Hi - Last week I sent a letter to all my creditors requesting debt settlement. I have 10 creditors that I owe money to. I explained to them in the letter that my husband got injured over a year ago, and as a result of his injury and a slow economy his business income is less than it used to be. I also explained that I borrowed the money from a family member and have several other companies to clear my debt issues and have a moderate amount of funds. I sent a letter to all of mine and my husbands creditors asking to settle the debt and pay 30% of the balance owed.
If I were to pay each of the creditors 30% of what I owed I would have just enough money from the money I borrowed to pay everyone.
So today I got my first phone call - I called them back - was as nice as I could be. The guy I spoke to was really nice - but said Wells Fargo could only settle for 50% of what is owed. I explained that I have two other creditors that have already accepted my settlement at 30%. I told him I could not afford to pay the 50% and if I have any money leftover after I settle my accounts with the other creditors and pay 30% I will call him back. So he put his manager on the phone. Good Guy/Bad Guy act. So now I get the bad guy. Wanted to know why I dont think I should have to pay them, Do I think things are free? Why dont I go get a job? And a ton more questions that I told him "I didnt think were any of his business".
Wow, now I remember why I stopped talking to them last year!
My husband and I have always had nearly perfect credit all of our lives. We have never been late with payments, never exceeded out credit limits, never charged more than we could handle. Then my husband got injured and we had two small mouths to feed. We lived off our credit cards for a year, thinking that "next month will get better" Well, next month hasnt arrived yet.
Sorry about the long story, I guess I just had to vent. I wanted to know if anyone has or is doing DEBT Settlement ? I need some advice on how to handle this?
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