Any Advice?!?

Is your dad asking you for you help, and more importantly does he realize that he has a big problem?

Or are you trying to help him and he is being resistant?

You said he has enough money to pay payments, rent etc for a year. Will he not be working at all now that he sold his business?

And if he owns his house, what is he renting? Or is he selling is home and will then be renting?

How old is your dad? Is he married or have any kids under 18 to take care of, or is it just him?

My dad is the stubborn type that won't ask for help, but he knows he has a big problem. He just doesn't know what to do so he is constantly stressed fearing that he would have to file bankruptcy in a year. I have been trying to help by looking up possible solutions to this problem, but having bad credit and not being able to refinance the house makes it hard.

He sold his business and will be working, but making less income than before. When I said "rent", I actually meant mortgage. He and my mom will be making enough to pay the mortgage and use the money from selling the business to make minimum payments on the cards. Once that money is all used up, he won't have enough to make anymore minimum payments.

He is married, still with my mom, but in their culture, women has no say in . She complains about his choices, but can't do anything about it. He has 6 kids, all of us are over 18, and three are still in college.

I know we are in a huge mess. People suggest to leave the situation alone and let my dad learn from the consequences, but my main concern is my mom. She's stuck in all of this. I've told her to save some money on the side just in case. I think if there is a way to reduce these minimum payments every month to about 1/4 or 1/2, they should be fine, but I am not sure how to go on about it.

I'm in the same boat. I have well over 200k in CC debt. I would not use a company to resovle it. I did it myself. I would save the money you have, stop paying, let the cards go into default then try and settle the account. And start the settlement negotiations at 20% or less (thats would you should pay .20 cents on the dollar) I have done it for several cards already. When I look back over the amount of interest I paid I have paid for my actual charges more then twice. So I don't feel bad about it. I just settled a $63,500 CC debt for $17,000.00. With no problem. What does that tell you about the CC company. And they gave me 7 months to pay it off!!. If you miss a payment or are late the deal is off and you loss your money. So if you can settle and pay one lump sum thats the best. Never let them auto withdrawl!!! Never cash out and reteriment, or life insurance or even get a second morgtage!!! A CC is an unsecured loan. That means they took a chance on you and well it didn't work out. oh well.
Be ready for the calls they will not stop. Be as nice as you can. Try and keep records of the conversations. Do not send any "good faith money" I had one guy give me the song and dance that they need the $2,500 payment to save the account etc. etc.. its all BS.. When I was done with the conversation he was begging me for $100. What would sending $100 possible do for on a $60K CC bill. They will lie to you they will say anything to get a buck. Don't do it. wait it out and settle it!!!

If he doesn't want the stress of debt settlement, he could try a debt management plan through a non-profit consumer credit counseling service. The problem with that is that his monthly payment to CCCS will probably not be less than what he is currently paying. However, since he's already been late on some payments, his interest rates are probably pretty high. CCCS could probably get his interest rates lowered, so that way more of his payment would go toward the balance instead of toward high interest--meaning that he would pay the debts off sooner. He can find a local one by going to nfcc.org.

Every CC I'm working on to settle with has offered me 0% to get it paid. And I have over 10. Don't be afraid to ask. Ask for payments you know you can easily afford. Most likley you will need to go up a bit. Its like buying a new car. Don't ask for a lower % tell them you need 0%!!!. They offered 0% for five years on one account. in your sitiuation thats still a $2200 per month payment. Thats a big nut in this economy to carry.Like I have said before they will spread the payments out for you. I was able to stretch payment scheduale so I don't get the 1099 till next year.
You could try calling the CC and explain whats happening with your dad and you want to lend him the money to settle the account. Can't hurt worst the will do is say no. I tried everything with the CC before I started being late with payments. They all said let it go past due and then we will talk. Don't be afriad of them. Talk with them be honest don't commet to anything untill you know for sure what the said. Remember they are recording you and writing everything down. I had one company give me a great deal but the needed the money that day. I said fax or deal and I will get some $ to them. He said the couldn't get the fax to work??? So I said no problem I will record the conversation just like you are recoring the conversation. It imediatly went to a supervisor and he made it very clear I could not record the call. I wonder why? no deal i said. 1 month latter they settled for less then the original offer. Everything in writing!!!
BoA and Wells settled for 20-30 % very quick. Discover i don't know. Citi is without a doubt the hardest. they wont settle at all.

Hello.Thanks for all the help. I think I want to try the settlement, but don't know much about it yet. Can we try to make the debt settlements before we default on our payments. Would we wait until they call us, or do we call them ourselves?

Any advice or website links well help. Thanks a lot again! :)

message me in private please .. I might be able to get something done ... do not want to come across as spamming on the main forum .. but always willing to help you out ..

Beleive me they will call you. Unfortunitly they will do nothing when the account is current. I tried. So then I said screw it and let it go. I wished I did it a year earlier. Your credit will be screwed up for a while. But for me I saw no other way. Having bad crdit would never have gotten me into this situation. I would let it go when they call explain the situation and do not send them a dime!! It will only prolong the calls. After 60 or 90 days they will say the account is going to charge off. Ask if you can settle the account start low!!!! Let the negotiation take a few calls. Offer the 20% they will say no and say thats all I have. Politly say thanks for your time and you tell them you will be settling with another card with the money your were going to give them. Have a good day and hang up. They will always call back. the end of the month is best. keep track of who you talk with and what was said and use it to your advantage. I would always return every call. In my state after they talk with you they are not allowed to call for three days. so its best to talk to them. Some I would say" good evening unfortunitly my situation hasen't changed i have no $ have a good night" and that was it. Three days latter I would do it again. It is very annoying and stressfull. And the computers make the calls. Computers don't forget whento call. But I tried to make it a game with them. They will be your buddy and tell you anything to get money. don't send $ till its in writing! Remeber there is no guarentee I have two that have served and will most likly take me to court. If that happens I will try and make a deal with the lawyer in the court if need be.

Charge off is usually not until 180 days. Also, keep in mind that in some states they don't have to wait three days to call you back. I had one that called every single day. However, in my state (California) even the original creditor has to obey a cease and desist letter (except that the one that called every day was for a business card, so they didn't have to). However, a CD might also make them more likely to sue you.

There is some information in the Do It Yourself section of this site. Also, Nascardevil gave some good information in this post:

http://www.debtconsolidationcare.com/settlement/how-to-negotiate.html

Relax, when you said "... If that happens I will try and make a deal with the lawyer in the court if need be" what do you mean by that and hw would you do that?
Also, if citi is not settling with you what are you going to do?

When i'm in the court room I will walk up to the laywer and say can we settle this? I have this much money. If not oh well. They will have to wait till I win the lotto. I already have a judgment against me for $250k for a business deal that went bad. It already is with the lawyers for citi. Not much I can do. If I had it I would pay them. They won't budge.