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Started By
Message
Debt settlement.. need advice
Posted on 10/24/19 at 3:59 pm
Posted on 10/24/19 at 3:59 pm
It’s amazing how little you can find online about this. Outside of Dave Ramsey I really don’t know who to ask how good of an idea this is. I don’t make that much for now I’m starting to look into a better job situation for the new year. Anyway I foolishly racked about $10k debt across 6 accounts. I had to finally tell the creditors who have access to my account to stop drawing from it. As bad as I want to keep my end of the handshake I can’t.
The payments and NSFs are killing me and when my car broke down last week I just freaked out and called accredited debt relief they put me through to clear one solutions who is handling this case and i think there’s someone else who is managing an escrow for me once the pot gets big enough after 4-6 months of $250 a month (which there will be 30 more months to follow per the agreement) they’re going to talk them
Down off the interest etc.
My concern is there’s too many cooks in the kitchen I don’t want one of them to get hacked or better yet one of them decide they can go into my account and slap bs fees on me or something.
I haven’t paid these people yet, is it a good idea to go with them? Or should I hit eject and change my bank account number and try to negotiate with the creditors myself once I have some money saved?
Any logical perspective at all is what I’m looking for good or bad at this point. I’ve been a wreck all summer and been faithfully praying and I hope I can solve this.
Thanks guys
The payments and NSFs are killing me and when my car broke down last week I just freaked out and called accredited debt relief they put me through to clear one solutions who is handling this case and i think there’s someone else who is managing an escrow for me once the pot gets big enough after 4-6 months of $250 a month (which there will be 30 more months to follow per the agreement) they’re going to talk them
Down off the interest etc.
My concern is there’s too many cooks in the kitchen I don’t want one of them to get hacked or better yet one of them decide they can go into my account and slap bs fees on me or something.
I haven’t paid these people yet, is it a good idea to go with them? Or should I hit eject and change my bank account number and try to negotiate with the creditors myself once I have some money saved?
Any logical perspective at all is what I’m looking for good or bad at this point. I’ve been a wreck all summer and been faithfully praying and I hope I can solve this.
Thanks guys
This post was edited on 10/24/19 at 4:02 pm
4
Posted on 10/24/19 at 4:07 pm to The Cool No 9
Dude. We're talking about $10k here.
Get a part-time job that nets you $1-2k a month and pay the damn things off before the end of summer 2020.
Don't use those settlement firms. They'll waste your time and money.
Get a part-time job that nets you $1-2k a month and pay the damn things off before the end of summer 2020.
Don't use those settlement firms. They'll waste your time and money.
Posted on 10/24/19 at 4:34 pm to Golfer
Even if I signed up for it I can just pull out of it or shut it down before it gets started?
Posted on 10/24/19 at 4:43 pm to The Cool No 9
Are they paying your debts for free? If not, why are you using them?
Posted on 10/24/19 at 4:56 pm to The Cool No 9
Don't do it. Your credit score will be thrashed.
Call your creditors and set up a payment schedule. It's not that bad at 10k.
Call your creditors and set up a payment schedule. It's not that bad at 10k.
Posted on 10/24/19 at 5:10 pm to The Cool No 9
It sounds like you have a serious income problem. That’s what Ramsey would tell you.
Are you out of school?
10k shouldn’t break anyone.
Are you out of school?
10k shouldn’t break anyone.
Posted on 10/24/19 at 5:10 pm to BestBanker
Exactly. They’re not able to do anything for you that you can’t do for yourself (despite their cutesy commercials and “impressive” radio ads).
Change the bank account if you need to. Figure out what you can pay (including some major budget sacrifices). Then get on the phone with them and be prepared for some degree of faux hardball foolishness from some cubicle slave. Make a deal. Get it in writing. Stick to it. Execute. Then continue on with your life.
It’s 10 grand. As others have said, it’s not THAT bad. You can get out of this hole.
Change the bank account if you need to. Figure out what you can pay (including some major budget sacrifices). Then get on the phone with them and be prepared for some degree of faux hardball foolishness from some cubicle slave. Make a deal. Get it in writing. Stick to it. Execute. Then continue on with your life.
It’s 10 grand. As others have said, it’s not THAT bad. You can get out of this hole.
Posted on 10/24/19 at 5:37 pm to The Cool No 9
It’s 10k. Live like a college kid and get a part time job for a year or two and it’s gone.
Unless you’re married with kids or something, you should be able to hold your breath through this.
Unless you’re married with kids or something, you should be able to hold your breath through this.
This post was edited on 10/24/19 at 5:38 pm
Posted on 10/24/19 at 5:38 pm to Jag_Warrior
I’ve been living like a college kid for sometime but I guess I still can ^
Haven’t finished school or been to it in 15 years. I work for a college that pays during the semester and during the between time I just have to do what I have to do like work a part time job it’s making me insane and I wish I just had consistent income all year but anyway these cards are a few months past due they pretty much quit contacting me like I said I recently just told em to stop drafting from my account until I can get my car fixed and save a bit and get a handle on it.
