Two months ago I maxed out all my credit cards and opened an unsecured personal loan because I needed cash for family emergency. Now I have approximately ,000 debts from credit card companies and bank (all unsecured). After one month, I couldn’t afford to make the payments. For my situation, I don’t think I am able to payoff all the debt. What are my options now? When would the credit card company sue me? Can they garnish my salary? If the debt transfer to collection company, how much can I bargain off for a lump sum payment? Should I settle the payment myself or go to debt consolidation company? How many years the bad record would stay on my credit report?

I live in California. I’m working full time with ,000 annual salary. The only property I own is a free-and-clear car (2007). I might able to borrower ,000 from my girlfriend if a lump sum payment is offered.

Please answer as much as you can. Your help is much appreciated. Sincerely thanks.

Technorati Tags: annual salary, credit card companies, credit card company, credit cards, credit report, debt consolidation company, debts, family emergency, full time, girlfriend, lump sum payment, unsecured personal loan

I am making minimum payments with a few credit card companies but could have trouble paying these in the future. I don’t want to go through a debt consolidation company or a debt settlement company. Is it possible to call on my own and warn them I will file for bankruptcy and ask to settle before I stop paying for 30-90 days like most experts say? Can someone give me their advice or opinion on this? Thanks

Technorati Tags: bankruptcy, credit card companies, debt consolidation company, Debt Settlement, minimum payments, settlement company

I must listen to at least 20 to 30 ads everyday on the radio about "secrets that the credit card companies don’t want you to know". I don’t have any debt, but can someone please fill me in?

Technorati Tags: credit card companies, radio

I got loads of debts from various credit card companies.

I think the only way out is to file for bankruptcy.
can anyone tell me how to go about filing a bankruptcy,
and how it works?

Technorati Tags: bankruptcy, credit card companies, debts

some credit card companies if you settle a debt with them for less than the amount owed the IRS will tax you on the rest as income
while tax payers have bailed out banks and now they are making huge profits

Technorati Tags: banks, credit card companies, irs, profits, tax payers

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?

Technorati Tags: cards, collections, credit card companies, debts, lump sum

I have about 23,000 in unsecured credit card debt. I recently lost my job and had to take one making a lot less per month. I went a debt consolidation program that got my payment down to about 700.00 per month. The problem is i am only bringing home net about 1200.00. I then have a mortage utilities and insurance etc so i am running in the hole. Is debt settlememt a good alternative. I do not want bankruptcy . I know settlement will hurt my credit score but at this point I need a way out. I have heard that settlement companies make you hold off on payments and the credit card companies will keep hounding you? Is this true? Does anybody have a suggestion to my dilema

Technorati Tags: bankruptcy, bringing home, credit card companies, credit card debt, credit score, debt consolidation program, dilema, insurance, job, settlement companies, suggestion, unsecured credit card

I’ve heard some people say that the only fair company to use is "Consumer Credit Counseling" but they were charging about 10% of my original debt (which is quite high). Has anyone used those online services that you see on TV? I know there are some companies that allow you to pay off your accounts over time but I would rather get everything settled and not have to worry about it. I’ve tried personally calling the credit card companies or the collection agencies but have gotten no where. Any help would be great!
Or are local attorney’s better.

Technorati Tags: collection agencies, consumer credit counseling, credit card companies

what are the pros and cons for a person that settles their debts with credit card companies for less than the amount owed?

(Debt settlement)

and how does this affect your credit rating afterwards?

thank you ahead of time for all responses!

Technorati Tags: credit card companies, credit rating, Debt Settlement, debts, pros and cons

Can the credit card companies get my disability money like they garnish wages?
Will my credit clear-up in 6 year if I don’t file bankruptcy?
It has been 15 months since I have charged anything on any credit card account.It has been 12 months since I have paid on any of my credit card debt. It is well over 10 times the reported national average. My life situation changed dramatically. My old job was great money and I would be back in it in a heart-beat , if I could. Income from disability doesn’t cover the unsecured debt I have.
I hope to heal and someday go back to work; however, what looks worse a bankruptcy or bad credit? I need advice that will help pull my life together in a way that I can return to the mainstream without some creditor popping up to sabotage my attempts to become productive again. (next time without credit cards- I have made it a year and I am determined to go longer even though the idiots keep sending cards(with hugh credit lines) in the mail.

Technorati Tags: 12 months, 15 months, attempts, bad credit, bankruptcy, credit card account, credit card companies, credit card debt, credit cards, creditor, disability, heart, life situation, mail, mainstream, money, old job, sending cards, unsecured debt, wages

I am looking to pay off a significant amount of debt in the near future but I don’t think I will have enough to pay off everything completely. I have heard from other people that they were able to get the credit card companies to settle their debt for thousands less than the total they actually owed. I was wondering how or if there was actually a way to do this.

