do it yourself debt settlement

I'm sure many of our members have tried the 'do it yourself' route and they would soon be at your help. Meanwhile you can take assistance from the DIY section of this site.

Also you can check with the services of the non-profit credit counselling organisations to help you with the debt situations.

this guy wants $400, and seems okay

what do you think-

I have no idea what the $400 thing is about. It is easy to do the DIY settlement. So many people are not paying anything and these creditors are happy to have something. I would wait 150-180 days to get your best offer unless they give you a great offer sooner. They will come to you with offers.

Ronss: I settled two of my credit cards myself. HSBC called me when I was 60 days late. I ignored all calls for a while and then returned Bank of America's call. I was able to settle about $11,000 debt for $$4,700 over 4 payments. Will return Citibank's calls after the holidays. Owe them $14,000.

You can do this yourself..... Don't pay someone. I believe it's in your interest to deal with the credit card companies direct. This company could go out of business before your accounts are settled, and you would lose the money you gave them.

I agree with aubrey completely- don't pay a company to do work that you can honestly do yourself. Save up every single penny you possibly can and stash that $$ away (in a seperate bank account if you prefer) and just stay in contact with your creditors. I settled two of my Chase accounts on my own so far- one at 25% and another at 38% of the balance owed. I think the important thing is to let the creditors know that you want to work with them but also letting them know that you are very limited with what you can do moneywise- they seem to appreciate at least hearing SOMETHING from you, even if you're calling to say you can't afford their offer at this time.

Unregistered guest you are an idiot. GO AWAY

Quote:

my card will probably take 2 years to pay off...the big ones...can i let the cc companys go for 2 years before i settle...ron

From what I have been reading that your in a better negotiating position if your seriously behind in payments. Some months bask I sat down and contacted most of my CC and let them know I wasn’t going to be able to meet my obligations. All but Capitol One offered some sort of a hardship program. Up to now I have kept my end of the deal and made the agreed payments. Now that winter is here and business is very slow I will most likely not be able to keep to the plan.

Am I to understand that I would be better off banking all that I can and not making payments so that in 4 months or so I have some cash to work with to offer lump sum settlements ?

Yes, I believe it would be better if you cannot keep making payments. Just keep in mind the effect it will have on your credit report. Also, you need to be ready to take many calls from them.

I have gained much info from this forum and have much to consider for my course of action in reducing my debt. DIY seems the best action i may have right now. Can anyone comment on the likely prospect of finding a settlement with these creditors? are the willing to bargan and settle for less. Any feedback will be greatfull and helpfull.

At the top of this forum there is a search button. Enter the cards you have and related post will come up. Credit company settlements vary by bank.