Ok so it's time to ask for help...I need help.

[mrsklamc]

I emailed Greenpath back to see if they could work it even lower and if not then I am calling apprisen.

Is apprisen not a CCS?

 

[mrsklamc]

Why are you critical of my attempt to clarify her options and help her? Because I didn't sound nice enough in my post?

I wasn't critical. I just pointed out that the part I quoted- which you have since edited- did not seem reflective of the situation.

 

[Virgderon]

Is apprisen not a CCS?

Apprisen is a CCS I believe. Most of the major credit card companies offer the same payoff plans no matter who the CCS is. The credit card companies are actually in sort of a partnership with the major CCS companies. They cooperate with each other. CCS payoff plans are often at a higher interest rate than you can get by going to the credit card company directly.

I don't think they will offer a significantly different plan, but she should try to find a CCS that doesn't charge $50 a month. That's a pretty high fee.

And just to clarify, I really am trying to help. I strongly believe that we should all pay off our debts to the best of our ability. But I think credit card companies charging 29% interest the first time you miss a payment, or tacking on a $39 over limit the fee for going over your limit by a dollar, are taking advantage of people who are already suffering from job loss or underemplyment.

I have no problem negotiating with them, playing their own game to get a lower interest rate or 0 interest payment plan. After all, they had no problem charging me an outrageous interest rate.

 

[mousefanmichelle]

Ok - my frustration is not that I am uneducated about the process or that I am not taking steps to fix my situation. My irratation is that the CC companies say they want to help you but then they say, sorry we can't help you. That's what I was saying but maybe it didn't come out right.

When we first talked about a credit counseling service, my credit union recommended GreenPath Dept Solutions. They have been around a long time. They are non-profit. They looked at our debt, our income and came up with us paying $50 a month with a cost of $75 to start the program. Said it would be finished in about 5 years. They would lower our intrest rates and our monthly payments. I get that in 5 years this debt will be gone by using them. I also get that they were only going to shave about $100 off of our monthly payments which are in the neighborhood of $1000 a month. I get that $100 is $100 more than I currently have BUT $100 is going to get eaten up by kids shoes, school supplies, groceries, gas when it goes up..... It wasn't enough of a savings per month in all honesty.

I (we) tried to take care of the credit cards ourselves first to save us the $50 fee - maybe we would have success maybe we wouldn't. We did with one card - Chase. They set me up on a long term program. I have 3 more cards to deal with and 2 of them are not dealing at all. 1 of the 3 is ify and may or may not have a program availble to us. They said they did last month when I called but they have changed their tune a little bit. Since we are struggling with the 3 other cards - I emailed Greenpath to see if they can lower their monthly fee and maybe work it so that the monthly payments are lower than origianlly stated. If I don't get anywhere with them I will see about Apprisen and what they can do.

The garage sale isn't because I have to have cash RIGHT NOW - it was to clean out my stuff and try to make some extra to have on hand. It didn't work. Ok. Isn't that part of what DR say's is to sell your stuff and get cash?

I know I have options and I am exploring them.

 

[crisi]

What expenses have you cut? You seem to be focusing on getting the credit card bills down. Have you gotten rid of cable (if you had it)? Made any progress on the grocery bill? Gotten rid of the insurance on one of those cars?

What opportunities have you looked at - other than the garage sale - for increasing your income? Second jobs? Babysitting? Mowing lawns?

 

[Virgderon]

It wasn't enough of a savings per month in all honesty.

Ok- so you have basically made a decision, unless Apprisen comes back with a dramatically better offer- you are not doing a CCS. Good! Making a decision on one option allows you to move on to the next.

My advice is to continue to not pay your cards, and shoot to get on 0 interest hardship programs with them . I'm guessing that if you hang in there , around the 90 day mark they will make you an offer that you can live with.

The 1 card that won't deal now maybe you put on a CCS- but you might be surprised. They may start to deal when you stop paying.

There is no rule that I know of that says you have to hand over all your credit cards to a CCS. I kept a credit card for business traveling- you have to have a credit card to rent a car easily and many hotels don't like debit cards.

As a PP noted about 10 pages ago, you only have about $400 a week to live on after you pay all your bills. It's not enough, so you end up charging things you need.

I'm going to put it out there that if you can't get your credit cards to deal, which I think you can, you should consider Chapter 13 bankruptcy. Your $1000 credit card payments are killing your budget. I'm guessing that $1000 is covering interest and barely making a dent in your overall debt. You are not going to get anywhere paying the minimum payments on these cards.

