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HELP Debt cCounciling vs Debt Settlement

Date: Mon, 03/09/2009 - 13:30

Submitted by anonymous
on Mon, 03/09/2009 - 13:30

Posts: 202330 Credits: [Donate]

Total Replies: 4


Hi all I have been entered into a debt counciling program for over a year now and have reduced my amount owed to creditiors to around 17k,but I have lost alot of hours at work and now the weekly payment they take from me are making me fall behind on other bills such as house,car and everyday expenses and all they really have done is reduced my % rate,I still have to pay back the entire amount..I was thinking of signing on with a settlement co. and trying to get off from paying 100% of my debt back at a lower payment a month,but that sounds like a risky deal,I would like to try it myself but not sure where to start or if its the best solution,I talked to a BK lawyer and he said I can only do a chapter 13 and the repayment plan was a little more then I wanted to pay each week out of my check,should I cancel the DC program and let my stuff fall behind then try to settle?

PS
I am also trying to sell my house short as I cannot afford it any more and its worth less then I have the loan for.

This is hurting my marriage and my mental well being

thanks for any help and info


I am sorry to hear about your situation. Unfortunately the economy stinks and I have heard several stories like this recently. If you are overextended and can no longer afford the monthly payment for the counseling service than your best bet is likely going to be debt settlement. You can do this by settling the debts on your own or hire a settlement company to do it for you. I suggest you do the fastest debt settlement program within your budget as long as its 36 month program or less. Any settlement program longer than that and you odds of getting sued it simply too high and thus your best but would be to speak with a bankruptcy attorney and see if you qualify for Ch7 or Ch13.


lrhall41

Submitted by mobile0311 on Mon, 03/09/2009 - 14:04

( Posts: 1817 | Credits: )


scince you can no loger pay the monthly payment your next step would be settlement. and as mobile noted you will need to get it done as fast as possible to illiminate getting sued. Look you are getting to a point were you have no other choice so you misewell go for it and get it done. You may have to suffer a little, but it will work.

If you feel more comfortable with a company dont be scared there are some good ones out there i myself needed one once also. But be sure that you research the company that you are interested in thoughroughly before signing on and know all about settlement so that you can be prepared. Remember that no company can really promise you anything only that they will do thier best and maybe say we will try to do this or try to get it done by then but they cant promise results. If you have anyquestions about settlement let us know!


lrhall41

Submitted by love_my_things on Tue, 03/10/2009 - 10:10

( Posts: 1434 | Credits: )