It seems like they dropped the ball. Can I stop paying the blance of the service fee and negotiate with the creditors by myself? or the debt settlement company still have the right to sue me or something?
I lost my job just under two years ago & have been struggling to keep up with bills ever since. It’s actually somewhat amazing that I’ve lasted this long, but it’s coming to a point where there’s no way I’m going to be able to keep my creditors from filing for foreclosure and repossessing the vehicle.
I’m considering bankruptcy, it would probably be better for me to go ahead & do it now while I still have enough money to pay for the lawyer and filing fees, but I’m still worried that this isn’t the best way to go. I realize there are different types of bankruptcy, and that I may be able to keep the house & car if I have enough steady income & can work out some kind of deal with the creditors (I’m really vague about how this works, but that’s my basic understanding).
Is bankruptcy really the better alternative? Should I hold out until foreclosure begins to file for bankruptcy? What’s the best way to handle a situation like this?
My GF has about 30k in debt…mostly credit cards Just found this out a few days ago and asked her to sit with me and tabulate everything. She has not defaulted on any part of it, but, I guess that could be a possibility down the road. Anyway, the only thing that I have my name on with her is the lease to our apartment (though the bill comes in my name and in the lease it specifically says that any money from the security deposit goes back to me and only me) Also, we have our names together on our internet/tv/phone bill.
I can cover these bills on my own if it becomes absolutely necessary. Obviously I don’t want to and don’t plan to…but I can if the only alternative is being evicted or having services cut off.
My concern stems from this. If a person declares ch 7, I understand that the creditors can basically take anything and everything you own. Would this have any impact on MY personal assets?
Thanks for your help.
Thanks to all who took the time to respond. I appreciate the help!
To make a long story short, I have managed to bury myself with almost ,000 in credit card debt I did not want to file bankruptcy. I have been able to pay around ,500 a month towards credit cards consistently which usually cover a little more than the minimum payment. I was doing the math and even with getting interest lower this is going to take me anywhere around 8-10 years. So I decided to join a debt settlement program that allows me to pay 75 a month for 36 months and it will get me out of debt by settlement. I have never been late on anything before but this month I have been advised by the company I decided to work with to stop paying the creditors. Does anyone know if the debt settlement companies send pfd’s or are they just trying to settle and get their share? What are somethings that I should expect to happen to my credit in the next 3-5 years? Does anyone have any success stories about settling their debt? I am just trying to sleep good at night with this decison.TY
A few month’s ago, I started working with National Debt Relief to settle 2 credit cards….1 with Discover and one with Citibank.
I have had no issues until the other day, when someone from Citi called me to say they don’t work with debt settlement companies.
So, I have my debt settlement company telling me "don’t listen to the creditors, they are just trying to scare you", and then I have Citi telling me "don’t listen to the debt settlement company because they take your money and never pay us…a law was passed last year that we no longer work with debt settlement"
When I first enrolled into the settlement program, they said they did work with both banks, I had to provide my statements and they seem completely legit. I have a certain amount of money automatically being deposted into a trust account with the settlement company uses to pay off attorney fees and my creditors over a specific period of time.
How do I determine who is telling me the truth, and if my debt settlement isn’t working, what do I do with Citi? They did send me a letter asking me to settle…so what’s the difference if I settle through debt relief vs. settling directly through me?
If it helps, Discover has contacted me and is aware that I’m working with debt settlement and seemed more than okay with that. and they both sent me letters to settle for less than what i owe. it isn’t very much debt at all….just what I couldn’t pay off from my old lifestyle, after I had to move across the country and take a job making much less than i had before.
I only have 1 credit card and it has a 00 limit only. I hear online about people saying they racked up ,000 or ,000 in credit card debt and can’t pay the creditors. My first question is how in the world did a credit company let this happen? And don’t most of these people have credit card limits?
I know for credit cards, you suppose to pay within 30 days or so and if you don’t pay, interest is piled on. But wouldn’t after say 6 months where a person can’t pay off their credit card bills, then the credit card company would shut down their account? I hear people talk about maxing out their credit cards but what in the world are they buying where they rack up credit card debt that is ,000? I mean, you can’t buy a car with that since i don’t think you can buy a car with a credit card right? And don’t most people have limits? I would think most credit card limits are max ,000 a month unless they have a very decent job.
Can someone explain how people rack up so much in credit card debt? Do they get 10 credit cards with 00/month max and then max it every single month for 5-6 months? I understand when people rack up debt in medical bills, student loans, taxes and those things but i just don’t get how can people rack up so much in credit card bills. I mean after a person owes ,000 to the credit card company and can’t pay it back, why would they continue using it? I understand if you use it to buy food and support yourself and your family but do people rack up credit card bills b/c of food? I don’t think so right?
