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 Posted: Tue Aug 26, 2008 6:43 pm Subject: OH MAN,....I wish I had a magic mirror |
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I'm so low tonight. STUPID PAYDAY loans have ruined my life (granted I was dumb enough to let them)...We were T & C for our credit cards and some personal loans, however after much soul searching that wasn't working for us. So where do I stand now??? I have no idea. I just got off the phone with a law firm discussing settlements!! Their fee is VERY high $5900 and my first 3 months of payments all go to them...Plus we still are at risk of being sued. God help us....I am so sick of this, its been well over a year I've been trying to figure this out. I change my mind almost daily on what's the best solution and I'm not making any head way. The credit if SHOT, so at this point I don't think it matters which direction I go. I'll tell you what I'm thinking. I'm thinking to take all extra money and one at a time start paying off. If I get sued along the way I guess there's not much I can do about that now. But if I that myself at least I'll be paying someone something......I understand this is a forum and you can't tell me what to do, however I'm at wits ends there is just to many decision to make, seriously.....Reny
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lmale
Joined: 28 Mar 2008
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| Posted: Tue Aug 26, 2008 6:49 pm Subject: |
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Reny, if it didn't work with T&C (a dmp program) have you considered filing bankruptcy?
I'm not saying to file BK, but did you consider it, and if so, why did you not file instead?
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desperatelyseekingsanity
Joined: 09 Jun 2007
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Shazzers
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| Posted: Wed Aug 27, 2008 6:17 am Subject: |
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Hang in there Reny! How much debt do you owe to your creditors, if you don't mind me asking?
I did our debt myself, and did what you stated. I took any extra money-this after we scrimped, did without, etc., and applied it to my lowest amount cc, along with the payment. Any extra ten or twenty during the month went there also. After I go that one paid off, I took that payment and put it towards my next lowest balance cc, and so on.
To date, all of out debt from them is gone, and I am "just" dealing with a CA on a debt that started in 1984 
This is also to say, that our debt was't as big as some I have seen on here, so this may or may not work for you.
We are here to help support you in whatever decision you choose..karen
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As long as you are alive, there's always hope
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Bossy4455
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| Posted: Wed Aug 27, 2008 6:17 am Subject: |
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What if you basically follow your plan of paying them off one at a time, but giving first priority to any who are willing to settle for less (and let them all know that's what you are doing)? Also, you could take a portion of your extra funds and put them in a "lawsuit protection" fund? That way, if anyone did decide to file suit, you would have some available funds to negotiate with.
Hang in there, and good luck!
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alias1958
Joined: 31 May 2008
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| Posted: Wed Aug 27, 2008 4:37 pm Subject: |
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I called the settlement company back this morning to tell them we didn't want to use them. So of course they called me back asking why? I told them their fees were to high, they were going to take the first 3 months of pmts for themselves, and we already have the collection agency on our backs, and we didn't feel they could offer any more "sueing" protection then we could for our selves. So they offered to lower the fees by $1000, and to only take our first month's payment for themselves. p;us of course they assured me there was a lot they could do to assist with a law suit or garnishment!! .....I still don't think its worth it. Thanks Reny
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lmale
Joined: 28 Mar 2008
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| Posted: Wed Aug 27, 2008 4:46 pm Subject: |
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Haven't you been with them for awhile? How much have you already paid them in fees?
If I remember correctly, you didn't really want to deal with everyone yourself, but if you feel up to it, I think doing it yourself is a good thing. Then you have control of your own money and you always know where things stand.
Also, as Desperately said, have you considered BK as an option? I know it's not right for everyone, and I fought it for a long time. But now that we've done it, the relief is IMMENSE!
You'll figure it out. Just keep evaluating your options until one of them feels right!
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alias1958
Joined: 31 May 2008
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| Posted: Wed Aug 27, 2008 4:59 pm Subject: |
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Actually, I just remembered, I think you said that you had done BK a few years ago, so maybe it's too soon for that to be an option?
Still, as I said, you'll figure it out!!
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alias1958
Joined: 31 May 2008
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| Posted: Wed Aug 27, 2008 5:10 pm Subject: |
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yep that's the issue with BK...We were with T & C a dmp, not a settlement company
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lmale
Joined: 28 Mar 2008
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| Posted: Wed Aug 27, 2008 5:34 pm Subject: |
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Have you checked into non-profit DMPs, through Consumer credit counseling Services? When I was exploring options, I found a place called nfcc.org. They list all of the member non-profit agencies, and you can find one that's in your area. Their fees are very reasonable. I think it was somewhere around $50 for the set up fee and $35 per month.
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alias1958
Joined: 31 May 2008
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