settlement

Welcome to the Community :D There are alot of factors to consider before settlement.

Is the debt with the orginal creditor or a collection agency?

How much is the debt, and when was the last payment?

Have they offered you a settlement, or are you thinking of offering them one?

Have you tried to work out a payment plan with them, so your credit won't be damaged?

There are many ways to solve your debt problems from consolidation to settlement to Do it Yourself.

If you go towards the settlement option,make sure you get everything in writing before you make the payment, and they won't sell the remaining balance to another collector to be collected later. Feel free to ask questions..karen

Is the debt with the orginal creditor or a collection agency?

A: Original creditors.

How much is the debt, and when was the last payment?

A: Approx 20k - 6 creditors. All Current

Have they offered you a settlement, or are you thinking of offering them one?

A: No - No communications as far as asking or getting anything.

Have you tried to work out a payment plan with them, so your credit won't be damaged?

A: How? What kind of results can I expect, if I am current. Can I ask for and get anything at this point?

There are many ways to solve your debt problems from consolidation to settlement to Do it Yourself.

Since these are still with the original creditor and they are current, your chances of them helping is pretty slim. They usually want you to be behind for several months.

You said your debt is 6 cards with about 20 thousand. Are they spread out, like a few thousand on each?

The reason I am asking, I wondered about you doing it yourself. If you think you can continue with payments, and do one at a time it may be worth it. We took our smallest balance cc and saved, worked second jobs, etc., and put as much extra as we could along with the original payment. We then took that payment, when it was paid off, and added it to the next ones payment until that was paid off, and so on. This only worked for us becuase we were able to get second jobs and add extra to the payments. Some people cannot do this and may not work for them.

I would check out my options and any company before deciding on what to do. It is better to try to work out something, whether it is paying them off, or what, than getting them turned to a collection agency.

What I was going to say before I sidetracked myself was, the cc that did work with me when we weren't behind, did drop the interest. I told them I had the means to get them paid off within a year if they would drop the interest and fees and I would commit to a program to do this. The debt on that one wasn't large, about $1600., though.

Good Luck..karen