And if a person cannot pay it back, i assume they can file bankruptcy right in the united states? And i hear people talk about fleeing the country because of credit card debt. Do they do so successfully? And usually what countries do they flee to? I’m sure canada isn’t one of them right since you can only say 6 months max? What countries do people flee to? Do they ever get caught? So if they stay there after a certain amount of time, wouldn’t they be there illegally? And since they have to support themselves and make money, wouldn’t the us government know that they are making income and thus could garnish their wages even if they live in the other country? Or do these people just try to make money off the table and just live and hide? I mean, are there people that have huge debt , leave the us and then become successful later on in the country they flee to and then become rich? Because if they do become wealthy, wouldn’t they be caught eventually for fleeing the country? If they then decide to pay back their debt after they made money, would everything be fine or would they face huge penalties for fleeing the country? Or do they just have to stay below the radar and can’t live in a nice place because of it?
I’m very curious about this because i read so much about credit card debt and people leaving the country. I just can’t believe a person could have credit card debt this high because i assume the CC company would freeze their cards after they don’t pay after a few months if the balance is high.
my chapter 13 was dismissed last june and i’ve only heard from two creditors. i have a truck loan with wells fargo and they have not sent me bill or even tried to contact me. does this mean that my truck is free and clear?
My sister has been on SSI ( social security income ) due to a disability for a few years. She got 3judgmentsered judgments against her from creditors ( about $ 10,000), she has no way to pay now. I advised her to file chapter 7 bankruptcy to wipe out this debt, Is it legal to file for chapter 7 bankruptcy in this case ?
Thanks for help
I’m about to file bankruptcy, but I read that you need creditor statements to do so. All the accounts are long since charged off, and I have no creditor statements. Can I still file?
I already have a lawsuit and am being harassed. I am filing bankruptcy to get rid of the lawsuit, and also ensure no further lawsuits happen, since other creditors have another two years to sue me. I also just like knowing that it’s cleaned up and dealt with, not just hanging there like they would otherwise be.
I am 26,000 in credit card debt. My life turned around completely last year and I lost many things in my life, family, job, etc. I am not making enough on my job to pay the basics and have been using up all may savings. Now I have no savings left and am short 600 month just for basics and providing for my daughter although she doesn’t live with me. She lives with my mom who is living on ss. I need to file chapter 7 but can’t afford the fees and am not smart enough with paper work to do it myself (I’m terrible with directions). I can scrape together money for the useless credit counseling stuff (so they can figure out how I can pay 1800 bills on 700 income, lol) if I don’t buy groceries for a couple weeks but I have no way of getting 500 dollars. My employer cuts hours every week and it’s that way on all retail jobs. I can’t just get a better job and even with that, i would only have the money I need for the basics. My small tax refund will only be 30 dollars.
If I was able to get a second job (not easy with no transportation and if I work after dark, I have to take a taxi (I spend 20 dollars a week now on taxi rides when I get off at night as my neighborhood is very dangerous and I can’t move). If I can find extra work hours, it will just keep me from being homeless a couple months longer, it will not cover bankruptcy costs. I have no resources, family and friends have no money to help. Is there anywhere in Houston where I can find free legal help (not just a consultation but actual filing assistance without cost?) If I have to pay the fees, I will not be able to pay rent. At the rate I am going, I will be homeless as of July 1st providing I don’t lose my job or have any more hours cut.
They are only a week late but I am already getting calls all day during the week. No one leaves a message on my machine so I presume it’s one of my creditors. I need to file bankruptcy because if I don’t they will sue me and freeze my bank account which only contains my pay deposits which are only 700 but if they take that, I can’t pay my rent. I have nothing to sell as I lost everything I owned last year when my family through me out. They gave away and sold all my stuff. I have a 50 tv and a40 boombox that doesn’t work and a 2year old computer that runs slow.
This is the first time the nation’s credit rating has fallen below the highest level, AAA. The U.S. had held that rating since 1917.
Americans must be asking themselves: Is this the "change" Obama campaigned for?
But the President blames anything and everything on anyone and everyone.
The sad fact is should President Obama be reelected there is little doubt for him to add to the National Debt, in just 8 years, more debt than All Previous Presidents since George Washington…..COMBINED. Does anyone wonder why America lost its AAA rating!
OH!..it was the terrorist Tea Party..No NO..it was Bush..NO NO..it was..ah..Bush senior..it was someone’s fault but surely not the→ p r e s i d e n t.’s
FACT:
The first time the US lost its stellar credit rating came under….Obama.
