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Old 09-16-2012, 07:12 PM   #16
disney1990
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Quote:
Originally Posted by yupikgal View Post
I wouldn't do it. I almost did a similar thing previously, but decided to cancel the contract. They aren't doing it for free. You will have to pay a fee. Honeylove is right, you won't be able to get a car loan, and unless you had the money to pay for one outright, which it doesn't sound like you do, I would avoid it like the plague. You can do it on your own, just tighten your belt, I know it's not easy, but it can be done!

1) cancel cable, high cost cell plans,
2) eat at home more, less or no eating out
3) sell things that you don't use and are still in good shape or new
4) Keep your existing car in good shape by tuneups, etc. Even if it has high miles, keep driving it as long as you can! Newer cars can go for a long time, we have two with over
100k miles each!
5) Not sure if you already work full time, but maybe get a weekend or evening job, even for just a few days a week to help pay down bills faster
6) Buy store brands, not higher priced national brands
7) Avoid going to movies, going shopping (unless absolutely necessary) shop @ thrift stores or garage sales for things
8) put any future refunds (such as tax refunds) towards debt
9) Call your creditors and see if you can get your rate lowered yourself!
10) if you own your own home, see about refinancing

Hope this helps? Good luck! You can do it!!
Absolutely great advise. But, you mentioned being able to keep 3 credit cards, why? That is what partially caused this problem. Learn to pay with cash and stop the cycle. If you don't have the money to pay for it, then you can't afford it, period.
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Last edited by disney1990; 09-17-2012 at 09:31 AM.
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Old 09-17-2012, 12:39 AM   #17
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Quote:
Originally Posted by yupikgal View Post
I wouldn't do it. I almost did a similar thing previously, but decided to cancel the contract. They aren't doing it for free. You will have to pay a fee. Honeylove is right, you won't be able to get a car loan, and unless you had the money to pay for one outright, which it doesn't sound like you do, I would avoid it like the plague. You can do it on your own, just tighten your belt, I know it's not easy, but it can be done!

1) cancel cable, high cost cell plans,
2) eat at home more, less or no eating out
3) sell things that you don't use and are still in good shape or new
4) Keep your existing car in good shape by tuneups, etc. Even if it has high miles, keep driving it as long as you can! Newer cars can go for a long time, we have two with over
100k miles each!
5) Not sure if you already work full time, but maybe get a weekend or evening job, even for just a few days a week to help pay down bills faster
6) Buy store brands, not higher priced national brands
7) Avoid going to movies, going shopping (unless absolutely necessary) shop @ thrift stores or garage sales for things
8) put any future refunds (such as tax refunds) towards debt
9) Call your creditors and see if you can get your rate lowered yourself!
10) if you own your own home, see about refinancing

Hope this helps? Good luck! You can do it!!

OP, I wouldn't recommend debt settlement, especially if you are thinking about a new car in the future. If you went with debt MANAGEMENT, through CareOne, you'll rebuild your credit fairly fast and be able to get a car loan with a decent rate at some time in the future. Settlement, not so easy with that one.
Calling your creditors yourself generally isn't as easy as people make it sound either and the results are iffy at best. Creditors really don't like lowering their rates enough to really be much help to you. We found that to be true across the board with our creditors.
We've been with CareOne for a little over 2 years now and they've been able to get our interest rates lowered quite a bit and that has made us able to continue to pay off our debts (a ton of old business debt). CareOne does the snowball system as well, you just keep paying the same amount each month and when one gets paid that amount then goes towards another of the debts.

Debt settlement is when you pay only a portion of the debt back to the creditors and that's very nearly bankruptcy, with the trashing of your credit to go along with it. Debt Management is the option where you are paying back in full, and CareOne will work with that program too. Management is much less stressfull IMHO and your credit doesn't take quite as hard a hit for as long.

I wish you all the best. It's not an easy road but there is help out there. You will have to find ways to live within your means though so hang in there, buckle down and don't be afraid to use a service like CareOne. They've been a lifesaver for us and many others.




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Originally Posted by NYCDiane View Post
Keep in mind, also, that if you do debt settlement, you may have tax consequences at the end of the year. I believe that if the company "forgives" $600 or more, you have to pay taxes on that as "income".
Yep. Settlement can be a rough thing when you look at it from this angle. When we checked into it it was ANY amount forgiven was considered income.
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Old 09-17-2012, 11:18 AM   #18
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CareOne Debt Settlement

Debt Settlement is not for everyone and there are risks involved.

On average, most creditors will accept 45 - 60% of the original balance over 1 - 6 payments. In some instances they may be willing to accept less if the money is available for quick settlement, or they may extend the terms but ask for a higher amount. The settlement world is very fluid as it changes quickly and often. The amount of time it takes to settle an account may vary based on the balance of the account, the creditor, and how quickly funds are built up in your escrow account. In most cases our clients can expect to receive a settlement in months 6 - 8 if they engaged a creditor with a smaller balance of less than $1,000. Again, settlement takes time and it requires trust from customers in our staff and patience. Suzanne Cramer
Certified Personal Finance Counselor® for CareOne Debt Relief Services
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Old 09-19-2012, 11:37 AM   #19
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Originally Posted by AskCareOne View Post
Debt Settlement is not for everyone and there are risks involved.

On average, most creditors will accept 45 - 60% of the original balance over 1 - 6 payments. In some instances they may be willing to accept less if the money is available for quick settlement, or they may extend the terms but ask for a higher amount. The settlement world is very fluid as it changes quickly and often. The amount of time it takes to settle an account may vary based on the balance of the account, the creditor, and how quickly funds are built up in your escrow account. In most cases our clients can expect to receive a settlement in months 6 - 8 if they engaged a creditor with a smaller balance of less than $1,000. Again, settlement takes time and it requires trust from customers in our staff and patience. Suzanne Cramer
Certified Personal Finance Counselor® for CareOne Debt Relief Services

Hi Suzanne, I recognize you! LOL
Yup to everything you wrote which is why I so often discourage people from doing the settlement type programs. The debt management through your company has been an absolute lifesaver for my husband and I. Tough at times because of the amount of debt we have/HAD, but we are seeing progress.

OP, I hope you find the right program for you. Big debt can be so stressfull, don't I know it!
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