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UGH!!! What to do..what to do...

Date: Tue, 04/05/2011 - 11:01

Submitted by InTooDeep OverMyHead
on Tue, 04/05/2011 - 11:01

Posts: 36 Credits: [Donate]

Total Replies: 2


I have a Credit card with 16,600 on it and they told me they would take 8,200 and be done with this card..mind you this is the card with the highest balance by a LONG shot..my next highest is like oh 4,000. So my UGH!, is so I just take the 8,200 and be done because it a wells fargo pain the in A$$ account and I know from do research after research that this bank can be a pain and are HARD to get them to go to like 30-40%.
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Shoot, I so confused this is my first card offereing me settlement and its only been 60 days past due...and I'm stressed about going to low because I know I have to file a tax form and put it in as income of which I hope my husband goes back to work by next tax yr and it may put us/him over to the next tax level if I bring the settlement down any lower...Dang.
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Insolvent(SP) dought it cause I own less on my house then if I were to sell it...if I sell my house I would walk out with say 15,000 so thats not exactly in the hole so to speek.
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ANYONE with advise please help and those that to tell me that settleing is wrong..get a job, sell shit on e-bay, open a daycare..save it! I want good solid advise ONLY!


Greetings "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=240627"]InTooDeep OverMyHead[/URL]",

Well, here's my two cents worth.

Settlement is a personal decision and I've done it.
Settled $84k for $27k.

I was in over my head and the interest rates were killing me.
The ccc's jacked my interest rates up to 25-29%.
Talk about usuary!

Stumbled into this great forum and saw the light of freedom from the plastic masters.

So I did it, the Big S.
Settlement.
I am free and not looking back.

Yes, there will be 1099's the next year.
But plan for and deal with them.

Ouch, I know!

Regarding the WF settlement, congrats.
Attack your other accounts with equal enthusiasm!:-D

Negotiate your best deal......the lower better.
Take the diff and bank it to pay for the taxes


Here's my train of thought:
1. Acknowledge the debt.
2. Divorce the debt.
3. Destroy the debt.

Hope this helps.
Regards,
King "Kash" Jabba Labba

ps: it never hurts to sell "shit" on Ebay!:D


lrhall41

Submitted by King Jabba Labba on Tue, 04/05/2011 - 14:38

( Posts: 507 | Credits: )