DIY Debt Settlement

Date: Thu, 06/04/2009 - 09:40

Submitted by rond310
on Thu, 06/04/2009 - 09:40

Posts: 5 Credits: [Donate]

Total Replies: 2

I would like to try and settle my debt and save the fees that I can use toward settling. Right now I am current on all debt but struggling to keep up. Wife and I have about 37K of unsecured debt with:

11k Chase
8k 5/3rd
3k Cap One
4k Target
3k Kohls
2.5k Lowes
1.5k Best Buy
2k Chase (Circuit City)
2k Citi

I also have about 5k in stock of JP Morgan I have from when I worked there. Was laid off about a year ago but thankfully found a new job late last year but at a reduced salary and much lower bonus.

Should I stop paying and go the settlement route or try to negotiate a lower rate with hardship departments. WHich do you think is best and which of my creditors is toughest to settle with.

Thanks for the advice

What state do you reside in? In North Carolina you cannot be ga

What state do you reside in? In North Carolina you cannot be garnished or have a lien placed on your property. If you have more assets then liabilites that could be a problem if you are trying to do settlement yourself or with a company because you will have to claim the settlement amounts on your taxes if they are more then $600. Pending on your assets versus your liabilities and the state you live in will determine what avenue you should take.

lrhall41

Submitted by on Thu, 06/04/2009 - 10:56

( Posts: | Credits: )

I am in Illinois and my biggest asset is my house but of course

I am in Illinois and my biggest asset is my house but of course most of that value has been wiped out like everyone else. I would venture to guess my assets and liabilities would be pretty close maybe slightly more assets 10-20k than liabilities but maybe not depending on what my house would now appraise for.

lrhall41

Submitted by rond310 on Thu, 06/04/2009 - 11:13

( Posts: 5 | Credits: )