Debt Settlement Step by Step Guide
Date: Sun, 05/04/2008 - 20:44
1. Who do I negotiate with at the CC companies?
2. What should I do if they refuse to work with me?
3. Should I stop making payments before I contact them to negotiate?
4. Should I stop making payments if they refuse to negotiate with me?
Any advice is greatly appreciated. As I mentioned above, I do want to do this myself. Thank you for your time and assistance in advance.
My husband had similiar problems with his credit cards. When he
My husband had similiar problems with his credit cards. When he called the credit card co's they told him they couldn't help him unless he was late on them..someone will be around to help you.
There is no incentive for them to settle with you when you are s
There is no incentive for them to settle with you when you are still making your minimum payments. Most won't even consider settling until you have reached 90 to 150 days past due.
you should look into a consumer credit counseling program called
you should look into a consumer credit counseling program called a dmp. If you can afford to pay your creditors you should. A credit counseling program will get your interest rates locked in around 6-10 % on average and will stay that way as long as you make your one payment on time each month. You should only look into settlement if you are overextended and can`t afford a DMP.
Loan, DMP, Settlement, BK
See if you qualify for a loan first, this will have the least impact on your credit. Make sure an attorney looks at it and that it takes into consideration that the banks are borrowing at 2.5%.
If you do not qualify for a loan, see if you qualify for a dmp. This is where one payment is made usually to a credit counseling agency and they distribute it to the bank. Many banks now are accepting your own proposals with hardship letters.
If you do not qualify for a DMP, seek Bankruptcy and tell the attorney you already had your Title 11 brieifing and you do not qualify for credit counseling.
If you do not qualify for BK, seek out a debt settlement plan. Within 30 days a company is going to be giving out free information on how to do your own Debt Settlement Plan without a company.
"Within 30 days a company is going to be giving out free informa
"Within 30 days a company is going to be giving out free information on how to do your own debt settlement Plan without a company."
What company are you talking about, how will I be able to find this information?
As far as a debt consolidation loan, I don't qualify. I've tried every angle, I'm at the end of the rope. As far as a debt counciler, I guess I could, but I honestly don't want to give them the money, I'd rather take the ding on my credit and negotiate a settled amount. As far as I'm concerned, they've made plenty off me already. They can kiss my a**.
Hey if you're current with all the payments, you can try negotia
Hey if you're current with all the payments, you can try negotiating lower rates with the creditors. I've seen a great video in the financial education through video section of this site (I'm placing the url below). See if it helps you with some ideas on how to negotiate with the lenders.
http://www.debtconsolidationcare.com/videos/negotiating-credit.html#353426
Thanks guyz.. for the excellent information..This forum is helpi
Thanks guyz.. for the excellent information..This forum is helping me a lot for clearing my debt...