Haven’t finished school or been to it in 15 years. I work for a college that pays during the semester and during the between time I just have to do what I have to do like work a part time job it’s making me insane and I wish I just had consistent income all year but anyway these cards are a few months past due they pretty much quit contacting me like I said I recently just told em to stop drafting from my account until I can get my car fixed and save a bit and get a handle on it.
quote:i switched my direct deposit to PayPal Friday tomorrow I’m going to get my checking account at regions renumbered. Thank you
Change the bank account if you need to
quote:It pretty much is already. 400s. Guess I don’t need some 3rd parties to negotiate this I can do it on my own. Thanks
Don't do it. Your credit score will be thrashed.
This post was edited on 10/24/19 at 5:45 pm
Posted on 10/24/19 at 6:33 pm to The Cool No 9
Hang in there. You can do it, man. Seriously.
Posted on 10/24/19 at 8:33 pm to The Cool No 9
You can do it.
Get a roommate, get rid of cable, cut your cell plan to minimum, cut your internet - use the library or free WiFi at work.
Work the part time jobs best you can, maybe get another?
You can do 10k
Get a roommate, get rid of cable, cut your cell plan to minimum, cut your internet - use the library or free WiFi at work.
Work the part time jobs best you can, maybe get another?
You can do 10k
Posted on 10/24/19 at 11:13 pm to eng08
Thanks a lot God bless. Got some good perspective.
Hope to come back asap to report this deal is beat out.
Hope to come back asap to report this deal is beat out.
Posted on 10/25/19 at 9:22 am to The Cool No 9
Call your creditors up, ask to speak to someone in loss mitigation. You will have to fight through a couple of rounds of foreign cube jockeys. Push through. Get to someone in the US,
Explain to them that you are behind and why you are, and you need help catching up.
IF you are 2-3 months behind, they will likely drop your interest rate right away and close your card (if it hasn't been closed already). That will slow down or stop the bleeding. Lowering the rate will also get your monthly payment down.
Pay the monthly on each card. Take every available dime you can find, or make in new income, and when you have enough to pay off 75% of your lowest balance, call them off and offer to settle it for 50%. IF they say no, negotiate up to 75%. If they say, tell them to mail you a letter with this information, and review the letter and send them a check with a copy of the letter.
Move on to the next lowest debt.
The debt relief agencies are going to charge you for their service and every dollar you send them is a dollar you can't pay your debt with.
Explain to them that you are behind and why you are, and you need help catching up.
IF you are 2-3 months behind, they will likely drop your interest rate right away and close your card (if it hasn't been closed already). That will slow down or stop the bleeding. Lowering the rate will also get your monthly payment down.
Pay the monthly on each card. Take every available dime you can find, or make in new income, and when you have enough to pay off 75% of your lowest balance, call them off and offer to settle it for 50%. IF they say no, negotiate up to 75%. If they say, tell them to mail you a letter with this information, and review the letter and send them a check with a copy of the letter.
Move on to the next lowest debt.
The debt relief agencies are going to charge you for their service and every dollar you send them is a dollar you can't pay your debt with.
Posted on 10/25/19 at 9:31 am to The Cool No 9
quote:
I work for a college that pays during the semester and during the between time I just have to do what I have to do like work a part time job it’s making me insane and I wish I just had consistent income all year
Have you thought about doing something else altogether?
Posted on 10/25/19 at 1:30 pm to bayoubengals88
That’s my thought: you don’t wish for steadier work....you go out and find it. Some ppl love seasonal work: they live below their means and use the off times to travel, pursue art or music or hobbies, etc. But you aren’t living on the income you produce. If you want/need more money, you need to work more. Get out of your comfort zone of 15 years and try a different field. If you are in hospitality/food service, there are plenty of year round jobs not tied to the semester schedule.
Posted on 10/25/19 at 3:40 pm to bayoubengals88
quote:Yes a lot. I'm actually looking at something for the new year now. I'm committed to the department and I don't want to just take off on them in the middle of the semester but after this one I think it's time. I'm also vetting this because I don't want to work somewhere I'll be completely miserable at. I've been in service industry and retail sales in Baton Rouge my whole career and it's basically lame (in my opinion) and nothing (for me personally) to make a career at. I've got enough of a sample size to determine that, I have a ton of work ethic though. I'm sure I'll land something.
Have you thought about doing something else altogether?
This post was edited on 10/25/19 at 3:43 pm
Posted on 10/25/19 at 4:00 pm to The Cool No 9
quote:
I'm committed to the department and I don't want to just take off on them
Remember this for any job ....
Do what’s best for you. The company/university will be fine without you. It’ll continue on.
You gotta get yourself straight.
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