pennysaver

Date: Fri, 01/02/2009 - 19:54

Submitted by anonymous
on Fri, 01/02/2009 - 19:54

Posts: 202330 Credits: [Donate]

Total Replies: 6

Hi, I have contacted several companies that have been advertised on this web site. I owe approximately $25,000 and have visited this site often. I have been contacted by CareOne. They told me that my debt could be settled in approximately 4 yrs for approximately $650 a month. Their monthly charge is $45 a month which included in the fee. I would continue to receive my statements every month and could cancel at any time. This would be a debt consolidation, and my credit score should not be harmed. Since my husband is an authorized user, his credit score should not be hurt. Right now my score is about 620 and I am current on all my accounts, but I use one take-home check just to pay these. We would not touch our low-interest mortgage.
We are in our late 50's and want the stress to end.
My quesstion in summmary is would you go with them? I have read the articles on what to ask credit companies. Please respond ASAP. I need to convince my husband that this is a good thing.
I am losing sleep and gaining weight from the stress.
Thank you
pennysaver

Simple guide to debt consolidation program - frequently asked qu

Simple guide to debt consolidation program - frequently asked questions

You can also get Free Counseling on your debt from our community's financial coach.

lrhall41

Submitted by phoenix on Mon, 01/05/2009 - 01:55

( Posts: 1445 | Credits: )

Dont kid yourself....your credit will be affected one way or an

Dont kid yourself....your credit will be affected one way or another.

lrhall41

Submitted by SOAPLADY on Mon, 01/05/2009 - 05:58

( Posts: 17315 | Credits: )

Cretit Score

Dear SoapLady and Phoenix,
I contacted the Free debt counseling and got a call from Superior Debt. The rep wanted to put us in a settlement plan for approximately $410 a month for 2 years.,
I realize that our credit scores will be affected and will reflect that we are in a dmp. Did my research. I signed with Care One-CESI and am awaiting the results. The CESI rep told me that our applications to creditors will go out on Tues.since I changed my payment date to the 25th of the month from the 28th .
I just want to start the long road back to financial wisdom and
a good night sleep.
I am a professional with very little privacy at work and do not want my staff to know my financial situation with phone calls from creditors at work.
Will leep you posted.
Ladies thank you for your advise and will keep you posted of the results.
Pennysaver.
PS I am under the impression that if you do go into a settlement program, you still have to pay additional taxes on the money saved Is this true?.

lrhall41

Submitted by on Fri, 01/16/2009 - 10:52

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1099 tax form

lrhall41

Submitted by phoenix on Sat, 01/17/2009 - 03:46

( Posts: 1445 | Credits: )

careone

Thank you for the info.
Please say a prayer that we are accepted. If the initial offer is accepted, I will be able to make it one paycheck and pay some additional bills including a small business account. I have a wonderful husband who has stood by me through thick and thin.
He does not need the stress to affect his health. He has enough stress from work.
Pennysaver.
Will keep you posted.

lrhall41

Submitted by on Sat, 01/17/2009 - 08:20

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careone

Hi,Its me again, This may sound redundant, but does the 1099 tax form also refer to dmp programs, since it will take us 4 years to pay off the debt?
Thanks again,
Pennysaver
PS I will keep a record for our accountant for tax time.

lrhall41

Submitted by on Sat, 01/17/2009 - 08:26

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