income vs debt

There's no need for income verification for debt settlement. If you can afford the payment w/o a lengthy time frame, then DS will work for you. If you can't afford a DS payment or time frames are stretched out too far, then look into bankruptcy. I say this time and time again, BK's not meant to destitute anyone, it's a chance at a fresh start (Chapter 7 at least, I would do my best to steer away from a Chapter 13).

Won't the creditors ask about income during their collection process, prior to settlement? I figured they would as they try to make a determination on whether the individual can pay the debt or not?

While I am just now going delinquent on my credit cards, I'm already several months delinquent on my mortgage and HELOC. And every time they call, they start asking me about my employer, etc, to "update" their file. I never answer and just keep throwing my hardship story at them. Was figuring that the credit card companies will do the same thing.

And I'm in the same boat as the orginal poster. Historically high income, but will be less this year due to bonus structure that was 100% my salary -- but 0% right now.

I'm scared that they are going to look at income and say sorry you make too much money we are going to sue you. Now a guy that has not every missed a payment in his life is three months behind now (on my credit)and about 4,500 in fees higher on balance BIG BIG TROUBLE....

are you doing the debt settlement yourself? It sounds that way. What i would do would be to stop paying the cc and make sure your home and vehicle payment are up to date and start saving saving saving. debt settlement works best after 3 months of non-payment. I used a settlement company for this, I had to verify my income to the settlement company only for budgeting purpouses, but as far as i know that information was not shared to the creditors only that i had more going out than comming in and bankruptcy was my next option. Or are you considering bankruptcy? I wanted to avoid bankruptcy at all costs so I went through the settlement program it was the best thing I ever done for myself. It is scary and a long grueling process but well worth it!!!

Temple - same boat here. I haven't gone delinquent on my CC debt yet (that changes Friday), but I have on a first mortgage and HELOC on a rental home (forced rental - since we can't sell it). When they call, they're definately looking for income figures and to verify my employer. I never answer those questions and just keep throwing my story at them. So far so good, but I haven't run across any ruthless collections people yet either. Just afraid if people hear my income and jump to conclusion that I can pay their debt...

I am planning to settle these on my own though. Scary but do-able.

Im only 1 week late and scared to death I just hope that Amex will settle for less then 35% or I wont have enough money to pay BOA which I hope for 25% on the 120,000 I have a friend that jut settle for 38% by just calling at 90 days and asking but it cant be that easy.

You're a blimp on the radar once you're delinquent. Upon delinquency now your original creditor will start to play ball. Don't forget however how settlement works - 8 times out of 10, settlements will be made w/ a third party collections; which means your original creditor will sell your debt to a debt collector for literally pennies on the dollar. Your income has nothing to do with the process, nor do their questions about yoru employer. If you start giving that personal information away (employer, friends, familiy), now they can harass these people in your life to embarass you into a payment. Collectors are not your friends and DO NOT have your best interest at heart.

I still dont understand why they don't just garnish my wages and get their money back they don't care if my house payment is made or are there laws againist it

Temple30: What state are you in?

VA

Sorry I might sound like a retard but what does this mean too me Thanks in advance