Advice please

Greetings "[URL="http://www.debtconsolidationcare.com/forums/showpost.php?p=824053&postcount=1"]1[/URL] Advice please",

I'll answer your questions from my debt settlement experience.:cool:

1. "What are my options?"
Bankruptcy, Debt Consolidation and Debt Settlement.
I chose Debt Settlement.

2. "I want to try to settle on my own rather than go through a debt settlement company".
Sounds like you've determined a path, just need a plan of action.
Read everything in this great website regarding debt settlement and develop your plan of action and stick to it.
Ask questions, you'll get answers. And yes, you can do it yourself.

3. "The phone calls have started and come daily. We do not answer them."
Yes, expect many telephone calls. The creditors want to dance around in your head and will use any legal/quasi legal/illegal tactics to get you to pay.
This includes shame, embarassment and guilt.

You are making a mistake by not answering the calls.
They will call frequently in the beginning and back off after a while.
The creditors will think the worst and this may result in you being thrown into the lawsuit pile.:-x

Here's three steps to get your arms around the process;
Take ownership of the debt, divorce the debt and then destroy it.
(Sounds like you are in the destroying phase)

Get organized with a spreadsheet or handwritten notes.
List your balances, days late, last contact and context.
You've got a story to tell them when they call.
Practice it and repeat it over and over again.

4. "Should I hire a lawyer to settle? "
I did it myself along with scores of others in here.

5. "I feel quite alone as it is embarassing to talk about my debt with my friends".
Welcome to the forums and now you have a bunch of new friends that have been there and done that. Ask questions.

Regards,
King "Kash" Jabba Labba

ps: go ahead and register, you'll be able to send pm's.....etc.

King Jabba Labba's advice is good. I listened to it and have had great success so far in the process. Still have to weather the tax implications but it's still better than almost any other option.

I agree. I also settled my cc debts alone without a company or attorney. You can do this. Read, read, read these boards, make a plan and start answering calls or returning calls and telling your story. I settled my 2 chase cards at 22% and my Discover card at 50%. Read about each of these creditors so you know how others have handled them. chase for me was easy. Discover I knew to expect to be much mire difficult, hence the higher settlement amt.

Good luck and feel free to ask questions throughout your journey. So many here helped me through it and I hope to help others. I now have no credit card debt and cannot describe how amazing that feeling is.

Thank you all. I will start answering the calls. How long should I wait before asking a company to settle? I know this is going to sound stupid but what if my vehicle dies in this process? Will I be able to get an auto loan. I dont have a great credit rating but now that I have stopped making payments I am sure it will go south very fast. Thanks

I would take their calls and mention that you are "underwater" and ask if there's possibility of settlement. Most creditors won't entertain settlement until 90-120 days and sometimes more. Let them know you wish to take care of this but can't make the monthly payments and interest rates.

In the meantime try to accumulate funds toward settlement. Keep them in a separate account for settlements only. Stash any extra money, tax refunds, credit card payments that you would normally make in that account.

Keep your car in good repair so it doesn't die. At this point with your having some late payments I doubt you could get a car loan at a decent interest rate.

Do a search of this website of your creditors and see how others settled with them.

Make a plan and work your plan. I settled 2 BofA cards, Citibank, Chase, HSBC, Discover. Capital One refused to settle.

I am now debt free except for my pension loan which I used for settlements, and taxes from 2007 which I've been paying monthly.

It's nice to be able to sleep at night and have the money to do things with my grandchildren and send them to camp, buy clothes, etc.

You can do this.

I answered my first phone call from chase tonight. I told them I was struggling to make any payments. That my mortgage,electricity, and fuel were my first priority! I told them I was sorry. They said have a good night and keep them informed of when I can make a payment. Went well I just know it will be more intense sooner.
While I am going through the process of attempting to settle. Should I hide my cash I am getting?? I am going to get about 10k very soon from my house sale. Can and will they check my balances in any accounts I may have??
Thank you all again for all of your insight it feels good not do be alone!