At this point -- what are my options
Date: Sat, 01/02/2010 - 23:35
I have stopped paying several recently and in 2009. Currently FIVE chargeoffs. No one has sued yet.
What should I do?? My credit is so bad that I can't even move to a cheaper rental. I am paying over $1,700 just in rent here outside of Boston MA>
Your debt is so high, have you considered Bankruptcy as a option
Your debt is so high, have you considered Bankruptcy as a option? Just a thought....
so debt settlement isn't even an option. One firm, freedom debt
so debt settlement isn't even an option. One firm, freedom debt relief quoted me $1,047 to pay for 40 months in debt settlement program.
Everything is an option, what I would look at is; are you able t
Everything is an option, what I would look at is; are you able to pay that high amount for over three years? You must take in account job lose, financial issues and understand some of these creditors will place the interest back on the account if you stop the program; which in turn puts you back in the same spot. You have to really look at yourself and evaluate your ability to stay on that program for 40 months or almost 3 1/2 years. You should talk with a bankruptcy attorney and see if you qualily for a Chapter 7 which means you don't have to pay back that debt, since your income seem out of place a little. If so look at that as a new start and make wise financial moves in the future. Good Luck, we have all been where your at....
at this point scince you havent been paying your cards, are you
at this point scince you havent been paying your cards, are you able to save any money? cause you are at a good point to do a settlement situation on your own. you dont need a company to do it for you. but if you absolutely cannot save any money i would recommend you try to file for chapter 7, your debt is so high it wont be long were they are gona start to summon you to court.
I can pay the 1,047. I still have about 20K in savings that I a
I can pay the 1,047. I still have about 20K in savings that I am holding onto. I am in Massachusetts where unemployment is $640 a week for a single person which I will be entitled to once this job ends.
The is a temp job paying $34 an hour but it runs (supposedly) thru Mar 2011. I had a perm job that I relocated for but I lost that after only 5 months due to performance issues.
My payments were closer to $2000 a month when I was paying the cards. Are these settlement programs legit the one I am talking about is freedom debt relief?? basically you cannot pay any credit cards even ones that are current. Most of my cards the ones with small balances under $2,000 each are current and the payment is only $20 - $100 a month enough to stay current with that creditor.
Quote:Originally Posted by mont_tatumEverything is an option, wh
Quote:
Originally Posted by mont_tatum Everything is an option, what I would look at is; are you able to pay that high amount for over three years? You must take in account job lose, financial issues and understand some of these creditors will place the interest back on the account if you stop the program; which in turn puts you back in the same spot. You have to really look at yourself and evaluate your ability to stay on that program for 40 months or almost 3 1/2 years. You should talk with a bankruptcy attorney and see if you qualily for a Chapter 7 which means you don't have to pay back that debt, since your income seem out of place a little. If so look at that as a new start and make wise financial moves in the future. Good Luck, we have all been where your at.... |
I may qualify for chapter 7 since my income may be under the median since I only worked for 6 months in 2009. How does BK on credit report affect current chargedoff debt?? do both entries stay??
first thing to do is in the search box search for that particula
first thing to do is in the search box search for that particular company. im sure there are more than enough posts for you to make a decision on that particular company. second of all any company you decide to use make sure you check out COMPLETELY there are alot of scammy companies out there right now but with that being said there are also some good ones you just need to take the time to find them. or you could read up and settle them yourself if you wish. but it will trash your credit score but if you need out from under the debt there are worse things and frankly you will be able to repair it pretty quickly if you do settlement. now if you do bk, it will be harder to repair but still you will need to do something. but both are good options if you cant pay the debt. i would suggest read up on both options to find out wich is right for you and your situation.
Quote:Originally Posted by AnonymousI am in a bad situation -- o
Quote:
Originally Posted by Anonymous I am in a bad situation -- over 70,000 in unsecured debt. unsteady employment since 2007 and currently working on a temp job that is only thru March 2011. I am making $34 an hour but not enough for expenses and credit cards. I have stopped paying several recently and in 2009. Currently FIVE chargeoffs. No one has sued yet. What should I do?? My credit is so bad that I can't even move to a cheaper rental. I am paying over $1,700 just in rent here outside of Boston MA> |
i have found co.s will setlle debt for 30-40% , howevever you need the the funds to pay usually over 3 months
Why hire a debt settlement co? Do it yourself and save all that
Why hire a debt settlement co? Do it yourself and save all that money. I would look at the 70K as it were 20K and use that amount to try settlement on your own. Start with the charge offs and offer about 20%. They will take it or counter your offer, I would not go higher than 30%, if they want to play hardball then tell them you only have so much money to settle with and if they won't take it, you will call the next one on your list and offer it to them. Make sure you get something in writing before you send in any money. Lots of info on this site to help.
Look into a Chapter 7 first, if you qualify great. Though I bel
Look into a Chapter 7 first, if you qualify great. Though I believe the 20K in the bank doesn't help. Attorney will then try to push you to a Chapter 13 - if that's the case run. Settlement can be done on your own though the help of a company doesn't hurt either. Is Freedom a good company - google their reviews or their BBB page. Then do the same for any other company you find if you go this route.
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