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Archive for December, 2008

My question is: what is the difference between companies that say they can provide no legal help if you are sued by the creditors, those that say they can tell you what you need to do if this happens, and those that guarantee (because they are a “legal firm”)you will be protected from legal action by their legal expertise in these matters? I really appreciate a response. Also, which organizations, i.e. TASC, etc. are really a valid gage for knowing if a company is legit? THANK YOU!!

Lawsuits are relatively rare but they certainly can and do happen. A reputable

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Hey:Scott. Nationwide assets.also known as Global solutions.

I am sorry

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I have 20k in cc debt. I have never missed a payment and have a relatively good credit score. However, my student loans which I can no longer defer need to be paid starting in three months. I can’t afford to pay both so I’m trying to find a solution before then to relieve my debt. I signed up for a debt settlement program for my credit cards a week ago but now I’m having second thoughts after reading your Q&A’s about the severe effect on my credit score. I was looking for the fastest way to get out of the cc debt so I can only worry about my student loans. Not sure what I should do. Suggestions?

Unfortunately, I do not have a good answer for you. If you have both types of

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I owed about $2000 on a credit card I had back in college now they are coming back and they want for me to pay them $6000 or that they are pressing a lawsuit against me. I don’t have much money because I have a premature baby that is sick and needs medical attention, but I do want to settle this account that has been bothering me because it just adds to my stress is there something I can do. My overall debt that is in collection is about 10,000 not including my student loans which are in forebearance and my car which I pay on a monthly basis. I want to look at consolidating companies, but from reading several reports it seems that you need to have a lot of debt in order for it to be worth it. What should I do? Is there a way to stop a lawsuit from happening? Where should I start? sorry for the long questions :-) but I am desperate for answers.

It sounds like you have several types of debts which can pose a problem. The student

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I have a good credit but my income has decreased. My credit cards rate are excellent 3.99 % and 6.99% but the balance are high (50K). Can I protect my credit score and drastically reduce my debt payments, or since the rates are very good banks can’t go lower? Will a debt management program or credit counseling agency help me to reduce my payment . It is a way to get the rates I’m paying lowered?

It sounds like your interest rates are already exceptionally low so a

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When entering a debt settlement program, and start paying the debt settlement company and stop paying creditors, will they start harrasing you, or do you consult first with the creditors so they know what is going on?

As you mention, the process of debt settlement entails a suspension of payments

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My husband and I have $120 in credit card debit due to the building of our home and because the market is the way it is we cannot refinance. Would speaking with a debt settlement company be a good idea. We are using all our savings to pay the minimum on all the bills and our savings account is just about depleated.

It sounds like your options are getting lean so I suggest you

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all the debt I have is due to the business shut down but some are business cards and some are personal. Do I have to pay the business card debt and how can I reduce the payment on my cards?

The way to reduce your payment balances is through a

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