2008 June

Dear Scott, It’s been about 4 years I never paid any of my credit card bills and I didn’t had a job for a long while. I paid some companies who gave me a good settlement amount but I didn’t know that it doesnt help my credit score. My credit score is really bad. I cannot get a home equity loan of my house even it is all paid of. I inherited the house. I can’t file bankcruptcy because of my paid house. I really don’t know how much I owe now. I never saw my credit report. I receive several names of companies that bought my accounts. So, I never cannot keep track to all. If I consolidate, I am sure I will be in debts forever in my life. My salary is only $548.00 every two weeks. My life changed so much, and got much into trouble financially. Reading my situation, what do you think is the best thing I will do? I like the non-propit companies but who can lower my bills and consolidate it.

This is a difficult situation because it sounds like you have no idea how much you even owe and your income it likely too little to afford to be able to pay back much of your debt and still have money left over to pay the basic bills and buy food…

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If I am planning on purchasing a house in 18 months and chose to do the “debt settlement” what are the chances in being able to get a house and with a decent interest rate. I have 30,000+ in credit card debt and I am only 27 yrs old HELP!!!!!!!!

Hello, unfortunately you should not plan on being able to do both…

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What if my debt problem includes not only credit card debt but a foreclosure as well?

Hello, the two problems, credit card debt and a foreclosure are typically handled by seperate types of debt relief entities…

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How do you know if the debt settlement co is legit. They are very professional on the phone but when they get your money it may be something else

Good question and that’s the reason why I do what I do and why I built this website…

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Hi. My experience is simple. I was trying to pay down my credit cards but the high interest kept putting me over my credit limit and I would get a fee which would also make make my next payment not quite get me under the limit and I would get a fee again. I called my creditors but the didn’t care and would not reduce the interest rate. Even though I told them they were going to force me into bankruptcy. They just didn’ t care. After going to Credit Solutions I stopped paying the card companies and now wonder of wonders they want to offer me solutions to get back on track. I have gotten my second offer from Washington Mutual which is 50% of what I owed them when I stopped paying them 5 months ago. Guess they can do something after all. I am a little nervous paying that offer cause I don’t want to pay out that money and then get forced into bk by a different company filing a lawsuit. I guess all I can do is trust Credit Solutions to do their job. One thing I believe I have found out though is that I probably didn’t really need C. S. as the credit companies seem quite eager to offer compromise when you get 5 months behind. Thanks.

Thanks for sharing your experience…Some credit card companies are more willing to work with you while other refuse to reduce your balance unless you use a debt settlement company they are familiar with, each situation is different…

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can i combine all of the credit cards bills and have it on one payment

Yes, both debt settlement and debt management take all the debts that you include in their program and consolidate them into one monthly bill…

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We have 63,000 in credit card debt and want to buy a home so we don’t have to rent. Our credit score is “GOOD” and we have been preapproved for a home loan but we cannot make a home loan payment because of what we pay out monthly on credit cards. If we did a debt settlement we would be able to make a house payment. My question is do we get a home loan BEFORE we do a debt settlement since our credit is good now? If we did the debt settlement first would we still be able to get a home loan?

If you want my honest opinion (and please realize I am not a financial expert), you should not buy a home if you cannot afford the payments along with your current credit card debt load (which is large)…

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