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Posted: Sun Mar 23, 2008 12:28 pm Subject: cannot pay personal loan

I have a very large school loan debt, a 4000 credit card debt, and a 5000 personal loan debt. Due to the fact that my disabled mother has come to live with me, I find I am unable to pay all 3 debts. What could happen if I do not pay the personal loan debt? I have lived overseas now for 6 years with no plans of returning to the US anytime soon. I have no US income, no savings, no property, and no investments. I appreciate any help on the matter.

Posted: Wed Mar 26, 2008 1:44 am Subject:

You can get some online professional advice. Try to find out in the internet.

I have articles on Free Your Debts, Ways to avoid bankruptcy. Get advice from debt consolidation or debt settlement. Will it affect my Credit Score / FICO Score? More Information on link deleted as per forum rules - Jason

Posted: Wed Mar 26, 2008 9:54 am Subject:

debt settlement may be able to help you with your credit card debt and your personal loan, but it probably cannot help you with your student loan. Caring for your disabled mother may count as a "hardship," which is typically what you need to have to qualify for debt settlement. Since you live overseas it may be difficult to find a debt settlement company that can help - I'm not sure how the laws work in that regard. I would suggest calling around to different debt settlement companies (unless you think you can afford credit counseling) and see if you qualify. Debt settlement does harm your credit so only pursue this option if you don't plan to take out another loan in the near future.

lshayes · Posted: Wed Mar 26, 2008 1:50 pm Subject: cannot pay personal loan

Thanks. Yes, the problem I am finding is that since I live overseas, my options are more limited. I find that most options require that I live in the US. Can anyone tell me where to find a debt settlement agency, like a good reliable website source? Calling around is not an option since it costs 30 cents a minute to call the US from Mexico. I appreciate your feedback.