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Free Debt Help Q&A

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 Read the Entire Post >


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 Read the Entire Post >


I was recently forced to retire due to my job being outsourced. I contacted Washington Mutual to find out if they would be willing to close my accounts with them and defer payment and interest until 2/1/09 at which time I would be able to pay off the cards in full. They told me they did not work with consumers regarding this and gave me a number for a counseling service. This is not what I asked for. Do you know why Washington Mutual would rather have their card holders claim bankruptcy and default on their balances than work with you?

Banks have loaned way too much money to too many people in the past and now Read the Entire Post >


Enlisted a debt solutions company and have been sending almost $400.00 every month for 7 months thru direct debit. Company will not return my phone calls or answer mail. What should I do?

If you cannot get someone at your debt solutions company to respond to you, that is inexcusable Read the Entire Post >


I have $25k in cc debt that a got from a divorce. A debt settlement co. made the offer of paying it off in 18 at $750/mo. I can pay about $1,500/mo or more. My credit score right now is 710. How much will it get hurt if I sign up for this program?

It depends on the type of debt relief program you use. Debt settlement will Read the Entire Post >


after paying your debt settlement can your credit be built up again?

Sure it can…It just takes time and budgeting discipline. The speed with Read the Entire Post >


Hi, I have approx 30k in credit card debt between my wife and I and am looking to see (cont)…

…if we can compile all of our debt into 1 debt settlement program rather than Read the Entire Post >


I accepted an offer from a credit card company to settle my debt with them for about 50% of what I owed. I thought that would be the end of it, but then I received a form for “debt forgiveness” which was also sent to the IRS, and because of which I had to claim an additional 10K as income which I did not have, never would have. I am having to pay taxes on money I never had! So how am I in better shape using a credit negotiation company if I end up with a large amount of debt “forgiven” which I then cannot even afford to pay taxes on?

Your are correct in that when you use a Read the Entire Post >


i recieve ssi and am no longer working. I am 25 years old and my FICO score is high never late not once. i have great credit report. i can not dig my way out and dont want a blemish on my credit report. That being said would my creditors be more willing to see it is not a pattern ive tried so hard?

Your credit score is determined by a computer that takes many variables into account before Read the Entire Post >


I recently lost an investment property to foreclosure. My credit is has taken a huge hit through the process while I kept my substantial CC balances current. So at this point, is it safe to say that going delinquent as part of a debt settlement process , really doesn’t matter. The credit score damage is already done ??

Yes, it sounds like your credit score has suffered significant damage through the Read the Entire Post >


Is debt management as bad if not worse than bankruptcy? When I ask what the difference is they say you don’t have to go through the debt counseling as you would the bankruptcy. Either way it still damages your credit.

There are 3 debt relief solutions you may be considering and Read the Entire Post >


I’m 20, I have a student loan and some credit cards that I need to pay off. I want to use a service that basically gives me a loan and pays everything off so I just have one payment to pay to a company …can you help me?

I’m sorry but I do not know of such a service unless you can get a bank loan which Read the Entire Post >


I have secured debts that I need to have consolidated due to a family illness. How can I have Auto loans, Personal Loans, and credit cards rolled into one lower payment to be able to afford the medical bills?

Hello. The only way I know of to consolidate secured and unsecured debts is to Read the Entire Post >


I have a first mortgage, a home equity loan and a cc bill totaling $160,000 with a $1700 monthly payment. I tried to contact a company about refinancing but they aren’t interested because my home may not be worth what we owe. (typical for nowadays). Is bankruptcy my only option? I’m not really AT that point now, but I am trying to avoid it at all costs. Why wont a bank refinance what i ALREADY OWE THEM to a lower interest rate to make it more manageable….instead of making it harder for me and having the possibility of getting stuck with my house if i file bankruptcy?

Hello. Banks may be willing to negotiate with you but Read the Entire Post >


What if the debt settlement company says you put money in my bank and they will electronic take the money out and I will pay the Credit card company once they have decided what they are going to settle for. Does this sound like a legit company?

Yes, that is often the way it works. The main thing is that you maintain control of your money either in your bank or in a third party trust account they set up for you in your name.


I need info pronto, I have some paper work filled out for another company and I just looked them up under better business and they are rated F in the debt help company BBB ratings. what to do???

The BBB is not the be all, end all in my opinion when looking at different debt help companies. Certainly Read the Entire Post >


Why will a bank like Chase be willing to work with a debt settlement company with a payment plan of 22 months for 45% of the debt but not offer you the individual the same deal?

Hello, it is possible to do your own negotiation however it can be a very complicated and Read the Entire Post >


We have two children in college and have basically done a poor job in managing our finances. Our combined income is approx over $150,000 yearly. We have at least $80,000 in unsecured loans and have managed to get in over our heads. We prefer NOT to go the route of Debt Settlement. Is it wishful thinking to believe we can simply use the Debt Management Program? And…will it hinder us from getting further student loans. The current student loans have not come due yet.

Hello, thanks for the question. Debt management may help you somewhat without Read the Entire Post >


I have nine credit card accouts (Total of $58000 debt of Credit Card). All of them have been charged off as a bad debt as of July 08. Two creidt card company has served me with a summons letters. All the others has been assigned to an Attorney for Collection. I am worried that all of them will be serving me with a summon letter. I can’t settle with all of them at once. I don’t want to communicate with them on the phone. I really want to avoid Bankruptcy, I just don’t now what alternative I have? Any advice will be appreciated.

Hello, I am sorry to hear about the difficult situation. Unfortunately Read the Entire Post >


What is the standard fee for a debt relief company?

The standard fee for a debt settlement company is typically 15% of the Read the Entire Post >


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