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Free Debt Help Q&A

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 Read the Entire Post >

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 Read the Entire Post >

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 Read the Entire Post >

Can I get debt relief when the credit card companies are calling me daily?? I am way behind on my bills.

Hello, yes you can. Your situation is common and the constant Read the Entire Post >

I haven’t entered yet into an agreement with Credit Solutions.com but I’m seriously thinking about reducing my $25,000. unsecured credit card debt. I went into a nursing school but unfortunately didn’t finished due to financial hardship during my last year in school. My question is about setting the trust fund. Credit solutions.com is not requiring me to save through 3rd party trust company as I’ve been reading from your website. Instead they advised me to open a savings account with any bank I would like to. As much as possible not among my creditors. My question: Is this a legitimate route for debt settlement program? Thanks.

Yes, setting up your own account is fine. The most important thing is Read the Entire Post >

I owe $34,000 on one credit card. They offer a settlement of debt reducing my debt to 10,000 with a final amount of 24,000 payable in three weeks. what do you recommend?

Hello. This is really a question only you can answer. Do you have the $24,000 to pay back this debt? Are you Read the Entire Post >

I have a personal loan for $7,000 that I have not been able to make a payment for the past 9 months. Now I have recieved a notice of motion and I am being told by the attorney for the creditor that I must pay a deposit of 1200 to avoid going to court and to re-establish monthly payments after that. I do not have 1200 to get started but I want to avoid court and negotiate a low monthly payment and get interest and fees reduced. My income is limited due to illness, I cannot work more that my current schedule to make more money. Can a debt settlement company help me at this point? A court date has been set for 16 days from now.

Hello, I wish I had better news for you but most debt settlement companies will not take Read the Entire Post >

I have close to 100k in debt, no interest above 7.99, work for myself, have unstable income, no savings and often borrow more money to pay monthly bills. My credit is good (680+) Any ideas how to get out of debt? I am 62.

This is a tough. You obviously have a good situation as far as your interest rates are concerned and Read the Entire Post >

Does Every Debt settlement program tend to charge 15% of debt for their fees?

No, but 15% of the debt amount you enter into their program is Read the Entire Post >

can student loans be included in debt negotiation program?

No, student loans can be consolidated by a Read the Entire Post >

I have about $20,000 in credit card debt, and business loan debt. One bank, Advanta has said that they will file for a lawsuit against me, if I don’t pay, and that they could put a lein against my bank account. I don’t really know what to do, I don’t want to file bankruptcy, I have been down that road once before and I don’t want to go down it again.

Your fear of a lawsuit from the credit card companies is legitimate and it can (and does) happen however, you need to remember Read the Entire Post >

What would you recommend for an 87-year old widow with an outstanding credit card debt of slightly more than $11,000 and no assets. She has been paying off this bill (and adding nothing to her credit card) since the death of her husband almost five years ago. For some time she paid the minimum, but more recently as the minimum has dropped, she has been able to pay slightly more. Now she is in a nursing home. Her income is modest (social security and a very small pension); assets are now down to less than $5,000 and will be depleted in short order by her need for either a nursing home or assisted living. In fact, she is applying for financial assistance. Two lawyers have recommended that she simply stop paying the bill since there is nothing they can go after. There is a concern, however, with harassment of this fragile elderly woman from bill collectors. As the relative handling her financial affairs, I feel horribly uncomfortable at simply not paying a bill. Do you have any suggestions?

This is a difficult one because you really have to decide for yourself what’s best. Do you follow the lawyers Read the Entire Post >

Hello, I have $60,000 of credit card and unsecured debt. I have talked with a company that is run by lawyers. They told me to set up my own bank account just for debt settlement. The monthly amount that I would put in the bank would be about half of what I am paying now. They charge 14% which is all witdrawn by ACH from my account over the first 13 months. When there is a settlement, they will have me make the payment from the account. Have you heard of this method?

Hello, thank you for the question. Yes, the process you describe is standard for debt settlement. Some companies will actually Read the Entire Post >

is the amount that is forgiven taxable?

Yes, in debt settlement the amount you do not have to pay as a result of the debt negotiation process is taxable. It is something Read the Entire Post >

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 Read the Entire Post >

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 Read the Entire Post >

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. They now make you Read the Entire Post >

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. Yes, your Read the Entire Post >

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 Read the Entire Post >

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. The short answer is that you can try and Read the Entire Post >

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