Technorati Tags: credit card companies

I have a minimal amount of credit car debt less than 10k, but the minmum payments were killing me and I wasn’t getting anywhere with the balance. I joined a credit counseling service and have not ever had a late payment on iut. Now it is on my score as a negative account because of the DMP. My husband and I are doing arefi to pay of my credit cards, and a friend told me that some credit card companies will take a lesser amount to get you to pay it off. I called the first company and they knocked 2K off right off the bat. The next company said they would negotiate a settlement ONLY IF I AM DELINQUENT. Should I let it go delinquent to do a settlement? Will it hurt my credit any more than it already has if it is late???

Technorati Tags: credit car, credit card companies, credit cards, credit counseling service, iut, score

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.

Technorati Tags: 4 months, cards, credit card companies, Debt Settlement, debts, money, settlement company

I have quite a bit of credit card debt, but I do not know which companies can be trusted. The credit card companies will not work with you these days if you are current. But it is a real strain when income is limited.

Technorati Tags: credit card companies, credit card debt

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.

Technorati Tags: 3 years, cards, collections, credit card companies, credit card debt, credit score

There are provisions in the state code for filing a detinue form for the sale of property to settle debt after receiving a judgment and posting a lien. Is this legal to be used by credit card companies? I get lots of conflicting info off of the web.

Technorati Tags: credit card companies, judgment, provisions, state code

It would take me years to pay back my entire debt to these billion dollar credit card companies, which I don’t feel at all guilty about with all the interest that they charge.

However, I want to resolve my debts in order to improve my credit score. Are there any good websites that offer advice and ways to settle these debts at relatively low amounts?

Thanks in advance.
Also, some of my debts have been delinquent for over 5 years and have been sold off to collection companies. How do you settle these if the credit card company is no longer involved in the debt (i.e., they sold the rights to the money).

Technorati Tags: credit card companies, credit card company, credit score, debts, dollar credit, money, thanks in advance

I’m not sure if this is even possible but can someone make a debt settlement offer if there account isnt in default? I’ve recently had an opportunity to work some over time and save some money and I have a few accounts that I would like to close out and pay off. I’ve heard of some people making offers with credit card companies to settle their debt and close their accounts but their accounts have always been in default where mine are not. If its possible how would I go about doing it.

Technorati Tags: credit card companies, Debt Settlement, money

i have 60k in credit card debt. i am unemployed, and have to move back in with my parents. i have 9 different credit cards, all with significant balances. at this point in my life i realize i am screwed credit wise, filing bankruptcy was an option for me, but i would rather settle my debt and only have my credit screwed for a few years instead of 10 – 15 years as would be the case if i filed bankruptcy. i haven’t been paying on my credit cards for the past 4 months or so because i couldn’t afford paying them, and i knew that i was going to settle, so instead of signing up for a debt settlement company and letting them wait for my delinquencies, i’ve decided to let them fall behind on my own. i couldn’t afford the monthly payment for the settlement at the time because i’ve lived on my own, but now, i’m moving in with my parents and will not have to pay rent, and can focus all my unemployment funds to getting out of debt. i do not want to negotiate with 9 different credit card companies on settling. i’d rather pay the 15% or so for a debt settlement company to do all that type of work, where i then can have all 9 credit cards settled with the same company, and only have ONE monthly payment where it could be paid off in 3 or 4 years. can anyone tell me a good, reliable, cheap debt settlement company, in which i can consolidate all 9 of my credit cards into one monthly payment in which i can afford? i know i’ll have to pay a little more for using a settlement company, but to me it would be worth it instead of dealing with 9 different entities, making 9 seperate payments. i just want to use a settlement company that i can trust, which will be able to bring my total debt down from 60k to around 30k (most advertise can lower your debt to 50%), where i can make one monthly payment. i realize there are fee’s and i also would have to pay back some money on my income tax, i’m looking for a company that would be the least expensive, and also one that is reliable and will not screw me over. please, if anyone can lead me in the right direction with a decent settlement company it would be greatly appreciated, thank you so much in advance for your help, thanks again.

Technorati Tags: 4 months, credit card companies, credit card debt, credit cards, Debt Settlement, delinquencies, entities, filing bankruptcy, getting out of debt, income tax, money, parents, settlement company, unemployment funds

Interested in knowing your opinions. I’m sure you’ve all known people who are drowning in debt, and have been paying the credit card companies for years and years and still have been unable to pay off the balances.

