In Debt and Desperate...
Date: Thu, 06/30/2011 - 15:03
I'll get right to it. I am $26,000 in credit card debt. My credit score is around 740. Never been late on a payment but I'm starting to feel the crunch. I'm undecided on what to do. I'm barely making the minimum payments as it is. Not sure I can take much more. Should I settle? Please help...
if you are current, i really dont think they will settle... most
if you are current, i really dont think they will settle... most wont even consider settlement til you are several months without paying them at all.. they figure you been paying every month without missing, so why should they settle for less... most wont even work with you to put you on a hardship plan until after you miss at least one payment...
if you did not make just one monthly payment, u could call and ask them about their "hardship" plan, with reduced interest and payments, but you have to tell them what has caused your hardship ( cut hours, pay cut, medical bills, etc)....
It you are barely making the minimum payments, how do you expect
It you are barely making the minimum payments, how do you expect to settle?? A settlement by definition is a lump sum payment for less than the full amount. If you go with a debt settlement company (which I do NOT recommend) you risk being sued plus you will pay a hefty fee.. On top of that your credit will tank big time
