questions on debt settlement
Date: Mon, 01/03/2011 - 17:49
I was going to declare Ch13 but do not like what I see with the supervision for five years AND I have learned that my family might advance part of an inheritance as either a gift or a loan up to about $50K as a lump sum. This got me thinking about and researching debt settlement.
I've learned a lot from reading these and other forums but I wanted to advance questions specific to me to the general forum to see what answers I might get.
I see lots of good settlement percentages out there but have to ask...are the people employed? Do they have any assets? My attorney suggested that some of the good settlement percentages that I relayed to him were probably NOT from people in my situation but I'm not so sure that he understands some of what I've told him as he's an older gentleman who has been doing almost nothing but bk law for 35 years and freely admits that he's done little with debt settlement.
Anyway...with $50K as a lump sum, would it be possible to settle $80K in unsecured cc debt relatively quickly? Or would, as the attorney suggested, I have trouble because I'm still employed and bringing in money? Fact is, I just can't make the payments and have overdrafted quite a bit over the last couple of months, increasing my cc debt. If my wife were working, it would make a difference but she's not likely to recover enough for a full-time (or maybe even a part-time) job any time soon.
Anyone with suggestions? I would appreciate anything.
As far as I can understand your situation, you'll be able to set
As far as I can understand your situation, you'll be able to settle your debts. Though you have a job, if you're facing immense financial hardship, your creditors will be ready to settle your debts. You can try to settle your debts on your own or you can hire a debt relief company for the same. To settle your debts on your own, you can have a look at the given page:
http://www.debtconsolidationcare.com/steps.html
Hi! Welcome to the forums! After going through your query, I thi
Hi!
Welcome to the forums!
After going through your query, I think that you'll be settle your debts. Try to save money. Its best to settle your debts on your own. However, if you don't have good convincing power, then get help from a debt settlement company. Go through the following page to know more about debt settlement:
http://www.debtconsolidationcare.com/debt-settlement.html
Irrespective of whether you choose to go for a debt relief compa
Irrespective of whether you choose to go for a debt relief company or try to settle it on your own, make sure you have a clear idea of what you're getting into. Once you're into a repayment process, it will be very important for you to pay consistently till you get debt free. So, before you start paying a certain amount on a monthly installment basis, make sure you analyze your existing financial obligations very carefully. You may request your creditor to accept an amount that suits your pocket and one that you'd be able to pay consistently over the settlement period.
Greetings "[URL="http://www.debtconsolidationcare.com/forums/mem
Greetings "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=240755"]hadama[/URL]",
Nice post and welcome to the forums.
My objective 2 cents worth:
If you read through the forums, you'll find the answers to your questions.
Gather all of the intel and formulate your plan.
Once you've got that plan in place, stick to it.
Don't let the creditors get inside your head and dance around.
I settled about $84k for $27k.
My subjective 2 cents worth:
I created my debt slavery and I got out of debt slavery.
My personal plan was this;
1. Take ownership of the debt.
2. Divorce the debt.
3. Destroy the debt.
You should be able to settle the debt for considerably less than 50%.
Good luck and keep us posted.
King "Kash" Jabba labba
If you don't want to take a big "hit" on your credit score, cont
If you don't want to take a big "hit" on your credit score, contact your creditors and arrange a hard ship program where your interest rate is lowered (sometimes to 0%) and your payments are lowered.
If you cannot or don't want to do that, then you should be able to settle all your credit cards with the $50,000. I personally wouldn't go to a debt settlement company (too many of them disappear and you're screwed). I am not a very persuasive person and I was able to settle my credit card debt and deal with my pay day loans. I am almost debt free.
I settled HSBC for 50% (small balance), Bank of America 30% and Citibank 25%. I still have Chase and Capital One. I am paying Discover $166 a month for a year for my settlement with them (40%). My salary is $70000 a year, but I have a disabled husband, a disabled daughter that I help and a daughter who's single and raising 2 boys, one of whom has a disability. Plus Mom's in a nursing home. I just gave them my circumstances, plus my hours on my part time job were cut way back.
Make your plan and stick to it.
