I I have three cards which I owe a total of 50K on, I cannot pay them anymore, I wanna see if my aunt will give me 20K to settle. I do not want to go on a payment plan, I just wanna get this shit outta of my life. Can anyone please help me and let me know what the repercussions are as detailed as possible if I do this, I greatly appreciate it.
Hi every one, hope you all having nice weekend!
I have recently done my credit check for some thing, and i found out how bad my credit score is. I mean when i was teen and few cards were stolen back in 2005, my credit got bad:/ and i didn’t make payments on time. Plus i have one medical bill from 2003 and Fitness center bill.
*So all together my total collection balance on my credit report is ,030.
Which i should pay, and even with bad economy and having less money and more bill, i can try to add this bill to my paycheck too. But i need some help from ya all. If i can get any toll free # to collection dept. Or how do i contact them. I have no record of previous bills or statements. All i have is Credit report from TransUnion.
Any help will be greatly appreciated.
Any website or any help will be great!!
Thank you much in advance.
I did report the cards, that were stolen. They got stolen at Theme park, i was young and frighten cause that never happen to me or someone i knew. The security at the theme park helped looked but nothing. :/ i did called c-card companies the next working day and canceled the cards. There were few purchases made. I paid for couple, i was student at that time, not enough $$ plus i procrastinate too. But now i want to pay it all off to fix my credit.
I am confused as to what to do – my husband and I recently reconciled and between the two of us, we have ,000 in unsecured credit card debt. Although he makes very good money, approx. 00 per month, we cannot keep up on all the minimum payments for these cards, let alone trying to pay the principal.
He has a car payment and we own our house (or we will in 27 years anyway 
– we have not been late on the mortgage as that is our top priority. We also have 4 kids…… should we file? We figure since we have the house and vehicles that we can deal with the bad, bad credit that this will result in but are we forgetting something?
We considered a debt consolidation but we heard this is more often then not a scam and ruins your credit as much as or more then a bankruptcy. Any advice is appreciated ~ thank you.
Unfortunately all the late payments have resulted in a credit rating in the 500’s which is too low to qualify for a re-fi.
I am 26 years old and over ,000 in debt. About ,500 of it is in credit card debt, 00 in car loans, and 00 is in a lien for an accident I caused. There is another 0 in miscellaneous debt. I am married with two small children. My husband and I have a monthly gross income of about 00. In about a year, I will be needing a student loan for my last bit of college. We do not own a house, but we do own one car (the other we are paying off). We would, in about three or four years, ideally, like to try and get a house. Should i file bankruptcy now? What would I lose, if anything? The two cars we have are 6 and seven years old. I appreciate any advice.
I have not used any cards in a great while. I really do not see putting off college any longer, plus with my degree I will be able to earn a considerable amount more that i do at this time. As for asking creditors to lower the rate I would definately consider that. Is it really that easy–just call the company and explain that i want to pay the debt off? What about the lien–can I do anything there? Thank you again.
I’ve been reading a lot about this because I’ve been trying to figure out how to go about settling my debt for much less with all my credit card companies and then just paying them off in full with the amount that’s left after the settlement (they are all in collections and have been for months). What I didn’t know until I started researching this, was that in some cases you do have to report this as income on your tax return. I definitely DON’T want to have to do that. So, two questions. One, what are the guidelines for being eligible to NOT have to report it? And how could I be 100% sure that I won’t have to fill out a 1099? Who would I talk to professionally about this before I decide to pay the debts off, and would I have to pay for their services? I need to do something about these cards soon, whether it’s pay them off or make a payment. Second, if for some reason I would have to report it on my tax return because I wasn’t eligible for not having to report it, is there anyway I could pay it off in full without negotiating a settlement, but still have them lower it? What I mean is, have them possibly take off all the fees that have accrued over the past several months, but not necessarily cut it down to 30-40%, so that it won’t be a settlement that will have to be reported.. so that the lump sum I pay them will be less than if I had to pay what the bills say are due right now. Also, any tips for negotiating with these people? I’ve never done this, only heard and read of several people who have. What do you say, how do you negotiate, how do you tell them you can "only pay X amount", etc. etc. and if I did settle in the end, how would I go about obtaining that statement that I needed to say from them that it was actually settled and paid in full? Do I make sure I get that before I pay or after?
Okay, also, so regardless of whether they settle it for less than 0 or more than 0, I still have to report it as ‘other income’ on my return? And if the amount I settle for is LESS than 0, I just don’t have to pay any taxes on that?
I have so much debt. I can pay for my house mortgage and my car payment but it’s my credit card bills that kill. I have been choosing to pay only my mortgage and car bills. What can I do? I know I can’t make payments on my cards without it effecting me being able to pay for my house and car. Can I file for Bankruptcy? I know I made a mistake charging up a storm. If I file for BK I don’t what to lose my home.
