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Thinking about DIY Debt Settlement

Date: Mon, 10/26/2009 - 11:20

Submitted by anonymous
on Mon, 10/26/2009 - 11:20

Posts: 202330 Credits: [Donate]

Total Replies: 11


I have 83,000 in credit card debt on 9 different cards, is that to much debt to negotiate myself, I am in credit counceling
but it is killing, it is leaving me with nothing at the end of the month.


its really never too much to do on your own if you are willing to put the time and effort into it. What you need to find out is if its better for you to settle or to file bk. but if you decide that settling is the right for you than you can make it work. first step is to stop payments and start saving every last dime you can. I agree with the above post that alot of times you may get a better settlement if paid in one lump sum that an alot will not settle unless you have it in one lump sum. but some get lucky and get a payment plan but they would rather have lump sums.


lrhall41

Submitted by love_my_things on Tue, 10/27/2009 - 06:26

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I'm thinking about doing the same thing. I'm only about $25k in debt with credit cards & loans, but on 10 different accounts, so the interest rates are killing me and I can only make the minimum payments each month. I am current on all accounts, but about to fall behind. I just signed up with Credit Solutions, but after reading the user reviews I'm probably going to cancel my account with them.

Does anyone have any tips to DIY debt settlement? Are there any obstacles that I need to know about beforehand?


lrhall41

Submitted by on Tue, 10/27/2009 - 11:19

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there is a great article here that tells you everything that you need to knwo about diy settlement. but mobile is correct we would need to know more about the first posters debt to better advise him/her. i forget i live in a pretty forgiving debtor state some do not. with that large of debt you may want to also consider bk.

and as for the last post, im thinking you may want to reconsider the credit solutions. readup. I think you are making a wisedecision on cancelling that with them. just my opinion


lrhall41

Submitted by love_my_things on Tue, 10/27/2009 - 11:21

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Quote:

Originally Posted by Anonymous
Do you have any cash on hand? I just started my DIY settlement journey and will begin with enough to settle the first few with lump sum amounts. I believe offering it in 1 payment draws the best offers.



I dont have any cash on hand, but might be able to get a little bit of cash from a relative.I am in consumer credit counceling right now but the payment is to high so I have nothing left after that payment.


lrhall41

Submitted by on Tue, 10/27/2009 - 11:22

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Here's an article that may help: ezinearticles.com/?How-Can-I-Settle-Credit-Card-Debt-Myself?&id=1485532 by Jesse Niesen, on E-zine articles. The link is ezinearticles.com. The comments above are absolutely correct - if you are willing to put in the time and effort to DIY, it can be done. It's your choice. It takes a lot of phone calls to creditors and perseverence. I wish you the best in what ever path you choose to take.


lrhall41

Submitted by LKSworkerbee on Tue, 10/27/2009 - 12:51

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imo, the lowest first. see then you are usually making fast progress while letting the larger ones stew awhile. the key to settlement is the fastest way possible to avoid getting sued. so if you can knock out smaller ones first your making progress fast but remember to keep in mind sometimes the smaller ones are a pain. keep your options open. honestly i would tell them all not what you got but how many creditors you have and you are making the offer to all of them and someone will take it. so if they want it you are offering it to them first. take it or leave it. then move on to the next creditor and do the same thing. I wouldnt really stick with small or large ones. because you never know who is gonna settle and when. its a first come first serve in my book.


lrhall41

Submitted by love_my_things on Thu, 10/29/2009 - 06:13

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Quote:

Originally Posted by mobile0311
Can you provide more info so we can better answer your questions? What state do you live in ? What are the names of your creditors and their balances ?



I live in California

$6,900 Chase
$6,700 Chase
$24,000 Credit Union
$ 18,600 Capitol One

The above are enrolled in credit counceling but the payment is $1300/mth for 5 years

These accounts I am in hardship programs with i cant afford to keep this up anymore

Target Visa $8,700
Chase Amazon $ 12,900
Kohls $2,100
Old Navy Visa $4,100
Sams Discover $4,100


lrhall41

Submitted by on Wed, 11/04/2009 - 17:09

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