Should I stop paying??
Date: Fri, 06/26/2009 - 10:00
5 years ago I had a bankruptcy discharged. I had to file due to my daughter being sick the whole first year of her life!
Anyways....guess what...Im back in the same situation again!
Husband and I are splitting up which makes my financial situation even tougher!
I stopped paying my cards this month and I am so nervous!
Here are my cards...
Cap 1 balance 3056 ( Im actually still paying on this one because of all of the horror stories about them)
Juniper 2900 (Raised my interest from 7.99 to 29.99 because they felt like it! Nice huh? I stopped paying them last month. Ive only had this card for about a year.
Wamu 5900 Transfered a balance to this last year and now my zero percent has expired...now its 13 percent) Ive only had them for about a year also.
HSBC 3000 Ive had them and capital one forever!
First Merit bank account overdrawn 600 dollars..will they even settle for a bank account?
Paydayone owe 850
check into cash 140...I guess I could pay this one so Im not too worried about this one.
So I guess Im wondering what advice people may have about DIY settlement.
If I could settle everything for about 40 percent Im sure I can borrow the money from someone!
I just have no money to save or pay on any of these anymore because it is just me and my daughter living on 1600 dollars per month!
My main concern is going to court and getting my wages garnished because if that happens they will take 25 percent which will leave me with 1200 a month. I can barely squeek by with what Im making now.
I DONT WANT TO BE SUED AND I WANT TO TRY TO GET GOOD SETTLEMENT OFFERS!
What experiences does everyone have with any of the companies listed above?
What do I do? I dont want to talk to any of these people on the phone either!
Please help! What do I do!
You have to stay strong while you go through this. First you nee
You have to stay strong while you go through this. First you need to keep a roof over your head and keep food in the pantry. Then you need to save $1000 for an emergency fund, so you won't need to go to anymore payday loan places.
Then you need to hack away at these balances starting with the smallest one first. You can settle these accounts yourself. However, you will need to be pro-active. You will need to call them to let them know your situation. Then you will need to try to settle them one at a time. You must take the phone calls at least every two weeks.Do not be afraid to talk to them, they are only $10/per hour employees. After 60-120 days they will start to settle.
With the overdrawn bank account. I don't know how that works. But you will need to call them to ask.
I highly reccomend that you buy the Dave Ramsey Book, watch his nightly show on FBN, and also visit his website. Also take the Dave Ramsey course, Financial Peace University at your local church if you can find one. I have been on his plan for a year and a half, and I only have one debt left to pay-off. I have paid off over $50,000 in debt since then.
THANKS!
Thank You for your advice. I will have to build up nerve to answer their calls! I just dont want to be belittled. I know I messed up but its pretty much out of my control at the moment.
DO you think my chances of being sued are slim? I think they are high because they know I cannot file bankruptcy! I vow to never use a credit card again after this is all said and done. Thanks again for your advice.