And while the Democrats are sure to still blame Bush….even after nearly 3 years after Obama took office….it is the OBAMA Administration that has carried out virtually everything "Bush did" to an even higher level.The National Debt and Annual Deficits under Obama are way beyond anything under Bush. Obama and Bush are almost the same. The only thing different is that Obama dwarf’s Bush in the spending area.
And many make note of some of the "special powers" Obama has maintained that the Liberals complained about when Bush was president.
Any "hope and change"….was a false promise that was based on fantasies and faery tales…
Really…!
It’s almost as if he WANTs the US to go bankrupt. We spend 43 cents on every dollar just to finance the Debt.
That’s 43 cents on every dollar that does NOT go to health care, education, Social Security, or anything else.
The US economy is bound to collapse. It’s not a matter of "if" but "when" and "how soon," if Obama’s spending goes on. Do you doubt it? Creditors state that America’s now AA+ status could be even lowered more should serious spending not cease. It is not a empty warning; it is for real!
The reason for the downgrade does not require a political genius.
S & P downgraded U.S. credit rating because the debt is so high. Thanks to the liberals , the U.S.debt has grown by nearly trillion in JUST 3 years. Imagine an Obama reelection?!?
If we had a budget that reduced government spending by trillion over the next 10 years, instead of only trillion, it would have changed S & P’s rating. There is NO doubt about it.
And Obama is attempting to this time not blame Bush but the Tea Party!! IMAGINE that…!!
How audacious!
Tea Party patriots were correct all along. ….CUT THE SPENDING!!
Jotacar→TRUST me I know quite much. I have written for political candidates.
I need be on top of things.
My job demands that I do!
I have been a single mom for 9 years. I was using several credit cards for things we needed and actually was doing well making payments until the credit card companies began to increase their interest rates and amounts owed per month. My credit score was perfect. I never missed a payment. I began to be unable to pay what I owed due to increased monthly demands from the credit card companies. I spoke to a representative from Armored Debt Center who convinced me that they would settle my debts for amounts less than I owed, therefore giving me a chance to get out of credit card debt altogether and I agreed to pay 8 per month for them to do so. It seemed like the right thing to do for me and my family’s future. I have put a lot of effort into making that payment every month starting last October. Armored Debt Center told me not to answer calls from my creditors and sent me a script to basically get off the phone without telling them anything. I followed this advice. They tell you to tell the debt collectors that they are only to communicate with you in writing and then you are to fax everything to Armored Debt Center. When the first credit card company took me to court, I followed Armored Debt Center’s instructions to go to a particular website and retrieve documents to fill out. It was a website that anybody could have googled, not affiliated with Armored Debt Center. It was difficult to figure out what I needed to put on the documents that were to be sent to the court. At one point, I called Armored Debt Center and was told that they “cannot give legal advice” so I was left to figure things out on my own. I was told by Armored Debt Center not to worry, that this was part of the process. I filed everything the website suggested with the court. Prior to my court date, I called Armored Debt Center and was told nothing more than, “Don’t sign anything”. Judgement was awarded for the full amount, plus interest, plus court costs to the credit card company. I continued to keep in contact with Armored Debt Center and fax them everything that was sent to me. It would take up to several weeks for them to call me just to state that they received my fax. They have a well-rehearsed spiel that they give on a continued basis stating that “This is a process. Don’t worry. Keep faxing us documents sent to you. Don‘t give any information to debt collectors when they call you. Use your script. No further action is needed at this time.” They led me to believe that they would be settling with the debt collector “after my next payment”. This went on for several months with no settlement. Armored Debt Center did not settle my 44 debt with the very first credit card company that filed, after a full 12 months of payments at 8 per month. I had given them 96 of hard-earned money and they had not settled anything. Every time I would call, I would get the same run-around, rehearsed speech and be coerced into continuing the program. I would explain that other credit card companies were getting ready to take me to court. Now, the court has allowed the debt collector to garnish my wages by 25%. Because Armored Debt Center failed to settle with the first credit card company to take me to court and my wages are being garnished, I no longer have hopes of being able to get myself out of debt because I don’t have any extra money to give to a debt settlement company, or to save on my own, for such a purpose. At this time, my 3 other credit card companies have indeed initiated taking me to court and I have summons for those now.
