logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Debt Settlement

Date: Tue, 04/03/2007 - 06:23

Submitted by Mrsjlo72
on Tue, 04/03/2007 - 06:23

Posts: 12 Credits: [Donate]

Total Replies: 3


Hi everyone, I'm new and have a question for anyone that can help. I (and Hubby) are trying to get out of debt (Duh arin't we all). My question is this- I was talking to someone from Total Debt Services to try and find out what I could do. We have tried to get a Home Eq. Loan but because of MY credit (not hubbies) we can't get one. All they want to do is refinance the home and start a new 30 year morg. when we only have 15 left on the one we have. SO.......This man from TDS tells me that in order to do a debt settlement we need to let all of our cards become pass due. So we will need to stop paying our monthly payments in order for them to help us. And after they help us pay off our c.c. in three years we will have to wait 12 months until our credit is clear again. Is this true? Do we really have to stop paying all our cards so that we can enter a debt settlement program? Any help from whom ever would be great.

Julez


Julez - my personal opinion...(again opinion)

I would refi your mortgage. You'd get a better interest rate. If you go into defualt on your accounts, that will look worseon your credit vs. a refi... I realize that you have only 15 years left on your mortgage, but you do know that ifyou make 1 (ONLY 1) extra mortgage payment PER YEAR, that you cut 7 Years off of your mortgage!!! So... you figure if you make two or so payments, you'll have your mortgage paid off in 15 years...just like you did with your original mortgage..

Again, thats my opinion. If you don't have to default any of your payments, DONT!


lrhall41

Submitted by sswett on Tue, 04/03/2007 - 07:39

( Posts: 408 | Credits: )


See that's the thing..... Our intrest right now is only 5.25% fixed......and if we refin it will go up to 9.75% or thats what they said was the lowest they could give me. It could be even higher than that when all is said and done. We are trying to get everything paid off since we have a daughter that is going to college in the fall and a son that starts in two years and another daughter that starts the year after that and another son that starts two years after her. We have really been trying to save money and haven't used a CC in over 2 years but the amount owed never goes down. Instead on 3 of my husbands cards the amount goes up every month because they have "insurance" on it. We have called tons of times asking that they take the insurance off but they say that they have to leave it on. We are just trying to find the best way to get this all settled. I don't want to sound like I'm whining but until a company called me about getting a home Eq loan I didn't even know what one was let alone how to go about getting one. I guess you could say that we are just kind of "business stupid"......lol

I already have one card that went to collections and that is a real pain.....they keep saying "you are refusing to pay your debt" and no matter how many times I try and tell them that I WILL pay but I can't afford the amount they want a month. Now I find out that no one even knows who has my account any more...they say that it's been sold 3 times in the last two months. :roll:


lrhall41

Submitted by Mrsjlo72 on Tue, 04/03/2007 - 08:45

( Posts: 12 | Credits: )


could you do a re-fi on a portion of the mortgage vs all of it?

If you let all of you and your hubands cc's go into default, that would worsen your credit, and lessen the chances you you guys applying for financial aid on your kids behalf (if thats what you're doing).

If a home equity loan is what you want - then shop around for one. Not every company is going to deny you a home equity loan b/c of your credit.


lrhall41

Submitted by sswett on Tue, 04/03/2007 - 08:49

( Posts: 408 | Credits: )