$60,000 in debt - can i use a DMP

Quote:

I've been looking at a lot of sites and DNP (debt negotiation Plan) was from another site. debt settlement is what I mean here. I need the balance negotiated down.

I see . Debt Settlement is a hardship program for people who can no longer afford the minimum payments. If you are over extended and you are already delinquent or about to be than settlement would be a great option before filing bankruptcy. You don`t necessarily have to be delinquent before you enroll but just understand that the account will eventually have to be for the creditors to be willing to settle.

Since you are shopping around with settlement companies please be sure to check them out with the BBB to either make sure they are members or at least a solid track record. I also suggest you try and do a 36 month program or faster if you can afford it. Your risks of possible lawsuit will be much lower.

If you are current with 6K in debt you probably have good credit. debt settlement will hurt your credit score. debt consolidation won't hurt it as much. You may try an aggressive payment plan on your own first. This is done by contacting your creditors and trying to get your interest lowered. Pay off the smallest debt first and use that money for a larger payment towards the next largest and so on. Try to get lower interest cards and tranfer the balances. Contact an officer at your bank and talk about a consolidation loan and STOP using credit cards. You will be surprised that in a year or so you will have everything under control and paid no one to do it.

I don`t mean to correct you MR Frogpatch but she said 60k not 6k. :)

Miranda can you tell us the names of the creditors and the balances ?

Also have you sat down and done a budget yet to see how much money you have over at the end of the month after paying all of your fixed expenses to see what you have left over to use to resolve the credit card debt ? The reason I ask this is I want to make sure you are a good candidate for settlement. I agree with frogpatch in that debt settlement should be a last option before bankruptcy.

I am about 13K in debt, not including hospital bills. I am not delinquent but I am unemployed and my funds have ran out. What do you recommend to people who find they will have nothing to pay due to unemployment? I am curious about contacting my bank officer to get a consolidation loan...

I`M GOING TO PAY THIS DEBT OFF SOON BUT, I NEED THIS COMPANY TO STOP CALLING MY EMPLOYER . THEY CALL 6-8 TIMES EVERYDAY IT`S STARTING TO PUT MY PERSONAL BUSINESS IN OUT . I`D REALLY APPRECIATE IT VERY MUCH IF YOU CAN GET THIS TO STOP. IT`S AGAINST THE LAW FOR COLLECTION AGENCIES TO CALL YOUR WORK PLACE. IF THEY NEED TO CONTACT ME HERE IS
All personal information removed by Shazzers for your protection, this is a public forum, and not affiliated with this company.

Will you still be making suggestions in reply to our inquiries?

I am about 15K in debt. I am not delinquent but I am unemployed and my funds have ran out. What do you recommend to people who are current on all payments but foresee a dry spell of income due to unemployment?

[Not a scam]

Hello everyone...I have been working with this company for about 12 months now and they have been very wonderful and helpful through out my process in their program. They are honestly not a scam, they have settled out about 50k of my debt already and my credit score is getting back on track. I do not know what I would without this company! If you really need help like I did,give them a call I promise you that you will be satisfied like I am

Thanks!
Nancy Gimble

Can a reduced settlement be reached if you are current on the accounts?

Who is the company? Do you have a phone number?

Quote:

I have a bit of a unique problem, or at least I haven't seen anyone else with similar comments. I have recently divorced. I "won" all of the debt in the divorce, including a card that is only under my x-wife's name. I soon thereafter lost my job and my income was cut by 2/3. The debt under my name totals about $45k. The debt on my x's card was $17k. I have stopped paying everything that was in my name and am probably looking at bankruptcy. I can't afford to pay the card in my x's name either. She did negotiate a lowered monthly payment and closed the account, which would be helpful, but I still can't afford to pay it. I have found a family member willing to give me $12k, if I can talk Chase into settling the account, but isn't willing to simply pay the amount and have me still paying monthly installments. My x is threatening to sue me and try to get me held in contempt of court for not paying the monthly payments. I contacted Chase and requested a settlement. A few days later, they told me that the request was denied and that this account would "never, never, never be eligible for a settlement". I was told that due to the account agreement and credit history, it was bank policy that this account not be eligible for settlement. I want to get this card taken care of and not have it hanging over my head (or my x's), but Chase is refusing to work with me. My x would rather pay the account's monthly payments and have me held in contempt, than allow the card to be delinquent, giving me more ammunition to work with. Anyone have any thoughts on how to deal with Chase? If the card is not delinquent, is it worth continuing to call to try to get someone else to work with? I recorded the phone call and am going to put it on youtube. The lady made no sense in her reasoning. Will bad publicity help at all? I just don't understand why they would not take $12k now, vs $175/month for 8 years... That's bad business sense, in my opinion. Please help.

Chase hater: I am going through the same problem, I am getting divorced, lost my job, a single mom and getting barely anything in child support. I stopped paying chase because i would rather put food on the table for my children. Chase decided they wanted to serve me with court papers only to not have a court date on it. I havent heard from chase since i was served the papers. We sold our house because of the divorce only to find that at the closing chase has put a lien on my property and now my closing cant happen unless i settle the $ with chase. So i called chase and they will only settle for 95% which i dont have so now they are taking every single cent of mine when my huse finally closes. I hate chase and i will never do business with them again. I was able to settle 50% on another credit card of mine then why cant chase do it/ People are loosing their jobs let and right and they just expect $ to fall off trees. I dont expect them to "forgive" my debt but c'mon. I am a single mom with NO job for over a year now. Cut us some slack. Now they want to start executing my wages...right! what wages?

