some comments and a question:

I tried calling the credit card companies before I was late and explained my situation and I kept calling them up til a couple of months ago and I only got negative comments. I explained to them I was out of work for 4 months earlier this year because of the WGA Strike and I was out of work for 3 more months because of a work injury right after the strike (I wasn't getting paid for the first months). Every company said they would take any payments so I would show good faith and I told them I couldn't make any payments because I could barely pay my rent or buy food for my family. The card companies would basically end the call and say, "Ok, so you are not willing to make any payment. We are noting it now in your account."

At this point I'm over 100 days late with everyone and I'm not signed up with any debt settlement Companies at this time. Many accounts have been charged off and my debt total is close to 75K right now. I'm now back to work, but I can't commit to any payments as there is a chance of another strike in my industry (SAG Contract expired 6-30 ).

Either way I will have to do a debt settlement program on my own or with a company as I'm totally overextended.

In my case I don't have definate work or money saved yet, so I don't think I should make any calls yet. Any thoughts to my problem?

guest · Posted: Sun Aug 31, 2008 8:25 am Subject: Bman...

I'm sorry you're in such a bad credit situation....as am I. Being over 100 days late at this point and no money saved for settlements could present a slight problem....however...don't forget that no matter what you do from now on in....your credit is already bad.....so don't dwell on that part. Start with writing down a plan. Set a precise budget and look for any and all ways to save money for negotiated settlements. It's going to be time that is on your side and that's it. Communicate with your creditors at least 1-2 times a month and tell them that no matter how many times they call you it won't change your circumstances and that you're doing all you can to avoid bankruptcy. That said...you hold all the cards in this deck. Remember.....the person on the phone doesn't know you, neither do their supervisors and so on. If the absolute worst occurs...bankruptcy than how can that be all that bad considering your circumstances. Many of the posters on these forums and around the US. are in the same boat as you. Hold your head up high and start from today....the past will not help you today. Set goals and stick to them and everything will work out. Goodluck!

Guest · Posted: Sun Aug 31, 2008 1:39 pm Subject:

Thanks for the input. We are not in good shape either as far as money saved for settlement but we do have something. We are going to start trying to settle with one of the cards this week. At least we are going to try and if it works, it will be one less card to think about. We never imagined that we would be in this situation but we are so we just have to move forward. I completely understand bman90278 as we did something similar-not quite exactly-with one of our cards asking them to help us out lowering interest rate so we could make some headway but instead of helping us they decided to reduce our credit limit dramatically! So if at any point we thought that we could transfer balances to that card to sort of "consolidate" debt it went down the toilet with that phone call! It was crazy! I tried to argue and rationalize with the person but there was no way around it. I must say that I am thankful that I found this site! We were feeling like complete losers having 3 kids and staring this situation in the face! We thought " how can we ever get past this and be great role models for our children?" It's very sad in my house sometimes. Thanks for the comments.

Guest · Posted: Sun Aug 31, 2008 2:52 pm Subject: Citibank Offer

Thanks for your input. I just don't understand why they are so unwilling to take money when it is offered. I mean, SOME dollars are better than NO dollars, right? It's no wonder that the major financial companies are losing so much money. Okay, so the next time they call, I just tell them to get lost & not to bother me again?

Posted: Sun Aug 31, 2008 2:58 pm Subject: Debt Settlement

I stopped paying my cc's December '07. I too have over 100k in debt. My main focus was debt settlement but the economy took a turn, hubby lost a lot or work and well-we no longer have the funds to settle these. I can tell anyone considering debt settlement on their own that it is possible. I never talked about settlement to any creditors but right before charge off-most of them mailed letters with settlement offers. Even now, some cards are in collections and I get offers every day. I wish I had the money to settle but we are filing BK. I just read this and had to add in what I know. I know everyone's situation is different but it is possible to settle on your own with much success.

Guest · Posted: Sun Aug 31, 2008 3:06 pm Subject: really?

Hi girlndebt! Thanks for the post! I am scared out of my mind to do this! I won't even mention how my husband feels!!!!!!!!!!! I haven't received any offers from any of the cards as of yet. We are about 90 days on a couple of them but the problem is that we have 3 b of a accounts and we are current on one of them. I don't think they will settle. Sad

I am trying to convince my husband to stop paying that one card also so that we can try to settle with them. He is having a hard time with that idea. i guess he feels that if he pays something then he is at least still doing the right thing! I don't know really..........

Posted: Sun Aug 31, 2008 3:19 pm Subject:

It is all so scary...We have been dealing with this mess of ours for some time. We tried dmp (debt management), that didn't work, we have talked to a lawyer about settlement but don't know if that's the best course of action. Today we finally got our nerve up after both of us, my husband and I, crying all morning, to call my father-in-law. We told him a bit of what we have gotten ourselves into, we are going over to his house tomorrow to sit down and show him everything. Just telling someone has made us feel 100% better. We are not asking him for money, only advise and support. He said he would do whatever he could to help. The stress is killing us...Reny

Posted: Sun Aug 31, 2008 5:46 pm Subject:

Reny, I think that's a good move! It's always so much better to know that at least you have someone to talk to. My in-laws have been a big support to us. When they first knew we were having financial problems, they offered to loan us money to pay everything off. We turned it down because the truth is that we wouldn't have been able to pay them back either. Then once they knew the true extent of our debt, it was my father-in-law who first advised us to seriously look at BK as the only viable option. It took us awhile to come around, but it was a big help to just know that we had someone in our corner!

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