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 Posted: Wed Mar 05, 2008 1:29 pm Subject: How would I go about settleing debt? |
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I had just learned about debt settlement and was thinking it might be my way out. I have about $20,000 in credit card debt between 6 cards. I was on a debt consolidation program for 4 cards but they weren't much help and actually cost my BOA card to go up $1000 due to them not getting there letters in on time, so I dropped them and worked out deals myself. But now my job is cutting hours and the cost of living keeps going up I can't even pay lowered minimum payments. I don't have enough money to settle right now. I've tried to get a home equity loan but my credit score is now 506 so no one will give me a loan. How much time will they give you to come up with settlement money or can you just pay it monthly? Can I just settle 2 or 3 or do you have to do all of them? I would like to keep my 2 cards that are still open so I can repair my credit. Any help will be much appreciated.
BOA $5292 20% account closed
Chase $4710 6% account closed
KFCU $978 10% account closed
Sears $7166 3.5% account closed
HSBC $290 29% account open
Capitol One $2256 19% account open
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wkallstromuk
Joined: 05 Mar 2008
Posts: 2
Debtcc Points: 94
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| Posted: Wed Mar 05, 2008 1:31 pm Subject: |
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Well with 20k worth of debt, what is the maximum amount you think you can pay monthly towards it now?
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Erica Murray
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Renaissance Debt Solutions
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murrayerica
Joined: 05 Mar 2008
Posts: 4
Debtcc Points: 116
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| Posted: Wed Mar 05, 2008 2:01 pm Subject: |
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My total monthy payments have been $456 a month for all 6 cards. My 2 open acounts are $70 for capitol One and $15 for HSBC. I would like to keep paying them so they don't close the accounts So that leaves $371 for the other cards that are closed. If I could bring that to $200 a month for the closed accounts I would be able to catch up on my other household bills.
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wkallstromuk
Joined: 05 Mar 2008
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Debtcc Points: 94
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| Posted: Wed Mar 05, 2008 2:03 pm Subject: |
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The post above yours is someone advertising and it is not allowed on our boards. Please call the number at the right of the screen for your free no obligation consult. They will guide you in the correct direction for your specific needs.
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kashzan
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| Posted: Wed Mar 05, 2008 3:15 pm Subject: |
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how about $300 a month, that would have everything paid off in 43 months. email me at Removed email address..karen
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| Posted: Wed Mar 05, 2008 3:17 pm Subject: |
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if you paid $300 towards 20k worth of debt, that would have your debt paid off in 43 months.
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m1kesgurl
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| Posted: Wed Mar 05, 2008 4:18 pm Subject: |
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You could probably settle your debts for at minimum 50% but you would have to have some money to do that. They typically don't do debt settlement without a lump sum payment or a payment over 4 months. BOA will settle for about 20 to 30% of what you owe them and usually over four months if you wait until you are 150 days past due - just before chargeoff. Usually that is your prime time to settle with most credit cards. Your credit score will plummet further, but it is pretty much shot now. Can you get a loan from a family member? Could you sell some personal possessions? Would someone give you a personal second mortgage on your home? I once lent a friend money to help her out and I took a lien on her property until it sold.
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