I am a college student that just graduated and will be attended grad school. I have around 00 in credit card debt + student loans and am struggling to make the monthly payments. I know filing will destroy my credit, but I don’t need any credit for at least 5-7 years. Would it be worth filing bankruptcy to get rid of this debt? How long does it take to restore your credit to a decent standing after you file? Thank you very much for your help.
OK, few questions. If someone has say, 25k in debt – credit cards, the like – is it really possible to call the companies and negotiate a settlement for less than owed? And #2, how does this reflect on the credit report?
My brother in law is telling me that he is inheriting about 30 thousand bucks soon, and will be calling his creditors (credit card debt only) and negotiating with them, telling them that he has to file for bankruptcy and offer them less than owed. He SAYS he can negotiate and get them to about .30 cent on the dollar.
Is this correct? And how does it appear on the credit report? I don’t believe him. He says that he wants to keep as much cash as possible to open a business in a year or so. I say he will regret it because of the marks on his report. Who is right?
As a student, I incurred some credit card debt and some overdrafts that I could not afford to pay back. I left the UK in 2001 and may need to enter the UK for a business visit soon. Will I be stopped at Immigration and prevented entry? Will I be required to settle all the debts at that point? I am not a UK citizen.
I am a college student that just graduated and will be attended grad school. I have around 00 in credit card debt + student loans and am struggling to make the monthly payments. I know filing will destroy my credit, but I don’t need any credit for at least 5-7 years. Would it be worth filing bankruptcy to get rid of this debt? How long does it take to restore your credit to a decent standing after you file? Thank you very much for your help.
I recieved a 1099c form from a credit card company for a settled credit card debt. The amount is for ,000. I only make ,000 per year. Will I end up owing on taxes due to being in a different tax bracket?Will the debt finally be gone?
I am married. My husband and I are both college students. We don’t have any credit card debt, but we only make 18,000 a year. He still has 3 years and I still have 4. His credit is just now getting good. All of this is on mine. We have gotten all of our other creditors paid off, but we feel like we have no choice.
I received a letter from Cohen and Slamowitz, a law firm, notifying me that my creditor (citibank) has referred my account to their office for collection. They state that I have 30 days to ask them to validate the debt.
I am planning on sending them a letter to validate the debt, but I am considering offering them a settlement amount to clear the debt.
By offering them a settlement offer (a take it or leave it), does that in effect validate the debt and validate the fact that I owe this money? If we cannot settle, and this ends up going to court, will the fact that at one point in the process I offered to pay them a sum of money to settle the account hurt me and will they use this as evidence that I in fact owe all this money?
Any tips or answers to my problem will be appreciated. Thank you.
The debit is relatively new… it is credit card debt and I defaulted in April or May I believe….
I received a letter from Cohen and Slamowitz, a law firm, notifying me that my creditor (citibank) has referred my account to their office for collection. They state that I have 30 days to ask them to validate the debt.
I am planning on sending them a letter to validate the debt, but I am considering offering them a settlement amount to clear the debt.
By offering them a settlement offer (a take it or leave it), does that in effect validate the debt and validate the fact that I owe this money? If we cannot settle, and this ends up going to court, will the fact that at one point in the process I offered to pay them a sum of money to settle the account hurt me and will they use this as evidence that I in fact owe all this money?
Any tips or answers to my problem will be appreciated. Thank you.
The debit is relatively new… it is credit card debt and I defaulted in April or May I believe….
I currently have ,000.00 plus credit card debt and would like to settle and pay them off in the next month. I will have a lump sum to work with and am hoping they will accept 50 to 75 cents on the dollar. I have medical problems and work on commission only. Because of my health, not knowing how much longer I can work with my condition, I can’t consolidate and make monthly payments. My plan would work best for all. I just need some advice on how to communicate best with the creditors.
Can i reset the 30 days, telling them i can’t make the full payment within this time frame, but rather settle next month instead ? can i call them and do this ?
it was a sears card 00 max. I guess interest grew to 00, with 6 months no payment with Sears, and then 31/2 years collections. It grew to 00 total after roughly 4 years.
What should the settlement be ratio? Does 00 sound alright ?
or they can settle for less ? i have only 0 ?
Does settling credit card debt affect my credit score ? Currently paying on Student loan, monthy.
This would up my score, wouldn’t ?
I have credit card debt and am looking for a debt consolidation company that I could do business with. I’m looking for the best rated company. Having an excellent rating with the Better Business Bureau would be a plus. Thanks.
Can someone please let me know the name to a credit card debt settlement company that does the right thing.
My husband wants to keep our house and file bankrupty to get rid of all our credit card debt. I want to sell the house, move in with my folks, not file bankrupty and pay off the debts. Both are doable but I think my idea has a less adverse effect. What do you think?
