Debt Settlement by Bankruptcy Attorney or Do It Myself?

Date: Tue, 12/21/2010 - 16:22

Submitted by gman1314
on Tue, 12/21/2010 - 16:22

Posts: Credits: [Donate]

Total Replies: 7

We are currently in a debt management program with almost $90,000 left in debt (started over a year ago with $103,000). Went to bankruptcy attny last weekend to see if we could file Chpt 7 and we didn't qualify. They are offering to do debt negotiation/settlements for us for $7,500 flat fee up front. Our debt management co. says beware of debt settlement as it will cost us even more $, we'll be sued, we'l be charged huge "cancellation fees",yada yada. Meanwhile, if we stay with debt mgmt for another 4 yrs, it will cost us over $130,000...and I don't see how we can keep it up much longer. Meanwhile, the debt settlement attny told us the debt mgmt co. won't actually have us totally paid off at the end of the 5 yr period anyway. What? :confused: It's like we are standing between two polar opposites, each telling us how dangerous the other is. So confusing my head is exploding!

Been desperately looking for someone to tell us the TRUTH about debt mgmt vs debt settlement and debt settlement attny vs debt settlement companies vs doing it ourselves!!! I just happen to stumble across this forum and feel like I have found the burning bush! Can you all help me see through all this fog and give us a common sense approach for the every man?

Thank you for any input.

Check out the given page in order to know the difference between

Check out the given page in order to know the difference between debt management and debt settlement:
http://www.debtconsolidationcare.com/settlement/ds-dm-plan.html

lrhall41

Submitted by Anna Sweeting on Wed, 12/22/2010 - 00:59

( Posts: 1827 | Credits: )

I, too, was in a debt management plan for 2 years. Even though t

I, too, was in a debt management plan for 2 years. Even though the DM company negotiated reduction in my interest rates, it was difficult to make the monthly payments because of financial difficulties and family crises. So I decided to settle my credit cards myself with the help of this website. I've settled all but one credit card (Capital One) without having to pay a monthly fee to a debt management company, nor up front fees to a debt settlement company. Total settled approx. $36,000. Usually the debt settlement companies take their fees upfront, so you aren't actually paying on your credit cards and the interest is adding up.

You will be able to save thousands of dollars by doing this yourself with the help of this website and the DIY tab.

Read the posts from those who were successful, make a plan and go from there

Good luck.

lrhall41

Submitted by aubrey on Wed, 12/22/2010 - 08:20

( Posts: 1203 | Credits: )

I think you can do it yourself with what you can learn from this

I think you can do it yourself with what you can learn from this forum. We used this a lot when we were settling. We had been advised to file BK we were in so deep. I knew that would stay on our record forever so avoided that at all costs and I am so glad we did. Read read read! You can do this.

lrhall41

Submitted by lisaawilliamson on Thu, 12/23/2010 - 09:29

( Posts: 210 | Credits: )

I thought under the new law they could not charge anything like

I thought under the new law they could not charge anything like that. In any event, do it yourself. It is empowering, and you have control over your own destiny. In many cases, creditors will treat you better if you work directly. dtm

lrhall41

Submitted by dantheman on Fri, 12/24/2010 - 06:32

( Posts: 860 | Credits: )

Greetings "[URL="http://www.debtconsolidationcare.com/forums/mem

Greetings "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=240051"]gman1314[/URL] ",

Welcome to the forums and great first post!

Aw shucks...you can do debt settlement yourself (with a little help from your new forum friends).

Read through the settlement journeys in here, gather all the great intel and then make your plan.

You can do it, no doubts at all.

Regards,
King "Kash" Jabba Labba

lrhall41

Submitted by King Jabba Labba on Mon, 12/27/2010 - 07:16

( Posts: 507 | Credits: )

Definitely settle on your own, i don't know your specifics amoun

Definitely settle on your own, i don't know your specifics amounts for your cards but the $7,500 you would be paying the attorney could settle $30,000 of your debt if you negotiate 25% like i just did with BofA. That"s a third of your remaining debt. List out your creditors and amounts and you can gets lots of feedback on which companies are easiest to settle with and get an idea of what sort settlements they are making.
Good Luck!

lrhall41

Submitted by on Mon, 12/27/2010 - 11:34

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settle on your own!!

this forum was a major God send for us!! settled a lot of debt and even found a link to a great attorney who helped us with the AM EX problems...you can do this and feel totally great when you are done...good luck!:p

lrhall41

Submitted by homeseller on Mon, 12/27/2010 - 12:33

( Posts: 23 | Credits: )