Suggestions on Plan and info on American Liberty or another?
Date: Tue, 10/03/2006 - 19:12
1. Refinancing my house which will pull equity out and make the cc payments currant (paying off about 1/3 of the balance) but that will max out equity in my house and raise the payment over 1000... which will be very tough and if my situation does not get better I will be risking my home.
2. Credit Counceling Program. Sounds good but the payment was really high. They told me it would not affect my credit report. But I cannot afford the payment they quoted me.
3. Settlement. I have talked with a number of companies, looked them up here, with the BBB. I am down to one...American Liberty. I called the USABA and they are the only one that has finished the accredidation program which is a 3rd party auditor reviewing all of thier practices. I think I can afford the payments...I know it will ruin my credit.
4. Sell my house?? I could sell my house and take the equity and apply most of it to my cc debt.. rent a house (my house payment is huge and I could cut it in half by renting or purchasing a less expensive house)
5. Settle and Sell my house to finish the program quicker?
So I do not know what to do except ask for suggestions here. I was not promoting American Liberty....I need to hear from people who are working with them or another company that is seeing results.
My goal is to pay off the debt, live a more simpler life, be debt free, rebuild my credit and assests.
Help??!! :shock:
You will have to consider one of the available options so that d
You will have to consider one of the available options so that direct repair is done to your credit. I will recommend settlement program because your total credit card debts is very high. Consolidation plan will not be a good option because you will take long time to finish the plan. Selling the house is also not recommended by me because don't risk your house doing this because of your credit card debts.
Shop for some other debt settlement companies. Take the free quote by a consultant here. Do thorough comparisons before you decide something suitable to you.
Do lots of research. I went with Superior debt, I also liked Ame
Do lots of research. I went with Superior debt, I also liked American Liberty, but superior had a better payment plan for me. I'm 43k in debt, & already have a home equity loan plus mgt, so selling was out. Plus the housing market here in Michigan is terrible. I just signed last week, & it was a relief. This forum & the people on it are the greatest, they will bolster your spirits.
Maryann.....I started my settlement plan last week too. We can k
Maryann.....I started my settlement plan last week too. We can keep track with each other to see our progress. Feel free to pm me anytime.
I went with another company though called Solve Debts. It was between them and Superior and chose them based on the person I talked to.
Hopefully I made the right choice.
I got my first nasty call at work this week from a local bank which I have a credit card with. I was flustered at first because I'm not used to such calls. When I refused to give any info except the 800 for her to call and to discuss any issues with them she got even nastier. My first thought when I hung up was what did I get myself into and if I had made the right choice
But I am sure I did and I am sticking with it. The money just is not there like it used to be so it was this or do nothing.
Lee, I'll be glad to keep in touch with you since we both starte
Lee, I'll be glad to keep in touch with you since we both started the same time. It's going to be rough, but by seeing & reading the postings here, I feel much better. We'll keep in touch. Good luck!
I've done so much research. I've talked with lots of settlement
I've done so much research. I've talked with lots of settlement companies and am checking with the BBB. I did talk with an attorney. Why that question?
My concern on this is that once I do sign with someone, does this work? Will the credit cards sue me anyway once I'm in the program? I am consumed by this right now....lost 7 lbs this week b/c I cannot eat. I just want my decision to be the right one and not be sued or have wages garnished. I'm in real estate and the market and haven't closed a deal in over a year...part of the reason I'm in this mess. But I feel like I need to liquidate (attorney advised also even though he suggested not to use debt settlement b/c he used to do it and feels like the credit cards would sue anyway). We don't even have the monthly payment for anything, we we're pulling money out of 401k ( i know that's bad but there is no other money) and I'm suppossed to have money Jan 5th from a deal over a year ago that I'm owed on. If that doesn't work... I will have to get out of real estate and got to work to make the monthly payments.
Do you guys know anyone here that the Settlement Option worked for? They have completed it?
Thanks!