Ok I have around ,000 in credit card debt. I also co-signed with my mom to buy a house 4yrs back and it is due to go in foreclosure soon due to the fact that her husband lost his job (construction) and I couldn’t make the payments by myself which is why I defaulted on my mortgage and credit cards.
I also suffered a broken ankle in December and upon returning to work in May I lost my Supervisor position which was nearly a / per hour pay cut. To top it all off they decreased our work-week to 32 Hrs.
So my question is can I get away without filing for bankruptcy and just wait til everything clears up in 7 years or do I have to file?
Unfortunately my injury happened at home so I was receiving Disability insurance which was about %60 percent of what I made normally.
My mom or her spouse haven’t been able to find a job and their unemployment ran out 2 months ago.
I don’t have anything of value that I see the court selling off to pay back some of my debt. I am really broke and don’t have much in the way of assets. I only have about ,000 in my 401k other than that I am broke
I bank with Bank of America and I have a bad debt on a credit card that I no longer have.
My question is??
With this bank I also have a car loan that I’m about to pay off in a few months and also have my mortgage thru them. I will try to settle the credit card debt but would they offer a settlement if I have a vehicle loan and a mortgage loan?
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 wanted to know what my options are in terms of settling old credit card debt. The debt was charged off in september of 2009 and now they are looking to seriously collect as I recieved an official "summons" with no court date. I called the lawyers office who are repesenting the creditors and they said I can still mediate the account by writing a letter stating how much I can settle for or how much can I pay monthly on the account and they will report to the court the agreement and cease legal action. Is this really the case? or do i automatically have a judgement/lien against me being the fact that they took the step to start action with a summons. Called this morning and he said it is just the initial step. How do I approach this?
Should I write a letter to settle the account? For how much?
Should I pay monthly and then settle later on or pay in full over time?
I cannot afford to pay in full up front. Just graduated in 2008 but just started working full time.It is an old debt and credit cord from my college years coming back to haunt me. I use to make regular minimum payment without missing a beat until mid last year and then they charged it off.
Now it is at a collection company who is now being represented by a collections attorney company.
I am interested in pay for delete off my credit report but do understand that it would remove my oldest credit account on my report which would negatively affect me. How should I apporach this and what should I state in my general repsponse letter to them?
the account is about ,000 from student credit card from bank of america. It is now with cavalry portfolio after going through FIA CArd services.
I just could not afford the payments at the time
Does the summons and/or me sending a settlement letter to them after the fact show up on my credit report as a consent judgement or just a charged off account being paid on?
I am a single mom of 3 with no financial help. I work full time and have a pt time job to support us and get no other help financially. I have about ,000 in credit card debt. I have not been able to pay consistantly on them in about 6 mos. I want to get the debt paid and am trying to budget to do so. Is it better to try to settle myself or hire an agency to do so?
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 am a 22 yr old, 4th year university student with like 7 thousand dollars in credit card debt. I have part time job, that pays for my rent and car insurance, and some food. I get my tuition form my parents. But since this is my last semester I wont get any more tuition form them. I am really stressed up right now. Can I file for bankruptcy? What is the procedure.
I make ,000 per year. Of the 30K I’m in debt, 18K is from credit card debt, and 12K is what I borrowed from my own 401K.
I have ,000 in credit card debt from 5 years ago. I am currently in school full time and simply cant pay anything on it. The collection agency wants me to get a student loan and settle at the origional debt of ,000. He is sending me in writting now that the debt will show paid in full on my credit report. Is it wise for me to do this or would I be a fool?
I need to settle my credit card debt. Is it better to wait to negotiate with the collection agency or before it goes to the collection agency or at another point?
Thanks in advance.
i have a credit card debt that went into debt collection. i did settle, (with a debt collection agency) but, years ago. now, another company has apparently bought the account and is harassing me. this debt is approx 20 years old. no proof of payment.
After one pays a credit card debt settlement, will your credit score change at all?Will it stay the same, go up or down. Please ONLY answer if you have experience/knowledge about this.Thank you and God bless
I am a single person, low income (waitress), just suffered a major medical expense and no insurance. I have lots of credit card debt, no car, house or student loan debt. How much would it cost a lawyer to file my case with bankruptcy court? Thanks!
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
Credit Card Debt Settlement? How do Judges and Courts settle these cases?
I owe money for things like medical bills or unpaid phone bills from years ago. How can I find out what I owe so I can start paying it off. Most debt solution places only settle credit card debt. Also one one debt my social security number was not right. Will i still be connected to that debt? I have no credit card debt and Id like to pay off these small debts to get my credit score up
I have been told recently that you can no longer file for bankruptcy on credit card debt. I am curious if this is true and if it is; what is someone ,000 in credit card debt trying to get an education and support a family supposed to do? I have one credit card that refuses to work with credit agencies. What do I do now? I know it is my debt, but I was a young single mother and now I am in way over my head; barely living from paycheck to paycheck. What can I do to survive while I try to finish college and support my family?