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 Posted: Mon May 12, 2008 12:35 pm Subject: debt help |
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I have about $13000 debt owed to different credit card companies and one unsecured loan. I havent' paid anything for 6 mo. or more. What can I do? Should I call my creditors?
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pameladenis
Joined: 12 May 2008
Posts: 1
Debtcc Points: 15
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| Posted: Mon May 12, 2008 1:24 pm Subject: |
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Being that your credit has already negatively been affected I would strongly consider debt settlement. A good settlement company should be able to settle for around 40-60% of the balance owed. I would shop around and compare settlement companys. BE SURE TO LOOK THEM UP WITH THE BBB TO MAKE SURE THEY HAVE A GOOD REPUTATION.
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mobile0311
Joined: 05 May 2008
Posts: 1035
Debtcc Points: 5532
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| Posted: Mon May 12, 2008 11:38 pm Subject: |
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I strongly recommend you to go for debt consolidation program..They can consolidate most types of unsecured debts from major credit cards to personal and student loans. You choose the accounts you want to enter into the program when joining. Once enrolled, the company will contact your creditors to negotiate more favorable repayment terms on your accounts and possibly reducing your interest rates and it may even elimination late fees. You will then send that company one lump sum payment monthly which they will disperse to the creditors you enrolled on your account when joining.
_________________
Free Debt Consolidation Guide
http://consolidate-debtloans.blogspot.com/
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justinhi5
Joined: 22 Apr 2008
Posts: 86
Debtcc Points: 638
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| Posted: Tue May 13, 2008 9:02 am Subject: |
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I respectfully disagree justinhi5 . Her bills are 6 months late or more and have already been charged of and most likely with 3rd party bill collectors.Her credit is already about as bad as it can get. debt settlement will not hurt your credit anymore than whats already been done, might as well save 40-60% on the debt and be done with it so you will be in a prime position to reestablish your credit much sooner once done.
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mobile0311
Joined: 05 May 2008
Posts: 1035
Debtcc Points: 5532
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| Posted: Wed May 14, 2008 2:53 am Subject: |
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Hello Pameladenis,
Yes, I agree with Mobile.
I personally consider Self Repayment Plan or debt consolidation to be a better option than debt settlement. But considering the extent of your problem I will go with Mobile and ask you to opt for debt settlement immediately because it is a better alternative than bankruptcy.
For a comparative analysis of all the debt relief plans you may go through the following link:-
http://www.debtconsolidationcare.com/debt-solution.html
Regards,
Phoenix
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phoenix
Joined: 14 May 2008
Posts: 440
Debtcc Points: 3272
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