honest debt mangement companies

[JeRmS]

There's been some excellent advice here. A couple of things to be cautious with:

1) Hardball negotiation. It sometimes works, but it could also backfire and end up with your account being sent to a collection agency. Only you can decide if that's a risk worth taking.

This is true, if you stop paying on the card in an attempt to force a negotiation the Creditor may sell your debt to a collection agency prior to you being contacted directly .... usually the creditor will attempt to reach out a few times before they sell the debt because they lose money selling it to a collection agency.

BUT fear not .. if they do sell it to a collection agency it may be beneficial to you even more so. Collection agencies purchase debt for pennies on the dollar from major creditors so ANY money they make is usually profit, negotiating with them is usually a lot easier than negotiating directly with the creditor.

One thing I suggest though IF you end up at a collection agency ... document everything!! Document every conversation you have, with whom you spoke too, what time/date and what was agreed upon. If possible it's best to record the calls .... and when/if a settlement is reached ... ensure that you pay with a cashiers check from your bank and send it certified mail with delivery confirmation to the collection agency!

 

[Golf4food]

If you are really bad off bankruptcy is there for a reason. It doesn't make you a bad person. Stuff happens. If nothing else seems viale, talk to a lawyer about bankruptcy.

 

[njcarita]

no we are no where near bankrupucy or collections....... we are making all the payments....... rough but we are making it.......... my entire check is going to the credit cards.... but my debt is astronomical............it will take at least 5 years at this rate at these hours and this pay............and hopefully not another set back financially........ i was just hoping to NOT have to pay that credit card at 30% but just knocked off a 1/5 of that debt on that card..... and will be knocking that one off first................ my big thing is to NOT charge any additional debt while we are getting rid of these balances.................... or until we can refiance.....hopefully some where down the line

 

[mafibisha]

no we are no where near bankrupucy or collections....... we are making all the payments....... rough but we are making it.......... my entire check is going to the credit cards.... but my debt is astronomical............it will take at least 5 years at this rate at these hours and this pay............and hopefully not another set back financially........ i was just hoping to NOT have to pay that credit card at 30% but just knocked off a 1/5 of that debt on that card..... and will be knocking that one off first................ my big thing is to NOT charge any additional debt while we are getting rid of these balances.................... or until we can refiance.....hopefully some where down the line

Oh I would keep trying! Just saw an old friend today at school who was elated because they were finally able to refinance (for 20 years - wasn't familiar with that kind of loan!) at a much lower rate, saving them a lot each month that will go right to their debt. She didn't tell me how much debt but a few months ago she told me it was significant. Just like my sister did recently (see earlier post) even though it took them many attempts also. Good luck!!

 

[CalicoSky]

BUT fear not .. if they do sell it to a collection agency it may be beneficial to you even more so. Collection agencies purchase debt for pennies on the dollar from major creditors so ANY money they make is usually profit, negotiating with them is usually a lot easier than negotiating directly with the creditor.

There are debt buyers out there like this, but there are also agencies who don't buy the debt but instead get a percentage of the debt collected and thus have a very strong interest in getting every penny of that debt paid. And if a borrower takes the gamble, there's no way of knowing which type of agency your debt ends up with.

But as for the OP...sounds like that's not a risk right now or, hopefully, ever. Debt can be a real burden and something that you just want off your shoulders. Especially when you'd rather be putting money toward your next trip to Disney!

 

[rockyroad]

This may not be a popular opinion, but I would reconsider bankrupt proceedings.

Whatever you do, do not raid your retirement account or lose your house.

And don't deplete all your resources trying to keep up with this debt and then decide that it will not work.

 

[I'mWong]

Sorry! i posted in the wrong section.

 

[bkny]

This may not be a popular opinion, but I would reconsider bankrupt proceedings.

Whatever you do, do not raid your retirement account or lose your house.

And don't deplete all your resources trying to keep up with this debt and then decide that it will not work.

Do not touch the retirement accounts.

I used green path and they were great. Yes they charge 25/ month but we had a lot of credit card debt( too much I am embarrassed to mention). The plan was for three years and I think we finished in 2.5. My credit score was not dinged. I paid the full amount as agreed on time. There was a mention on 1 or 2 companies that I was working with a debt repayment company but that was it. Your credit score will take a serious hit if you decide not to pay it to negotiate with the company directly. I was very satisfied and only wish I did it sooner.

 

[mrsklamc]

I have disagree with the person who said 'lower' cable...CANCEL cable, if you have it. For some reason people act like you need cable TV to live.....

I don't know anything about it but are you eligible for HARP?

Also, try a credit union for refinancing your house. They might have more ability to look at your personal situation and see that you had good payment history before hard times hit.

 

[njcarita]

This may not be a popular opinion, but I would reconsider bankrupt proceedings.

Whatever you do, do not raid your retirement account or lose your house.

And don't deplete all your resources trying to keep up with this debt and then decide that it will not work.

so far we are above water........but honestly as long as i have retirement and a home to sell i can not even consider bankrupcy.......... the debt is MINE....not anyone elses and if there is a way to pay it i will................ i just cant walk away from it.......... now if there was no home... no savings etc...........and we were hit with another illness etc.....and i had no choice than i had no choice.............. and today i put in an 9 hour day......when last year i couldnt even work.........so i feel blessed............ just wanted an easier way out of this mountain of debt............ but i guess i need to be patient and look at the big picture and not get impatient..............

 

[flamom]

OP check out the forums on loansafe.org good advice on cc debt and refinancing,loan modifications,etc.

 

[njcarita]

OP check out the forums on loansafe.org good advice on cc debt and refinancing,loan modifications,etc.

thank u will take a look at the site...........