Can you settle debt with a credit card company even in good standing?
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

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We are considering chapter 13 as we are deep in debt with interest rates so high we can barely afford the minimum payments. We are not behind on our mortgage. Do we have to include our 1st and 2nd mortgage in the reorganization? Or do we keep those separate? Is it all debt? Or just unsecured debt?

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So we don’t raise the debt ceiling and we can’t spend more money? We should still be able to make the minimum month payments for our debt yes? It’s like a credit card limit, you reach the limit and apply for a limit increase. Just because the bank denies that increase does not mean you can’t make the minimum payments. If anything, it should help make the minimum payments since you aren’t adding more debt on.

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I have debt that may total about 00 but i live pay check to pay check and just found out i am pregnant. i have not paid any of this for about a year or two. trying to get my life back in order before the baby is born but was hoping to settle my debt. I had 3 credit cards one for 300 and one for 700 one i only owed 80 dollars on but stopped receiving bills, i also owe a bank money to just not sure how much. i couldn’t make the minimum payments anymore. lost the place i was living at and everything. finally getting my life in order but at my whits end. and advice would be great
so basically i cant pay or settle for anything? if i cant deal with the collection agency then how to i get rid of the debt without them taking further action against me?
I do not have any money but i do have a snowmobile i can try to sell. no i haven’t got anything from them at all no mail just phone calls that i don’t answer. but thats what happened to my parents but they owe way more then i do but i dont want that to happen. i dont want to wait around for something like that to happen. even if i somehow got the money to give them 300 for the 300 limit credit card and just not pay all the interest and late fees… would they be more willing for something like that? i have not ever contacted them in the past 2ish years. i dont know just frustrated trying to find answers of how to deal with this when it is this out of control….

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With over ,000 in credit card debt and not enough money to meet monthly minimum payments, is it better to settle balances with the credit card companies?

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My husband and I are about ,000 in credit card debt and we are drowning financially. We want to avoid bankruptcy, but we can’t even make minimum payments anymore. We have considered using a company called Superior Debt Settlement. They have told us that they can settle our debts, set us up with a payment plan and we can be of debt in 3 years. At that time, they pay for 3 cycles of debt restoration so that our credit score will look much better. Is this a good plan or can someone recommend a better plan. Has anyone ever heard of or used this company before?

Technorati Tags: 3 years, bankruptcy, credit card debt, credit score, Debt Settlement, debts, minimum payments

I have ,764.00 in credit card debt with interest rates in the 20%-30% range. I am looking into either a debt management program or a debt settlement program. For the debt management program they estimate that I will pay ,410 total including their fees and be debt free in 3 years 9 months (April 2013). For the debt settle program they estimate that I will pay ,058 total including their fees and be debt free in 2-3 years (July 2011-July 2012) depending on how much I decide I can afford per month. I see that the settlement program is a lot cheaper in the long run (,352), does not take as long to complete (24-36 months instead of 45) and is at least 0 cheaper a month if I choose the 2 year program and 0 cheaper if I choose the 3 year program. My current credit score is about 645 and I don’t want to destroy it, but I can not keep paying the minimum payments for the rest of my life and never be debt free. Has anyone used either of these programs? What was the difference in your credit score when you finished the program? Did you have any problems? The name of the company is Coastal Credit Solutions out of San Diego, CA. Any help would be highly appreciated. Thanks!

Technorati Tags: 3 years, 9 months, credit card debt, credit score, credit solutions, debt management program, debt settlement program, interest rates, minimum payments, rest of my life, san diego ca

I had very good credit. Two years ago, however, I was forced to lose my home to foreclosure. Actually, it was two houses. After that, my big credit cards were cut or reduced, however, I never stopped giving payments. I’ve always been in good standing. I always give more than the minimum payment. Things were okay after the foreclosures, I could still afford to pay my balances, and it was all just alright.

