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Consolidation vs Settlement?

Date: Sun, 04/09/2006 - 21:14

Submitted by Zachman
on Sun, 04/09/2006 - 21:14

Posts: 37 Credits: [Donate]

Total Replies: 8


Well, I was informed today by my father (who does not know of my huge amounts of debt, but soon will) that I need to get my finances in order so that the car loan for the car I am driving is put directly into my name, rather than him showing as a co-signer.

So, I thought I was going to have some time to payoff this debt, and well, it looks like I'm not.

What if I consider a debt settlement? How long does it take? What is the shortest way to payoff debt to avoid death? (HAHA, J/k). I am just nervous because I am pretty much dead when the family finds out about the massive amount of debt owed.

I'm so screwed. Although, I have about $4000 set aside for school to help payoff student loans, but I know my father will not let me use that because my great-grandmother set that aside for education only. The 4K would pay off one card completely. All I know is that I am so screwed.

Stupid credit cards...They are so evil!!!!!

A few words of wisdom greatly appreciated.


Zachman,

I would ask this question to my counselor as well. Settlement has some negative effects on your credit, but it is also suggested under certain circumstances. A counselor would be the best person to opine if settlement is good for you or not.

However, the term settlement is not considered as a positive notation on your credit report. It is always better to get your report updated as paid or paid as agreed.


lrhall41

Submitted by stanley on Mon, 04/10/2006 - 09:58

( Posts: 1639 | Credits: )


I may have to consider a settlement with my one credit card with an outstanding balance, or see if I am able to cash in on some investments set aside to help pay off this debt. I don't know what to do considering the circumstances now with my car and getting the name changed on loan to my name only.

I am not working with Coleman Law Offices now. I am not in the consolidation program at all now. I am going to explore some options to see what I can do in the short run.

Well, I have some errands to run. Talk to you all later.


lrhall41

Submitted by Zachman on Mon, 04/10/2006 - 10:55

( Posts: 37 | Credits: )


Hello Zachman,

I actually had a couple credit cards settled. Word of advice...dont' go through a debt settlement program. I went through a couple in my life and I regret going through both because you end up paying those companies a fee (usually ends up to be about $2000 if your debt is around $15,000) and I think its' actually a certain % of the debt they charge you as the fee. But anyways, I went a different route and waited for companies to send me mail for a settlement. This way, I don't have to pay the debt settlement company any fees and it would be paid off. I can explain what debt settlement companies do if you want...just send me a PM or let me know.
THanks!


lrhall41

Submitted by quesik on Mon, 04/10/2006 - 11:03

( Posts: 108 | Credits: )


Hi,

I have own credit card debt of $30,000. Can you please help me to choose which option should I take to be debt free.

Thanks!
Lay


lrhall41

Submitted by on Mon, 04/10/2006 - 14:39

( Posts: | Credits: )


Lay, I would suggest you go through the free counseling session offered by this site. The consultant will analyze your financial obligations and offer you the best solution. Consolidation is definitely a neat approach to overcome your debts. Please enter your info in the sign up form of this site and the counselor will be calling you for free counseling very soon.


lrhall41

Submitted by stella on Mon, 04/10/2006 - 16:26

( Posts: 488 | Credits: )