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How can I manage to settle ALL of my debts mself? I have never done this EVER and I am drowning in debt! Please ANYONE help!

I suppose that depends on what type of debts you have and how far behind you are on them? You can start by being proactive and remaining in contact with them. I am sure someone else will have some input, so please keep checking back. :)

Sub: #1 posted on Sat, 08/30/2008 - 17:14

Shazzers Shazzers
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(Posts: 17345 | Credits: )

thanks, yes it's all unsecured debt and we are at 90k total. i have been in contact with them and a few are aware that we just cannot pay at this time. i have been reading several posts and i am pleased to see that we can do this on our own(without hiring a company) and use the money that we would pay the hired company to pay off or settle with our credit cards. thanks for the input and I will keep checking for new posts. I greatly appreciate ALL of the comments and advise from everyone!

Sub: #2 posted on Sat, 08/30/2008 - 17:42

nvindas nvindas

(Posts: 9 | Credits: )

I too have over 100k in cc debt. The two largest are Amex and BoA. I've talked to both and told them in no uncertain terms that I want to pay but have no means to do so. I believe the more upfront you are the better the situation will be. In my trucking company went out of business and they can see that. I've never abused my spending and told them to check into my situation if they don't believe me. Give the creditors as much info as you must (your story why you can't pay.) Be sure to tell them that you've consulted with a bankruptcy attorney who've suggested you file. Tell them it would be used as a complete last resort if necessary but you intend to find another way to pay your bills. My best advice is to communicate with your original creditors and try your best to settle with them after 90 days but before charge-off. Good luck to you.

Sub: #3 posted on Sat, 08/30/2008 - 19:59


THank you for your post! I have acts with both BofA and Amex but I need to settle the BofA acts. They are hefty! What if I have 3 bofa's but 2 are aprox 2 months behind closer to 3 and 1 is paid on time regularly? Will that affect the settlement situation?

Sub: #4 posted on Sat, 08/30/2008 - 20:04

nvindas nvindas

(Posts: 9 | Credits: )

Yes, I think it might have an effect. They won't be as likely to settle for less if they don't think that you have a true hardship.

Sub: #5 posted on Sat, 08/30/2008 - 21:44

alias1958 alias1958

(Posts: 1230 | Credits: )

Hello, forum members. We have a Visa with Citibank that is 76 days past due. The wife is the actual account owner with myself as an authorized user. They call several times a day trying to work out a payment plan that is just not acceptable for us. I have offered a plan to them but, they don't want to accept my terms either. At what point will they listen to my terms and be more agreeable? Current balance is about $6500 and I am offering $100 a month for 54 months.

Sub: #6 posted on Sun, 08/31/2008 - 05:10

partainjr partainjr

(Posts: 1 | Credits: )


your offer is much too high..+ they won't negotiate a deal like that most likely. I would wait til 150 days past due then make a much lower offer to settle.....

Sub: #7 posted on Sun, 08/31/2008 - 06:16


Quote from Guest, "My best advice is to communicate with your original creditors and try your best to settle with them after 90 days but before charge-off. Good luck to you. "

Good advice

Sub: #8 posted on Sun, 08/31/2008 - 07:04

Bman90278 Bman90278

(Posts: 87 | Credits: )

I'm sorry you're in such a bad credit am I. Being over 100 days late at this point and no money saved for settlements could present a slight problem....however...don't forget that no matter what you do from now on in....your credit is already don't dwell on that part. Start with writing down a plan. Set a precise budget and look for any and all ways to save money for negotiated settlements. It's going to be time that is on your side and that's it. Communicate with your creditors at least 1-2 times a month and tell them that no matter how many times they call you it won't change your circumstances and that you're doing all you can to avoid bankruptcy. That hold all the cards in this deck. Remember.....the person on the phone doesn't know you, neither do their supervisors and so on. If the absolute worst occurs...bankruptcy than how can that be all that bad considering your circumstances. Many of the posters on these forums and around the US. are in the same boat as you. Hold your head up high and start from today....the past will not help you today. Set goals and stick to them and everything will work out. Goodluck!

Sub: #9 posted on Sun, 08/31/2008 - 08:25


Thanks for the input. We are not in good shape either as far as money saved for settlement but we do have something. We are going to start trying to settle with one of the cards this week. At least we are going to try and if it works, it will be one less card to think about. We never imagined that we would be in this situation but we are so we just have to move forward. I completely understand bman90278 as we did something similar-not quite exactly-with one of our cards asking them to help us out lowering interest rate so we could make some headway but instead of helping us they decided to reduce our credit limit dramatically! So if at any point we thought that we could transfer balances to that card to sort of "consolidate" debt it went down the toilet with that phone call! It was crazy! I tried to argue and rationalize with the person but there was no way around it. I must say that I am thankful that I found this site! We were feeling like complete losers having 3 kids and staring this situation in the face! We thought " how can we ever get past this and be great role models for our children?" It's very sad in my house sometimes. Thanks for the comments.

Sub: #10 posted on Sun, 08/31/2008 - 13:39


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