This is my first post,I am 26, have a full time job but work and live in an expensive area ni chicago where i don't have enough to make my minimum payments on my 3 accts with US bank. I have not seen much as far as how they are to settle with on here or anywhere through research. I thought about debt settlement help, but the payments to them is nto worth it.
My 3 accouts are as follows
premier line credit 8100 balance unsecured
cc unsecured 6600
cc 1600 unsecured
The premiere line is late as of today, so i am pretty much playig the waiting game to settle. I have seen articles/step by steps how to settle, but i wonder if workign full time even though i have no extra income affect if they will sue, or go to collections? i will have only about 2200 saved up by august to settle with. The premiere line is the first one to hit 90 days and will in July. So i'll have 2200 to start with on that, but i hope i can get a low 20 or better settlement with them where i can pay 1000-1200 for the premiere, than prepare for hte 6600 and 1600 when they hit 90 days which will be soon after. Any thoughts if this is hopeless. A lot of legal people i talk to of course want me to do Bk, but this debt doesn't seem extreme enough for such a big decision. It's only 16500 total through all 3.
Any tips when best time to settle, is it at 91 days, or closer to 120-150? any lawsuits from US bank, do they go to collections mostly, are they as tough as Discover or as easy to deal with as BOA? I just want to put this behnd me i am finally recovered from a onine gambling issue and just wnat to start my life over clean and don't want this to ruin my life. thank you everyone, love the thread!
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.