You guys have been very patient with me which I greatly appreciate. I really do try and read through old postings as much as I can so I don't repeat things. But I'm a working mom to four (3-17) and my husband is currently out of the country so my time is limited.
Got a few more questions regarding settlement via a settlement company. I think I'm too chicken to try it by myself.
1. I have been told that I can put cards into settlement that are in MY name only. If this is really the case, will there be any effect on the accounts my husband and I own jointly?
2. With the two cards in my name only, is there a way to only put one into settlement and leave the other alone?
3. Since my credit will be greatly affected, can anything happen to our joint mortgage interest rate? Our cars will be paid off in 5 months so I'm not as worried about them.
4. Of the cards in my name only, one will most certainly be 30 days past due this month (I can't pay it next week). I could pay the other but if I'm thinking about settlement, should I go ahead and not pay it? Sounds crazy, I know.
I would appreciate any guidance on this. Depending on the anwers, I will be contacting a few of the settlement companies that have been listed on this site. I do have a possilble dmp set up for my two accounts but the payment is still pretty high. I'd likely still be robbing Peter to pay Paul.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.