$129000 on 6 cards

Date: Sat, 02/28/2009 - 19:10

Submitted by anonymous
on Sat, 02/28/2009 - 19:10

Posts: 202330 Credits: [Donate]

Total Replies: 3

I also have a great deal of debt on 6 cards (3 companies), and I have been reading the posts to figure out debt settlement. What happens if you can only put away $1000 a month toward settlement? It sounds like many have the cash to settle after 180 days. We live in Michigan. I lost my job 4 years ago, and have only been able to find part time work. My husband was off work with an injury and had to take a large paycut in the past few years. We depleated all savings in the past 3 years, and our equity in our house has dropped $125000, so we now owe what it is worth. Definitely insolvent. Settlement companies have given me payments of $800 to $1400 per month for up to 70 months, so I don't know who to trust. I don't know if I could attempt it on my own, since I will not have a lump sum of cash for a while. Please give me your experience and guidence. If anyone has used a settlement company they would recommend, please let me know. I also called the Debt Group, and thought the fees were outragous, but at least they sounded trust worthy.

I was in a very similar situation to yours. My debt was slightly

I was in a very similar situation to yours. My debt was slightly higher. I did a lot of research here and thru the Better Business Bureau and was very fortunate to find a settlement co that did a great job for me. The name is freestar financial. Check out my post by searching Julia666. You can certainly try yourself and it is obviously cheaper, but I wanted to work with a company that used attorneys. Bankruptcy may be another option for you but only as a last resort. Call and get a free consultation from my settlement co. You have nothing to lose.
Julia666

lrhall41

Submitted by on Sat, 02/28/2009 - 19:50

( Posts: | Credits: )

Given the amount of debt that you have, your risk of being sued

Given the amount of debt that you have, your risk of being sued is fairly high, since you won't be able to save enough money in a short period of time. Who are your creditors? It may make a difference. If you have one particular account that is large, it might be an idea to just try to settle that one if that would help you out enough. For example, if you have an account with Bank of America, they will typically settle for 20% of the balance around 150 days of being past due. If you thought you could save that 20% within 6 months, well then that would work for that account. Other creditors though, are tougher to settle with and they won't give such a great deal, like American Express. If you do decide to go with a company I would be prepared for legal issues, which really isn't the end of the world...just something you might not want to deal with.

lrhall41

Submitted by on Sun, 03/01/2009 - 05:19

( Posts: | Credits: )

70 months is a very long time yet you do have alot of debt. kee

70 months is a very long time yet you do have alot of debt. keep in mind the longer it goes the more likely you are to get sued. But as sunnymay states it is not the end of the world. Its not as bad as you think. But you surely have to do something and fast.

be sure you do your homework on the settlement company very well. read up and get it done and have a plan and stick to it.

I also agree on the creditors some are very easy and give great settlements while others are pretty tough.

lrhall41

Submitted by love_my_things on Sun, 03/01/2009 - 07:06

( Posts: 1434 | Credits: )