However, about maybe 3 months ago, I started thinking about filing for bankruptcy. My cards weren’t maxed out, but I was still finding it a little bit harder to make payments. Then, business started thriving again, and that’s where I started spending more. I’d never maxed out my cards. Now, they are full. So, basically, three months later, I find myself in the same situation. Business has gone down once again (even worst than the first time) and now it’s getting tougher and tougher to make payments. Up until this month I still made some big purchases. A dslr camera, and somethings because I could still afford it. 2 months ago I bought me a fridge (2,000) dollars. Business is completely dying, but I’m afraid of filing from bankruptcy and having my things taken away… How long should I wait before I file for bankruptcy? I’m also afraid of being charged for something I honestly had no thought of doing (stealing the banks so much money) I would say I’m about 10,000 dollars in debt (i know it’s not a lot, but for me at the moment it is…)

What should I do? How long would it be reasonable to wait so the court doesn’t think I went and maxed out my cards before i filed for bankruptcy? (seriously, that was not my intention) A couple of months would be good? With my small savings I think I could still afford to make the minimum payments… HELP
I don’t know what I was thinking when I said I’m 10,000 (I was thinking just about a few cards) dollars in debt. I am about 50,000 dollars in debt. If not, more. Like I said, I had great income, and very big cards.
Spalmer: I’ve always known how to manage my credit. I’ve never been a big spender. My business was a thriving one for 14 years. I’m a wedding planner, and believe it or not, I made the big bucks there. Somehow, things are not the same. I also had another business, a small landscape designs. Things happen. At the end, yes, I might have spent much more than I should have, but i DID have the money to do so. Its just that you never think something bad is ever going to happen to you.
I’m sorry not saying what my income was. It’s about 100,000 but, like I said, I’m nowhere near making that. I do not own expensive car. The home I recently (2 yrs ago) purchased I bought cash.

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Was told by two attorneys that before I file Chapter 7 bankruptcy I need to be three months in arrears on my minimum payments.What should I tell the credit card companies? The calls are already non-stop.

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Ok, I have 5 negative and 5 positive credit marks on my credit report. My fiance has 0 positive and 2 negative. We both have a negative mark for a joint automobile. We were both in a wreck (not our fault) and have been w/o transportation and a job b/c of the wreck. It caused a lot of things to become negative marks.
I dont see how I have positives b/c we were unable to pay everything other than rent/electric/water. We got some money from the insurance company for pain & suffering and lost wages. Currently, I have paid off 1 of his negatives (not the vehicle, but the credit card he has)… and 3 credit cards that were negative. I am still months late on one loan (which is still deemed positive). The other credit card I never used and had closed a yr ago. And the other positive I am making minimum payments on (but was late 2 months).

So, all the APRS have shot through the roof… combined, we are about 12-13000 in debt (most being the vehicle, followed by my loan and credit card). The APR on the vehicle is outrageous…and payments more than doubled. Only 1/9 goes towards the vehicle…the other 8/9 goes towards the finance charges. The vehicle is on a Honda credit card.

Should I file bankruptcy? What about 3 yr bankruptcy term (or shorter)? How does that work…will it show in the future after 3 years?
Also….if I filed bankruptcy….would the vehicle be only his repsonsibilit then? How can we get the vehicle out of our life…lol! Its a pain, monthly payments are outrageous…and its not worth what we owe now.
I do have a old vehicle that was given to be as a present a few years ago as a graduation present. Its pretty old, but it runs ok (not well). Its probably only worth about 1000. I use it as backup if I have an emergency…but it doesnt run very well so I dont like to drive it.
If I filed bankruptcy…would they take that away?

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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 have accumulated alot of debt and I am bearly able to make the minimum payments. I have seriously considered bankruptcy. Don’t know if credit counseling or debt consolidation would be other options available to me? I am very frustrated and embarressed.

Technorati Tags: bankruptcy, credit counseling, debt consolidation, minimum payments

Do you think that individuals who have credit cards, but can not pay more than the minimum payments (which means they can not pay back that debt) or all individuals who have ever filed bankruptcy are immoral? Interesting question here. Just curious what others think?
Interesting answers. I have to agree with maxbegood on this one, as this individual has actually gone through the process. I have absolute compassion for people who are in debt, because I know what it is to be in this situation. I am working hard and will pay off all my debts one day, but unfortuneatly in this great country of ours, came credit cards and with that came close to usery limits by banks with promotional encouragement to consumers to spend more then they had, without being educated in how seriously hazardous this can be. I think it is imperitive to get kids off to the right start teaching them about money, principle and interest. There is such a huge divide in this country between the rich and the poor, and it is getting wider. I am not sure why, but I think that many people who have little money are more moral than others who make a good living. A person who has nothing, and gives a penny is more than the sacrifice of a rich man. It is biblical. Good topic though.

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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.

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Over the last couple of years I’ve put myself in debt by about ,000. My credit status is still good as of right now, but I’m only making minimum payments on 3 credit cards and paying off my monthly mortgage. I have ,000 in my 401 K, but would be facing an early withdrawal penalty as I am only 45 years old.

