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Debt setlment advice - 8/1/2008 8:19:15 PM
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BRKNCAMEL
Posts: 7
Joined: 8/1/2008
Status: offline
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I need some advice I don't want to go the debt setlment route but I'm working overtime to keep our heads above water
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RE: Debt setlment advice - 8/1/2008 8:44:49 PM
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relady
Posts: 1210
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: offline
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I tried that route. If you go there, be very very careful. A lot of the "settlement agencies" will not do anything you cannot do yourself, and will charge you a buttload of money to do it. The one I used for a short time ended me up in a lawsuit I've had to contend with. It just wasn't worth it. I'm now headed to bankruptcy most likely.
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RE: Debt setlment advice - 8/2/2008 12:12:56 PM
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creationtalk
Posts: 704
Joined: 6/9/2005
Status: offline
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you may want to contact crown Finanical Ministries and see if they have a "money map coach" in your area. This person might be able to help you find areas where you can cut back in the budget or have other suggestions for you.
Crown
Are there areas where you can cut back on expenses? Have you tried to negotiate with creditors for a reduced or no interest rate on your loans?
I have no personal experience, but have heard bad things about debt settlement companies.
Another thing...never go for a debt settlement or take a "consolidation" loan until you have stopped what ever has caused the financial hardship in the first place. Until you have stopped the practices that led to the debt, no matter what you do, it will keep growing.
For a long-term solution to financial problems, consider taking a crown small group study on money management.
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RE: Debt setlment advice - 8/3/2008 11:00:29 AM
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BRKNCAMEL
Posts: 7
Joined: 8/1/2008
Status: offline
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thanks for recomending crown I am going to try to work something out before going the setlment route thanks again
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RE: Debt setlment advice - 8/3/2008 11:35:47 AM
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Miss Giggles
Posts: 4396
Joined: 4/18/2005
From: MI
Status: online
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If you are not behind debt settlement companies cannot help you. If you can keep current and pay it off in the debt snowball method than you will be able to keep your credit rating intact, because unfortunately your credit does matter when you apply for jobs and insurance.
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RE: Debt setlment advice - 8/3/2008 1:59:45 PM
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twoboys
Posts: 55
Joined: 8/2/2008
Status: offline
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What a lot of those debt settlement places do is contact your credit card companies to lower your interest rate and/or work out a payment schedule. Did you know that if you pick up the phone and call the companies yourself you can get things worked out without having to pay the settlement places? Many will reduce your debt amount because they are afraid of not getting it so they negoitate to get some of it.
_____________________________
Courtney
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RE: Debt setlment advice - 8/4/2008 8:56:14 AM
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Row1
Posts: 249
Joined: 12/2/2005
Status: offline
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either way:
for now and into the future, you will end up in the same kind of trouble unless you make two key changes:
1. don't use credit to buy things
2. have a monthly budget where you account for every thing you might spend.
Crown will encourage you to live by these two rules.
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