Then the credit companies have increased the interest rates to 30% not because they were’nt paying, but because they had high revolving balances. Or, credit lines have been frozen because of a late pay on another card (universal default).

Do you think that debt settlement is wrong, because people should pay back what they own?

Technorati Tags: credit card companies, credit companies, Debt Settlement, drowning in debt, interest rates

I know that the trustee has to sell whatever assets you have, to partially pay back the creditors, but what ARE those assets? Like Furniture? Dishes?

Please dont tell me how bankruptcy can ruin credit, etc. I know it already, and after all of this hell with the credit card companies and the mortgage company, who the hell in their right mind would want to deal with credit ever again? Just, if you have the answer, then great, please answer. If not, then keep your opinion to yourself and move on. Thanks.
I dont even have the money to buy food or toilet paper, let alone a boat. If they are only looking at major purchases, then they are going to be in for a shock.

Technorati Tags: assets, bankruptcy, credit card companies, creditors, dishes, furniture, hell, money, mortgage company, shock, toilet paper, trustee

I was told debt settlement agencies know how much a creditor is willing to settle for and so they are better negotiators.

Should I just use my debt settlement agency since I don’t know how to negotiate with my credit card companies?

Technorati Tags: credit card companies, creditor, Debt Settlement, negotiators, settlement agency

I was ripped off by my finacial advisor, and a caregiver, now I owe a few credit card companies. I want to clear my debts in full (or settle). Will I damage my good credit if I negotiate a settlement? What can I do? I qualify for medical hardship, these debts accurred over a couples years, due to becoming paralyzed and permanetly wheelchair bound. I do not receive disability, but am retied with pension. Will a police report help or be needed? Thanks.

Technorati Tags: caregiver, couples, credit card companies, debts, disability, finacial advisor, medical hardship, police report, wheelchair

I would like to hear from people who have actually filed. What happened? What is the process? Are you happy with your decision? Stress relieved?
I am so in debt and credit card companies keep raising the interest rate. I cannot get ahead. I don’t see another alternative.
Please – only people who’ve actually filed. Thank you!
Any information is appreciated.

Technorati Tags: credit card companies, interest rate, stress

I never late for any of my payments except one time, one of my credit card companies changed the grace period and kept it low key and because of that, I was late for 1 day and becuase of that, they raised my APR from 3.99% to 29.99%. When I called them, they kept saying this was not their responsability and nothing they can do and NOT even listened to my reasons. I have no choice but to file bankruptcy.

Technorati Tags: bankruptcy, becuase, credit card companies, grace period, low key, responsability, time one

I am currently 30 years old and a stay at home mom with 1 kid and 1 on the way. I do not own anything in my name. I plan on going back to work next year by March 2010. I had a credit score of 700 about 3 years ago. I lost my job about a year ago and racked up about K in credit card and medical bills. My credit score is probably not that great anymore. My boyfriend does not make enough money to pay the credit cards any longer. We were going to start next month and NOT pay them at all. We were paying the minimums before but need the money to eat and feed the kids now. We are thinking about filing bankruptcy but not sure if it’s the way to go. Here are my questions:

1) Do you think BK is the way to go?
2) Will the stores come and take my belongings if I file for BK (such as the television)?
3) Is it better to file for BK after filing for tax return? (So they don’t take the refund)
4) Will it be a problem trying to find a job in the accounting/finance field if I file for BK? (As some companies may do credit checks.)
5) Do you think I should talk to the credit card companies before I go filing for BK? I doubt they would really help me though.

Technorati Tags: 3 years, accounting, belongings, bk, credit card companies, credit cards, credit checks, credit score, enough money, filing bankruptcy, finance field, job, medical bills, stay at home, stay at home mom, tax return, television

I owe US$ 100K to more than 10 credit card companies/ banks since 1998. I have not been able to repay this debt since 1998 due to financial distress and I have been residing abroad (out of the U.S) since then. Now that my financial situation is relaxed I wish to repay my debt to each of the banks that I owe debt to. However I’m not able to do so because I still reside abroad and it is not convenient to settle this debt from abroad as it require a lot of formalities. How can I find a reliable lawyer based in the U.S who can carry out this job for me.

Technorati Tags: banks, credit card companies, financial distress, financial situation, formalities, job, lawyer

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.

Technorati Tags: 3 years, cards, collections, credit card companies, credit card debt, credit score

I recently heard on radio about a debt free program. They officially negotiate on your behalf with the credit card companies. What may be the Cons? Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How may it affect one’s credit score?

Technorati Tags: credit card companies, credit card debts, credit score, debt settlement program, radio