Advice on my situation
Date: Thu, 07/08/2010 - 18:14
I am soo glad I stumbled across this forum while looking for reviews on debt settlement companies.
I would like to describe my situation and get some input if my expectations are reasonable.
I currently have about $21k on three different Chase cards. I have fallen behind on my mortgage and foreclosure proceedings are probably imminent. I had been attempting a loan modification that was denied once and I am currently being reconsidered. My negotiator led me to believe that if anything is offered it will not be at a reduced rate. I couldnt afford the mortgage before and if they dont reduce the rate, I wont be able to pay everything.
If I can settle my credit card debt I may have a shot at affording the mortgage. I just missed a payment on one of the cards and am current on the other two. I have had some cash advances within the last year (to help pay the mortgage) and I know this will complicate things.
While attempting to get a settlement, I am sure they will ask about my hardship/budget. Do I have to supply tax returns or pay stubs?
I have rambled enough! I could probably get the cash for about 35-45% if the time comes. My situation is not as dire as some (I am blessed to be steadily employed) however I feel like this may be my only chance to avoid foreclosure and or BK.
Sorry so long winded! Please let me know what you all think.
Thanks
Jason
Were the cash advance loans Internet or store front? The reason
Were the cash advance loans Internet or store front? The reason I am asking is because you can obtain advice on those specifically at the payday loan forum.
http://www.debtconsolidationcare.com/paydayloan/forum/index.html
I would definately read this forum thoroughly and I would not hi
I would definately read this forum thoroughly and I would not hire a company to do your settlement. I personally think you will get better results if you do it yourself. I settled with Chase and it was rather easy after 90-120 days.
Your priorities should be your house, food, and car to get to work. I would definately stop paying the credit cards and get your mortgage straightened out. Save the money you would have paid the credit cards and you can put it towards your settlement.
If I can do it - you can do it!
Shazzers-The cash advances were from my credit cards. Debt Free
Shazzers-The cash advances were from my credit cards.
Debt Free To Be- I am scouring the forums daily (as much as time will allow) and am getting more confident that this is something I can do. Truthfully, I have lost confidence in myself to make wise financial decisions since my modification hasnt worked out like I had hoped and worsened my situation. So I am a little gunshy about pulling the trigger but I dont see where I have much of a choice at this point.
Quote:Originally Posted by cappymrgnShazzers-The cash advances w
Quote:
Originally Posted by cappymrgn Shazzers-The cash advances were from my credit cards. Debt Free To Be- I am scouring the forums daily (as much as time will allow) and am getting more confident that this is something I can do. Truthfully, I have lost confidence in myself to make wise financial decisions since my modification hasnt worked out like I had hoped and worsened my situation. So I am a little gunshy about pulling the trigger but I dont see where I have much of a choice at this point. |
I know how you feel, I have walked in those shoes. I settled 4 LARGE debts for a friend of mine, it took a long time and a lot of fast talking (so to speak), communicating back and forth etc. It can be done effectively. Just read as much as you can at this forum about debt settlement on your own, I jad never done it before, but with the help of other members I settled much lower than I expected.
No the credit card companies will not as for tax return/paystubs
No the credit card companies will not as for tax return/paystubs. You just need to lay out your hardship story and stick with it. I was in same boat 6 months ago and settled $40,000 on my own for approx. 25%.
Stop paying and set money aside.
Thanks everyone! I have question about when Chase sells/charge
Thanks everyone!
I have question about when Chase sells/charges off on an account to a collection agency. What is the average (if there is any) amount the collection agencies pay for the account?
Also, if they agree to a settlement will they try to settle for the full amount currently due? Meaning with late charges, fees etcetera. Or is settling on the amount before the payments stopped something I will have to specify and fight for?
Greetings cappymrqn, IMHO, it's food, shelter and transportati
Greetings cappymrqn,
IMHO, it's food, shelter and transportation.
The cc's can take a back seat....way in the back.
Chase-me down-is typically easy to settle with.
I've seen settlements at 45 days.
My three accounts settled at 62, 62, & 70 days with Chase-me-down.
The big one settled @ 30.8 %, the smaller ones at 40 & 39%.
All three totaled $24,000.
Anything is possible when settling.
Go for the throat.
I was able to knock about $500.00 off in bs charges, i.e. late fees, over the limit, etc.
Hope this helps,
King "Kash" Jabba Labba