My question is… I know that my credit status will go to crap if I file bankruptcy, but then I would at least have my 401K to use without having to pay the credit cards in full. Where as if I take my 401K out before I file, then I will have to use them to pay off the credit cards and have no retirement money to look forward to.

What should I do? Please no foolish answers… I really need help on this. Thanks!

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I have three credit cards and am having trouble making the minimum payments. Would it be wise to open up a new line of credit and transfer them all to one card that way I only have one payment a month. If so where can I get approved for a card like this? Should I go to a bank or find a deal online? Help! Please!

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I have about 15,000 worth of debt at the moment not including my vehicle and home. I am told they cannot seize these things as long as you can make the payments. My problem is credit cards. I have been unemployed for a while and keeping up minimum payments but they have increased my rates by 50-80% on most of my cards even though I hadn’t missed a payment and my credit score is almost flawless. They say rates were raised because I am currently high risk because I am unemployed. I have done everything I can to keep up the minimum pymts until now. Long story short I haven’t been able to pay the last couple of months and it is starting to pile up. I don’t know if I should file for bankruptcy and start over or try to negotiate a pay off with the creditors. I don’t want to ruin my credit as I worked very for it but it is going down no matter what at this point. This is a total nightmare.

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like its because i defaulted on a car loan that i can only make minimum payments for so they were suggesting i should file bankruptcy. Will i be able to lease another apartment? I have good rental history its just the car loan and some medical bills, will that change anything?

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I am severely underemployed, making minimum wage, 20 hours per week. I used to make more money and was given credit which I used, to the tune of ,000 in unsecured debt. Between my rent and utilities expenses, I can’t make my minimum payments to my creditors. I am striving to improve my employment status, but until I succeed with that, what can I do? I have no assets to sell and {content} to pay to debt consolidators and in payment plans. Is there any way to put my debt off for a few more months, or should I start thinking seriously about personal bankruptcy?

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I am 23 years old, in college part time and working part time. I am recently divorced and have about ,000 in loans and credit card bills I got stuck with that were all aqquired during the marriage. Since I can only afford minimum payments (and receive no financial aid) I feel like I should look into bankruptcy.
I have two credit cards, so If I file bankruptcy on just my loans (,000) and one credit card, does keeping the one credit card plus an account balance with Dell (for a laptop I financed) help my credit score at all, as opposed to filing on everything I owe?
And everyone says to do it before I get any older if I’m going to do it. And I don’t expect any new bills (I have a dependable car and low rent) anytime soon.
Sometimes I feel like bankruptcy is "cheating" but I had an extra income at the time I signed for the loans, and of course didn’t expect to get divorced. I feel helpless, as the balances barely go down and i’m spending money I need to live, or I’m going to have to quit school.

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I live alone with my daughter, am divorced. I am about ,000 in debt, all together. What is the process in which I could file ch 13, do I qualify? I am also delinquent in filing my tax return, I just don’t have time…haven’t for three years. I do not receive child support. I do not receive any public assistance. I work odd jobs. I do not "owe" any taxes, I just have not had the time to file due to my schedule. I want to clean the slate. I’ve tried to talk with consolidation companies, however their minimum payments would not allow me to survive. Can I file this myself, and how do I go about it?

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I have about ,000 of credit card debt and 00 left on my school loan. I only make about 00 per month. I can’t afford to make more than minimum payments so I am getting nowhere with paying it all off. I’ve been trying to get a better job but I don’t really qualify for anything that will pay better. I’ve been dealing with this for years and feel trapped. I’m considering bankruptcy but would prefer to find an alternative.

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I don’t want to file bankrupcy, but I have been unable to find a decent job for the past 8 months. I’ve had to use my credit cards for things like groceries and gas. I can no longer make my minimum payments, although I can pay a small portion. Further, I have been accepted to graduate school but I might not be able to afford it unless I file for bankruptcy or only pay a portion of my minimum payments. I have researched bankrupcty and the alternatives, but it seems so hard to get objective advice. Most information sources have a vested interest in the topic. Some claim that a bankrupcty will make it impossible to obtain future credit and prevent you from getting a job. Others claim it’s not so hard to get credit cards or loans. I know a bankruptcy won’t be fun, and I feel terrible to be considering it, but I’m wondering whether it’s really as bad as everyone thinks it is. Can anyone give me some advice or direct me towards an objective source of information? Thank you.

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She doesn’t want to file bankruptcy because it will destroy her credit but she makes minimum wage, has no house or car, and can barely afford to pay the minimum payments on her accounts.

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