Sometimes in life you need a fresh start. I did. I didn't claim bankruptcy, but sometimes I think I should have.

 

[bsusanmb]

The name of the company was Consumer Credit Counseling, and has been in business for 50 years. It is recommended by Suze Ormon (sp?). They are now Apprisen, a new name, same company. Check out their website. The costs are right there for anyone to see. $25 to set up the account, and then $25 a month after that, but they state, will charge less if you can't afford it and will not charge anything if client can't afford it. They are not for profit. I filled out an application, spoke with a counselor, and she came up with the figures for me. I agreed to the program. They then send proposals to the cc companies. The interest rates were cut drastically and the payments also. I have the money taken out of my checking account monthly by Bill Pay which charges $1.25. Then CCC/Apprisen pays everything for me. I am paying my obligation, but with less interest, and lower payments. Hope this helps.

Also, they do not tell you that you can't have a cc. You add the debts you want included in the debt management program. I have one cc that I need for airline tickets, car rentals, internet purchases, etc. And I pay it off every month. I had a lot of medical expenses and they added those to the program. Anything over $100. many of the cc companies said that I made a wise choice with CCCS as they are well respected. Don't go with anything advertised on the tv or mailings. They are a rip off and want tons of money up front.

 

[bsusanmb]

Apprisen is a CCS I believe. Most of the major credit card companies offer the same payoff plans no matter who the CCS is. The credit card companies are actually in sort of a partnership with the major CCS companies. They cooperate with each other. CCS payoff plans are often at a higher interest rate than you can get by going to the credit card company directly.

I don't think they will offer a significantly different plan, but she should try to find a CCS that doesn't charge $50 a month. That's a pretty high fee.

And just to clarify, I really am trying to help. I strongly believe that we should all pay off our debts to the best of our ability. But I think credit card companies charging 29% interest the first time you miss a payment, or tacking on a $39 over limit the fee for going over your limit by a dollar, are taking advantage of people who are already suffering from job loss or underemplyment.

I have no problem negotiating with them, playing their own game to get a lower interest rate or 0 interest payment plan. After all, they had no problem charging me an outrageous interest rate.

I got NOWHERE in dealing with most of the cc companies. Only two offered me payment plans for hardship, and that lasted 6 months only. Apprisen got a much lower interest rate on all of my cc's except one, I got 4% and they got 7%. It was a matter of a few dollars only on that card.

 

[Virgderon]

I got NOWHERE in dealing with most of the cc companies. Only two offered me payment plans for hardship, and that lasted 6 months only. Apprisen got a much lower interest rate on all of my cc's except one, I got 4% and they got 7%. It was a matter of a few dollars only on that card.

Could be because you were never late on your payments? So far we have gotten 0 percent interest , 5 year pay off plans from 2 of our cards, and I believe 2.9 interest on another. We did do a 6 month hardship plan with one, but when that was over they agreed to put us on the long term plan that would finally pay it off.

I settled with Chase on a small card for about 40% of what I owed. I wanted a hardship plan, but when they offered that settlement I could not say no.

I did not get 4% on any of the cards I put into my CCS. Guess I picked the wrong CCS company.

Just wanted to add that I have no problems with CCS- but I did get a better deal on my own dealing directly with the credit card companies.

 

[bsusanmb]

Could be because you were never late on your payments? So far we have gotten 0 percent interest , 5 year pay off plans from 2 of our cards, and I believe 2.9 interest on another. We did do a 6 month hardship plan with one, but when that was over they agreed to put us on the long term plan that would finally pay it off.

I settled with Chase on a small card for about 40% of what I owed. I wanted a hardship plan, but when they offered that settlement I could not say no.

I did not get 4% on any of the cards I put into my CCS. Guess I picked the wrong CCS company.

Just wanted to add that I have no problems with CCS- but I did get a better deal on my own dealing directly with the credit card companies.

The problem with doing a settlement is that you then have to pay income tax on that money that they forfeited, and it stays on your credit report as a bad debt that was settled. Not that it would matter at this point, because my credit score is lousy from closing my accounts. You have to do what works best for your situation, for sure. I am just so glad I don't get collection calls, or get calls the day the bill is due....these cc companies can get ugly. My situation was that I had so many I was overwhelmed and coudn't figure out how to get out!!!

 

[bsusanmb]

I have gotten some private messages about my situation with consumer credit counseling services, and I think there may be others who might read this thread out of curiosity, so I will post how I started.