LOL i have not read this whole thing but the #1 statement is totally false and is not the right way to evaluate settling your own debts. settling the smallest first ?
this allows the biggest cards to gain alot of interest because of the balance. by the time youve settled all your little debts the big one could double, then when you settle it you didnt save much at all.
I will however express each and every client has a unique portfolio of debt so its very hard to have a generic game plan for everyone.
if some one owes:
20k card
2500 card
1k card
500 dollar card
the first one you should focus on to get rid of is that 20k card, once you get that taken care of youd be 85% out of debt, plus if your going to have a legal problem you want it to be on a smaller accounts not on a huge one.
always work down the ladder of debt making it easier as you go NOT harder.

ill read more on these 13 or 14 steps but i was blown away by #1, seems like they want you to fail doing it yourself somehow, either that or whoever these people are dont have a clue.

the art of negotiation is a trade that most people do not have, you need to know what to say and most of all what not to say.
when a creditor starts turning a corner to go off on some negative reasoning why they shouldnt settle there is a point when you need to cut them from going there by bringing why they should go that low.
collectors have a real low IQ MOSTLY that why they are working at some hell hole of a place to work at that makes people they are collecting on feel like crap, i could never do that for a living. they are smooth talkers that do not know much, a truly good collector is probably the guy you see at the bar which is a total xxxxx.

I have a question for anyone that can help. I am 13,000 chase in cc debt been reading this site its great. I havent made a payment in 60 days, when do I start calling them for a settlement, what do I say? What can I expect from them? Thanks for your help

Johnny32

They won't mention settlement until 120+ days late. I would not mention it myself, let them. They will call often as your debt gets older. Just stick to your guns. I am 160 days late and they offered me 55%. I am holding out for 25-30%.

Not true about waiting. Chase offered me a 55% settlement at 60 days. I refused, and got a letter around 90 days offering another settlement. i called them and negotiated it down to 30%. Be warned however- if you have more than one account with them, they will not settle any others for a lesser pecentage than your first, so looks like i'm stuck at 30% with 2 more accounts. Pick your battles- when you get a nice associate on the phone, just ask questions, they usually will "spill the beans" and tell you what and when you are eligible for settlements.

I had a checking account and a credit card with may bank and I opted for online statement. I had to go to my home country and could not return back to US till a month back. I noticed that my checking account got closed when I was not in US which I assumed was because of not using it. There were only a few cents in that account anyway. When I came back the bank told me that my account was drawn negative $1.20 because they sent a letter to my address which got returned and they charged a return fee. Then they started charging a overdraft fee of $7 a day and after a month and half when the account was -350 they sold a debt to a credit recovery agency. The agency ahs called me and offered to settle for 250. What are my options here?

I was doing great paying off my credit card debt till I missed a payment by a day and they defaulted to the outrageous high finance charge. I have contacted them two times to reverse it and they refuse, any other suggests. They want to see me pay regularly for a year before willing to change it. I had paid regularly for three years without a problem.

NRKY,

I had a BofA acct for many years and recently was one day late on payment and they bumped my % from 7.9 to 24.99. I called and spoke to three different people with no success. They told me that I need to make payments on time for six months, then they could review it and possibly lower it. Makes no sense to me. And when they viewed my CR and saw the amt of debt, they suggested I call one of five debt consolidation companies that they work with. Within days of that conversation, I checked my acct and BofA lowered my available credit to only $200 above the current balance. Don't know what cc you are dealing with; good luck to you.

[QUOTE=Anonymous;650121][Not a scam]
Hello everyone...I have been working with this company for about 12 months now and they have been very wonderful and helpful through out my process in their program. They are honestly not a scam, they have settled out about 50k of my debt already and my credit score is getting back on track. I do not know what I would without this company! If you really need help like I did,give them a call I promise you that you will be satisfied like I am
Thanks!
Nancy Gimble[/QUOTE]
Do you have a name and number

What if i'm just behind one month for a few months until other, smaller debt is paid off & I can afford to catch up? I know it's negative cred rating & they'll make calls which i'll ignore, but can they sue me or sell my debt to a collector for being one (or maybe two) months behind for a few months?

This debt is with citifinancial for 7000 @ 236/month. I'll b one month late on Apr 13

They will not sue you for being a couple months late. Sounds like a good plan as long as you can catch up later.

Quote:

^^^oops thought i was logged in :)

[QUOTE=Anonymous;650121][Not a scam]

Hello everyone...I have been working with this company for about 12 months now and they have been very wonderful and helpful through out my process in their program. They are honestly not a scam, they have settled out about 50k of my debt already and my credit score is getting back on track. I do not know what I would without this company! If you really need help like I did,give them a call I promise you that you will be satisfied like I am

Thanks!
Nancy Gimble[/QUOTE]

Hi,

What is the name of the company you used?

John Black

Well Iam 60 days late. What does it mean when if they called everyday for 60 days; then it stops? From Feb 1-March 31 i got 4-5 a day. Last 2 days they stopped. Im a little worried they they havent giving me my attention i deserve!!!