I spoke to a representative at Armored Debt Center, Mark, about what had happened and that their debt settlement program had failed miserably. I called Armor Debt Center to ask for my money back for a program that had failed. He eventually said that he would give me back my “reserves” which was 38 but they would not refund their “service” fees which were 30. When asked what services they had provided for 30, Mark stated “education”.. Education on a program that did not work, that did not do me any good whatsoever, and in fact got my wages garnished and ruined my credit. My “education” was a script on how to get off the phone with debt collectors and what website to go to to fill out paperwork to send to court that anybody could have accessed. Upon further pleading with Mark, he stated that they would refund 3 to 4 payments. By the end of the conversation, however, he was saying 2 to 3 payments. Therefore, Armored Debt Center was intending to keep 98. I received an e-mail today asking me to sign a form stating that I will accept 32 back from them, which is only 2 payments and indeed would award them 98 for doing nothing that benefited me. I have been so stressed out, I’ve nearly made myself sick. I have heard that there has been a law passed to safeguard people from these debt relief scams. I have not yet had a chance to find out the specifics.
To be successful, I’d like to not leave anything out when I communicate with them? Anyone know of any forms I can use to dispute debts with creditors?
Or forms to settle the debt for less?
They was a question on here from another user on settling his debt. He said he settled with other creditors for half what he owed but american express wouldn’t settle for less than 85% of his debt. Well he wanted them to take a lump some of 50% and they refused to take it.
If you have they money to pay the lump somes to all these creditors,why can’t they pay what they owe.
If you can’t pay your credit card bills you have 2 options. 1 Debt management the other bankruptcy.
I am trying to repair my credit myself and was told that if I negotiate with my creditors to settle for a lower payoff that it would make my credit worse? My debts are 2-3 years old, so what happens to my credit if I pay them or if I file bankruptcy?
Ihad a judegment on my report for the amount of 1766.00 when I called they told me the total amount was 4700.00 because of Intrest, but they would settle it and send me a paid in full letter. was this a bad idea, should have I arranged to pay it all. I also paid off some old collections ( 5-6 years old) a couple settled for less and a couple I paid full amount ( fees, orginal charges and intrest) how long will it take to clear up my credit and for my score to improve.
I have plenty of new good credit, I have had a new car payment for almost 2 years and never been late, I have a few credit cards that I pay off each month and so on….
So I have good credit I just had a few older collections that I have paid off, but I have not had any BAD debt new to my credit report in 5 years
I sould have letters from each of the creditors with in a couple weeks and at that point I will send them to all three buerues…
I just got separated from my husband a few months ago and ever since then he has not helped me pay for any of our credit card bills. We owe a little over ,000 and most cards are unfortunately under my name because I had better credit score than him. One of the creditors started raising up the minimum monthly payment over 200% and the APR went up to 34 and I hadn’t even been late on it yet. I have not been able to pay on this particular account for a couple of months now and I’ve been getting letters where they say they can help me lower the APR and what not but first they want me to pay 00 to see IF I qualify. Would it be better to do debt settlement, consolidation or should I keep trying to work w/ the credit card company myself? And what companies would you recommend me using if any at all? Help!
I have just been notified that a credit card that I was working with has been charged off and it has been placed with an agency to file suit. They are saying they will garnish wages, freeze accounts and attach a judgement to my property. My employer says that my wages can not be garnished, but what about my account. I was honestly trying to make arrangements with Chase, we had a loss of income and things were very tight for a while. If they attach a judgement what does that mean? Will I have to go to court over this? They are willing to settle for 749 if I can come up with it today!! They just called me yesterday. I do owe this debt and am willing to pay, but they are unwilling to work with me any longer. If I file bankruptcy will that stop the judgement and garnishments? I am not behind with my other creditors and even will be paying 3 off this month. The payments were manageable until my interest rate was increased because of a payment 4 days late and my payments doubled to 4.
In June I enrolled in a debt settlement/consolidation plan with a company. They said they would settle my debts and as long as I was putting the money aside I was supposed to then everything would be fine. They would be contacting my creditors and I should no longer talk to them. Well that is all well and good until I am contacted by an arbitrator and a law office. My accounts were fast tracked to arbitration when they found out the program was in. Each has offered me a settlement but I can’t afford it without a loan. I have perfect credit except for these two past due credit card balances and that is preventing me from getting a loan. The law office said I could make payments, but they would be nearly 00 for six months. There is absolutely no way I can afford that. What can I do? I’m really scared because I thought I was doing a a good thing and ended up in a terrible situation.
I have contacted the debt settlement company and they keep saying I’m not even supposed to talk to the attorney. I am so scared of them taking me to court though. I am putting the correct amount of money aside each month. The attorney’s office told me to go to ripoffreport.com and look up debt settlement companies and I found a lot of other people in this situation.
