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Archive for April, 2008

My son let a car go back because he could not make the payments. The car was used and older. Now a collector is trying to get 10,600. I believe he is an attorney. In one of the previous questions you stated that a reposessed truck being security, relieved the obligation on the debt. Since the car was not repossesed but given back, would that make a difference? Also, I saw where debt settlement did not apply to car loans. I assume my son’s debt has been taken over, so would it still be considered a car loan? Thank you

From what you describe, the car should have been the security for the loan and upon giving it back to the lender he should have been relieved from his obligations. (…)

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Hello. I have Credit card debt and also a collection on a Truck I no longer have. I have been out of work for 2 1/2 years do to a work related injury, and the work comp case is not going to be over any time soon. I have lost alot of money do to this and have fallen behind on my bills. The collection company handleing my truck is talking court. The only choice I think I have is dept help or Bankruptcy. what should I do?

Hello. If you no longer have your truck I assume it was reposessed, no? If so then that truck was the security for that debt meaning you no longer are obligated to pay it off. (…)

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WE OWE MORE ON MY HOUSE AND CAR THEN THEY ARE WORTH. WE OWE CLOSE TO 50K IN CREDIT CARD AND PERSONAL LOANS. MY WIFE WILL BE RETIRING IN A FEW MONTHS. I HAVE BEEN ABLE TO STAY A FLOAT BUT NOT FOR MUCH LONGER SINCE MY WIFE’S RETIREMENT WILL BUT A HARD BURDEN ON THE FINANCES. IS BANKRUPTCY OR DEBT RELIEF THE WAY TO PROCEED?

If you can avoid bankruptcy, you probably should. Remember, bankruptcy is no long easy or fast. (…)

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Hi.I was wondering if you could answer a few questions for me about using a debt settlement company.I have 6 credit cards that are all maxed out.2 of the 6 creditors cancelled my credit card accounts due to late -payments.This kind of upset me because i have been with these 2 credit cards for quite a few years and nver had late payments and always paid way over my min payment.The thing that upset me the most was both of these credit cards were actually cards that started out with a $300.00 limit because my credit wasn’t that great back then,and they both ended up after a few years of giving me several thousand dollars worth of credit on these cards,then i fall upon bad times for several months because i got hurt at work and was on disability,and they cancel my accounts just because I missed 2 payments.But thats not really what i’m writting to ask you about.What I wanted to ask you was if I decided to use a debt settlement company,and they get my remaining 4 credit cards to remove late fees,lower my interest rates,and negotiate to maybe reduce some of the debt,will the credit card companies allow me to keep my accounts with them open?Or once you use a debt settlement company to negotiate with your creditors,do they close your accounts?Because there are 4 cards that i have had a want to keep as they have large lines of credit,and as I said,I only fell into debt because of my disability,but i’m back at work.I make good money,I own 2 homes,and I have money put away.I owe about $40,000 on these 6 cards,and i could pay them off tomorrow if I really wanted to,but that would take all my savings and I really don’t want to do that.Whats your advise to me?thank you

Hello, thank you for the question. It sounds like you definately do not need debt settlement. (…)

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will signing up with a debt negotiation company effect me apply for a loan for my son to go to college in a couple of years?

Hello, yes entering into a program with a debt negotiation company will hurt your credit score and can have a big adverse affect on your ability to get a loan for several years. (…)

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This is a great website. Very informative. And I like the fact that you do not seem to be blowing sunshine at people. Almost every page on this site that I have read says that people need to try cutting back thier lifestyle and budgeting better before going through debt reduction processes. Well, you have convinced me. I have about $24,000 in credit card debt, which would normally be managable. However, my son recently went to a very expensive private university in PA (and flunked out) blowing through every penny I had saved. I got behind, interest rates tripled, late fees, over limit fees, etc etc etc yaddah yaddah yaddah….you have heard it all before. And now I am behind. I work in a field where I have as much opportunity to work overtime as I can handle, so I can increase my income, and the amount I can afford to pay will vary every month. And now to the question. I would like to try reducing my interest rates and eliminating fees while sti ll paying my creditors myself. Are there any companies that will negotiate those reductions for me without me having to pay my bills through them?

Hello and thank you for the question. (…)

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Great website. I just wish you would give actual details about what to say and to whom, in order for an individual to be able to manage their own negotiations with their creditors….rather than having to research reputable companies and reasonable fees, & going through said company to help themselves out of debt.

Hello. You can try and negotiate debt with credit card companies on your own but it can be a long and tedious process that many people do not have the time nor the expertise to do themselves. (…)

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We have a small business which is incorporated. All the debts are credit cards. In my research for a debt settlement company, some say they are able to enter our business in their program and others say since it’s a corp. they can’t touch it. Does a small corporation (S corp) qualify for debt relief programs or companies out there?

Thanks for the question. Most debt settlement companies will not accept debt that is under a corporate umbrella. You would need to find a debt relief solution provider that specializes in this. (…)

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