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Lots of questions on debt and debt settlement companies

Date: Sat, 01/06/2007 - 18:15

Submitted by Debango
on Sat, 01/06/2007 - 18:15

Posts: 9 Credits: [Donate]

Total Replies: 5


I am knee deep in debt and @ least one month behind on all my debt. My wife and I just bought a house in June and are already i month behind also. We took on too much debt than we can afford. We are in the process of selling the house before it goes to foreclosure. I also hav car payments I cannot afford. Do I take the car back to the dealer? I bought it from the dealer just a little over a year ago. How will that work? I never dreamt of getting to this point and putting my family through some rough times. Can anyone out there identify with me and is there light @ the end of the tunnel? I sm now working with a debt settlement company. Has anyone out there worked with a company like that and does it really work? Also is it true that you have to have some money saved up before they can sart negotiating? There is one of my creditors that they have said to not call or tell them I am in this program, because of their bullying collection tactics. They have not talked to them yet also. Is this a good thing? Somebody talk to me please!!!


Debango, most of us here can identify with what you are going through. I can't answer all of your questions, but I do know that while you are paying on a vehicle, you can take it back to the dealership. Assuming that you are purchasing the vehicle and not leasing it. However, it will show as a voluntary repossession on your credit report.

Some consolidaton companies do work very well depending on the type of debt you have. Since you've registered with the site, you will be contacted by a debt counselor to review your situation. Because it is the weekend, you may not be contacted for a few days. Hang in there. Realizing your situaton is the first step to getting out of it.


lrhall41

Submitted by DebtFairy on Sat, 01/06/2007 - 22:13

( Posts: 402 | Credits: )


debango---First off, there is ALWAYS light at the end of the tunnel. Do not be discouraged! And most definitely EVERY single member of this forum can identify with you, because every single person came and joined for reasons just like you. They were/are in financial messes, binds, unemployed, down on themselves or down on their luck. Sometimes our path in life takes a little detour and it is rough for awhile. You are doing the right thing by realizing the mistakes you made and are taking steps to either get out of the situation or making it a little more do-able.

I personally don't know about debt settlement and how it works. It is late right now, but I am sure by tomorrow you will see many answers from our loyal members regarding your questions.

Also, you registered as member on the site so that entitles you to receiving a free phone call from a debt counselor. You can discuss your financial situation and review any options you might have. Good luck and keep posting with any questions you might have.


lrhall41

Submitted by Lorri on Sat, 01/06/2007 - 22:46

( Posts: 1721 | Credits: )