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Need to know my options...

Date: Tue, 06/04/2013 - 15:05
Submitted by on Tue, 06/04/2013 - 15:05
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Ok, so here is the the lay of the land. I have 45k in CC debt. I just got divorced, I pay alimony and rent.

Chase Visa #1 - 10,500 15%
Chase Visa #2 - 6,500 15%
Amex - 8k 25%
Barclays - 5k 20%
Wells Fargo - 14k 11%

All told my min payments per month are $1150

I just (yesterday) lost a decent potion of my income and now make about 70k...

After looking at my finances moving forward I can comfortably afford to pay roughly $700 a month in min payments. (Total)

I was hoping not to settle... nor bankruptcy (I know, i know, I'm not even behind yet).... but just get help in paying off the debt... Like a lower monthly payment. I have not been late on any payments yet... but will be.

Should I call the CC and let them know? Should I ask them for help now or wait til after I have missed a payment?

Any advice would be great.



Usually, credit card companies don't offer a payment plan till you've missed a payment. However, since you really can't afford to pay $1150, so you can inform the credit card company about it. They may agree to help you out.


Submitted by ditchdebt on Tue, 06/04/2013 - 22:56

ditchdebt

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Thanks for the advice so far. I did talk to NovaDebt in Freehold NJ and they offered me a DMP of $950 per month... or recommend I talk to a bankruptcy attorney. (OK, bankruptcy? I'm not even behind yet?!) I honestly got the sense I was not even being listened to when talking with them... May try another DMP agency.... recommendations welcomed.


Submitted by on Wed, 06/05/2013 - 05:04

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Novadebt is a nonprofit DMP., a member of CCCS. You are not going to get a lower plan with lower fees. You have a high income and have obviously been living beyond your means, even when you had a higher income. Time has come to tighten your belt and buckle down. If you are driving an expensive car, trade it in for something more affordable. Drop cable down to basic...start packing lunches. In other words, you need to live on a tight budget or you are going to find yourself being sued by these creditors.


Submitted by SOAPLADY on Wed, 06/05/2013 - 05:32

SOAPLADY

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