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 Posted: Tue Aug 07, 2007 9:55 am Subject: Need Help! My Story |
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Yes... here I am, another person with a hideous debt problem in south TX. I am a married mother of two girls. I am so overwhelmed with my debt that I am not functioning correctly. My children are suffering because of my stress and anxiety everyday. Together, my husband & I have close to $40,000 in unsecured debt. We have been struggeling for a while, but after Jan 2007, when the government changed laws on cc minimum payments, I just can't float anymore. We are drowing. I do own my home but I am behind a month on my mortgage payment. I've looked and studied all my options, but I'm still so confused. I really don't want to have to file for bankruptcy. I would rather take out a consolidation loan but I fear that no bank would loan us any money with our credit so screwed up right now. I'm scared to go with a credit counseling service for fear of being scammed. Please, someone point me in the right direction. I'm desperate and lost like so many others here. I need to know that there is some hope out there for me. Let me know if I left out important info. Thanks in advance for reading my post.
Joye
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jbhurst
Joined: 07 Aug 2007
Posts: 2
Debtcc Points: 73
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| Posted: Tue Aug 07, 2007 10:05 am Subject: |
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Welcome to the Community Joye  You aren't alone, amnyof us have had the same fear, desperation, and no hope, but you have come to the right place! Is the bulk of your debt from credit careds,pay day loans? The most important thing is to take care of basic necessities frst, home, utilities, food,etc. There are many options being offered here. Since you are registered, and if you signed up for the free credit counseling, you are entitled to a contact for counseling, where they will discuss these options. In debt consolidation, you can put all your unsecured debt into one monthly payment. In consolidation, you have a counselor negotiate a settlement with your creditors, usually from 30-60%. Before you decide to go with any company, check them out with the BBB, and others. There is a Ranking Chart on this site you can look at to see about companies in your area. Feel free to ask questions, we are here to help you. Don't feel bad-you have acknowledeged the problem, and now you can find the solutions!!..KAren
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As long as you are alive, there's always hope
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Bossy4455
Moderator
Joined: 27 Feb 2006
Posts: 5360
Debtcc Points: 63562
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| Posted: Tue Aug 07, 2007 12:15 pm Subject: |
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You will get a consolidation loan from a debt management company since they offer their services to repair bad credit. You won't have to visit a bank for this type of loan. In my opinion, you should not consider a new loan for paying your existing debts. Your overall debts will multiply and you might be paying more on interests. Instead, take the other option like a debt management program in which you will the principal amount at lower interest rates. Most of the fees will be waived off. Or, you can go for a debt settlement plan in which the total balance will be settled down by 40% to 60% with your creditors. Speak to a debt counselor in your area. He will narrow down your research for the suitable plan and help you getting started. You will be soon on your way to a debt free life.
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FlyingCats
Debt Samaritan
Joined: 05 Aug 2006
Posts: 483
Debtcc Points: 6791
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