I had a medical problem and couldn’t work for 2 years and really hurt my outstanding credit history. I had a ,000 Visa card debt and a ,000 Mastercard debt. I got on a payment program on both cards, offered to me by the banks. I paid both down to below the limit. The k one re-activated my account and I have continued to pay it down to k. The k account, I missed a payment, was dropped from the program and it has now climbed with late fees and penalties to 10. The bank offered to settle the whole debt by paying 10 (70%) by Sept 15th. Last I checked my FICA was 575 or so.
Here is my question? Will I have a more difficult time getting my credit rating up if I do this 70% settlement by paying 10 by the 15th or would it be better to do the following – pay roughly ,500 asap and then pay the rest off over the next 4 months? My goal is to repair my credit in the shortest time possible. I have about ,500 now and might be able to borrow 10 more but it will hurt.
I had to file bankruptcy due to a previous marriage. Subsequently, I remarried and am now divorceing and finding myself in the same debt situation as I did previously.
The debt is not from things that I purchased. Do not always assume such things. Utilities were all in my name, co-signed for his cards and loans. I am a nursing student and do not work, and I have 3 kids. So working is not an option as the classes run from 7am to 3:30pm Monday thru Friday. After class I make dinner, put kids to bed, and then study until 1am.
I was going to go with a debt settlement company, but I am getting way to nervous about it so I think I am not going to do it. For some reason my gut is telling me not to go with them. They want their fees first before they start working on my debt which makes me think they will just take their money and run.
So I was wondering can I settle my own debt with my credit card companies? I have been reading a lot of articles that say the credit card companies are willing to settle your debt for less now so they will still get paid some of it? What is the best way to do this…I would like to do it on my own so I don’t have to pay anyone else. That way I also know that my debts will definitely get paid off. One of the issues I have though is let’s say I have ,000 on a credit card and call them and they agree if I pay ,500 of it they will mark it as paid in full. I don’t have the 00 right away do you know will they let me pay the ,500 off without fees and over a payment plan? How does all of this work when you are trying to do it on your own?
As of right now I am 3-4 months behind on paying my cards off.
I’m on a limited income, but thousands in debt because I had to help my family. Now, I barely making payments, even with the help of a debt consolidation company, I got a summons from one of my cards. My mother said I should file for bankruptcy, but I heard that it does more harm than and it cost 00, which don’t have. I don’t know what to do anymore. Please help. 
I have about 00 credit card debt on about 4 cards total. The debt has been in collections for 2 to 3 years. I have been working on repairing my credit but these 4 cards have done damage because I wrote them off. Should I contact these credit card companies and settle the debt and If I do will that have any effect on my credit score or will the score remin he same or will my score improve because I have settled the debt.
First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?
Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.
I am actually desperate buying a apartment and loan at 0000. Previously, i had 3 credit and i had settled debt for the 2 cards and left 1 card to settle at 00 which i did paid it slowly every month. Is there any possibilities that they will approved the my loan for the apartment. pls give an advice what way that i can loan and approve.
First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?
Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance!
First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?
Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.
We just settled with BOA and Chase at 50 percent instead of going chapter 13. Citibank has not settled. If we let our 3 cards totalling 12,000 go to collections will they settle for less?
Yes, I know we need to file any settlements as income with the irs on 1099 forms.
My husband has a large amount of personal credit card debt, I notified all the creditors that he is deceased. Now they are calling trying to collect from me. My credit report shows that I am an authorized user for 3 of the cards. Am I liable for any of them? I live in NY
I want to file bankruptcy due to 30,000+ in medical bills, will it effect my 2 cards I now have? Will they be excepted in the bankruptcy?
I have 3 cards, A B & C.
Why can’t I use B to settle A’s debt, C to settle B’s debt & A to settle C’s.
Don’t you think that’s a great idea?
filed bankruptcy in 2004 and stupidly got into a mess with the devil cards again. only bring home 550 a month does anyone have any advice? they are all in collections and trying to do a settlement but was wondering what else the collection agency can do to me besides keep calling me…..nothing else is in my name….thank you
I see alot of advertisements for debt settlement where a company charges you a fee but then gets your unsecured debts settled for partial of what you would have to pay them off as. Is it morally wrong to default on your cards for three months then have a debt settlement for less than what you would have to pay if you are way, way in over your head?
Considering going bankrupt but I want to keep the cards that are still in good standing so that I can start building my credit back up? Do I have to close all of them?
Any other info from experience w/ this situation?
I have about 00 credit card debt on about 4 cards total. The debt has been in collections for 2 to 3 years. I have been working on repairing my credit but these 4 cards have done damage because I wrote them off. Should I contact these credit card companies and settle the debt and If I do will that have any effect on my credit score or will the score remin he same or will my score improve because I have settled the debt.