I was in debt with $36,453.00 in unsecured debt. I was an emotional wreck. It was all my doing and I take full responsibility for it. My minimum monthly payments were $1892.00. with the debt management program, the monthly payment is now $915.00. They estimated 52 months of payment, and my interest payment with my payments would have been $47,138. With theirs, $9,410. I have made extra payments along the way, and my debt will be paid in 36 months instead of 52. But you can see the huge savings and the fact that I no longer was paying the payment on the cc and then recharging because I had no cash. They charged me $25 to set up the program, a one time fee, and now it is $25 a month. I have been on this for over a year and it has really allowed me to feel so much better. So, if you need more information, feel free to contact me. I chose CCCS also known as Apprisen because I knew about this program in the 1980's. Suze Ormon suggests it for people who are really over their heads. I trust her, and this has worked well for me. My accounts are closed, but reported as being paid as agreed, and reaged after 3 months of payments.

 

[Virgderon]

The problem with doing a settlement is that you then have to pay income tax on that money that they forfeited

I think you are doing wonderfully, and it sounds like the CCS was the right thing for you.

I do have to point out that the above statement is not 100 % true. If you can prove that you were insolvent at the time of the settlement, you are not liable for the taxes on the forgiven debt. Most people who find themselves in a debt settlement situation are probably insolvent, it just means that your debts exceed the value of your assets.

Settling your debts will absolutely do damage to your credit report, but again, most people in a debt settlement situation have most likely already done damage to their credit score.

 

[bsusanmb]

I think you are doing wonderfully, and it sounds like the CCS was the right thing for you.

I do have to point out that the above statement is not 100 % true. If you can prove that you were insolvent at the time of the settlement, you are not liable for the taxes on the forgiven debt. Most people who find themselves in a debt settlement situation are probably insolvent, it just means that your debts exceed the value of your assets.

Settling your debts will absolutely do damage to your credit report, but again, most people in a debt settlement situation have most likely already done damage to their credit score.

Oh, yea, my credit was ruined, but hey, I am working my way out of it. We have a decent income so once it is paid off, no need for cc's, hopefully. That's what is so awful about my debt. Good income, bad choices, bad me!!!
I didn't know that about the income tax thing. I always see that on my turbotax when I do it...

 

[bsusanmb]

Sorry, Michelle, I have taken over your thread!! I will be quiet for a while now. Just that cc debt is a huge issue for me, and I always want to help someone who is in my situation! Best wishes to you.

 

[mousefanmichelle]

Sorry, Michelle, I have taken over your thread!! I will be quiet for a while now. Just that cc debt is a huge issue for me, and I always want to help someone who is in my situation! Best wishes to you.

Your fine Susan! I thank you for sharing your story It's a fine mess we got ourselves into isn't it!!!

I am calling apprisen - right now!
Greenpath isn't emailing or calling me back so too bad for them

 

[minnie1928]

So, if you need more information, feel free to contact me. I chose CCCS also known as Apprisen because I knew about this program in the 1980's. Suze Ormon suggests it for people who are really over their heads. I trust her, and this has worked well for me. My accounts are closed, but reported as being paid as agreed, and reaged after 3 months of payments.

Not sure if this still applies, but several years ago I took my mom to CCCS and she paid $25/month "donation" while utilizing their program. I think (and I stress "think) that it was considered to be a charitable donation expense when it came to her taxes. Not that it was a huge amount of money, but I figure every little bit counts.

 

[SLM]

Michelle, have you considered a home equity loan? Is that a possibility?
Hang in there-

 

[Virgderon]

Sorry, Michelle, I have taken over your thread!! I will be quiet for a while now. Just that cc debt is a huge issue for me, and I always want to help someone who is in my situation! Best wishes to you.

Me too! You have options. You can do this!

 

[mousefanmichelle]

Today I signed up for a DMP through Apprisen. SusanB you were right they are only charging me $25 a month

They program is going to run for 48 months. I can't tell you what a relief this is to actually have a plan in place and yes, 4 years is a long time, but doable for the most part. The next 4 years are going to be tough and I will really have to learn to budget and I will have to get creative here and there especially with Christmas just around the corner. Any income tax refunds we get will go straight to them to just pound it down! I can't wait until we make that last payment. What a good feeling that will be!!!!!!

Thanks everyone for your support, words of wisdom, kindness and your overall help!!!!!! It means much, much more than words can express!!!!



Michelle

 

[VictoriaT]

Good for you Michelle! We are all here for support! Glad to hear you are on track to get your family back in financial shape!