To be successful, and not to be taken advantage of I’d like to not leave anything out when I communicate with them? Anyone know of any forms I can use to dispute debts with creditors?
Or forms to settle the debt for less?
To be successful, I’d like to not leave anything out when I communicate with them? Anyone know of any forms I can use to dispute debts with creditors?
Or forms to settle the debt for less?
To be successful, I’d like to not leave anything out when I communicate with them? Anyone know of any forms I can use to dispute debts with creditors?
Or forms to settle the debt for less?
I would think Chapter 7 where all of your debts are essentially wiped clear.
Chapter 13, is more expensive and you still have to pay back your creditors what you can afford to pay in a 3 to 5 year period.
Clearly, Chapter 7 has to be the more common one.
We are filing an answer in the next 9 days, we would like to settle out of court, when could that be brought up in court? or to the Plaintiff. We do not want wage garnishment or to have to pay the full amount. I heard there is a statute of limitations as to how long the creditors have to sue. What is that in Texas?
In this era or high technology and advanced sciences, efficiency and fast results are expected. If you can’t deliver that, then you’re out the door. If I am to tell my employer, "the work is definitely going to take a long time to finished. It can’t just happen in a day or two. Even a week is not enough to do this", you think he will keep me on job? Wouldn’t he replace me with someone who delivers faster? If Obama and his team does not know how to deliver quick results to economy, then its largely a "knowledge problem". Its about bureaucracy, lack of logistics and operations research incompetency. If Obama was running a company in private sector, it would run bankrupt. Companies who get slow in production, have to shut down their doors. For example, porsche car company was very slow to deliver some of its models and they took long time to deliver to dealers, the result was that their model didn’t sell and they had to discontinue it. Toyota did mass production and was fast to supply, so it became number 1 in sales. Likewise how can you re-elect a slow president? Creditors don’t wait. They want payment of bill fast or go to collection agency. I can’t keep telling them, "recovery will not happen overnight. when economy improves, call me". They will sue me instead
if creditors cannot wait for payment, why should I wait for Obama to produce economic recovery? creditors sue me and damage my credit and go after my assets. So based on that, I vote against Obama too because like creditors I can’t wait either.
if creditors can wait without bothering me, then i will wait for Obama recovery too. but it doesn’t work that way
angry monkey: 4 years is lot of time. if in 4 years Obama can’t fix it then people like me will not vote for him. And if the next republican can’t do it in 4 years too, then he too won’t be re-elected. Getting re-elected is based on achievements only.
in school i am graded on how I perform on test, not how good my intentions are. Obama supporters are only sticking to the argument that "his intentions are good and republicans are mean".
I filed Chapter 13 bankruptcy approx 2-1/2 years ago and have fallen behind on my payments. I am 3 months late now and my attorney has given me until the end of this month to come up with money I won’t have. I’m sure my case will be dismissed by the court. Does anyone have any information on what will happen at that court date? If my case is dismissed, how soon after will creditors begin calling again? Is there any hope that the court will grant me the "probation" period and allow me the opportunity to get caught up on my payments?
I filed Chapter 13 bankruptcy approx 2-1/2 years ago and have fallen behind on my payments. I am 3 months late now and my attorney has given me until the end of this month to come up with money I won’t have. I’m sure my case will be dismissed by the court. Does anyone have any information on what will happen at that court date? If my case is dismissed, how soon after will creditors begin calling again? Is there any hope that the court will grant me the "probation" period and allow me the opportunity to get caught up on my payments?
I joined a debt settlement agency in august because i couldn’t keep up with my credit card debt. They took on all but one of my cards. I have gotten notices from VISA and AMEX offering to "opt out" and lower my APR, but this is not helpful, I still don’t have the money to pay. I wrote back telling them this and forwarded it to the company who is supposed to be my POA. They (the debt settlement people) just responded with telling me to continue to do what I’m doing but to date, none of my creditors have settled with them. I’m worried about what to do and don’t want any surprises. Should I just try and file bankruptcy?
I filed chapter 7 bankruptcy a couple of months ago, went to court etc. Know I just received a bill from one of the old creditors? My lawyer told me that all the bills prior to my bankruptcy would be void. Can they start billing me again. All I can say is what is the point of filing bankruptcy if they can bill me again anyway..
I have about 20k in cc debt. is credit card debt settlement a good thing? does it affect your credit score even though the creditors have agreed to accept the settlement? I have a 7k debt with chase. they offered a 5 year balance payment plan at 0% interest. The remainder of my 13k credit card balances are currently up to date. Would it be best to just continue to pay the remaining cards or seek settlement. My objective is to keep my credit score as positive as possible.