programs such as national debt releif

kovacs32

kovacs32

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anyone have experience or know someone who used such a program to get out of debt? I was doing well paying down balances but i made substantially less money over the last 12 months (lost a ton of overtime). I am considering using a company such as national debt relief so i can finally get on track to get this behind me. thanks for any pertinent info and advice
 
What about a debt consolidation loan through a bank or credit union? It'll be less interest than the lines of credit, and you won't take a hit on your credit score like you would through a credit counseling program. I've seen some peoples' credit get destroyed through some of the various credit counseling programs out there. Debt consolidation should give you lower monthly payments as the interest is generally less than a credit card. Right now, your typical debt consolidation loan should be between 8% and 12% depending on the length of the loan.
 
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most times those agencies do what you can do. Call up your card holders and tell them you are in hardship. Most time they will work out a payment you can afford and freeze your account in the meantime. It won't report on your credit either.
 
A lot of good advice in here so far. Continue to do your
homework & contact your creditors, I too think you’ll be
surprised at how flexible & helpful they can be.

As always, “If its not in writing, it didn’t happen.”
 
if the credit card companies not want to work with you mention the word bankrupt, they get helpful fast
 
Well I will be damned!! I gave it a shot and called up chase card services It took a couple hours but I settled my debt to them on two different cards at 50%! Now I can only hope I can settle the few other cards nearly the same way and I will be in good shape a lot sooner than I thought!' Can't believe it was as easy as it was for the first time. Not sure if it's true but I heard chase is one of the less likely to settle with. I need to talk to Bank of America next and the rest of the accounts are not very high amounts. Thanks guys!
 
one account sent me a letter today saying they would accept a 33% repayment settlement if i qualify.... bank of america says 80% not a penny less...not sure if i can try to counter offer that or not...they are my biggest account and settling them out at or near 50% would be huge.
 
kovacs32 said:
one account sent me a letter today saying they would accept a 33% repayment settlement if i qualify.... bank of america says 80% not a penny less...not sure if i can try to counter offer that or not...they are my biggest account and settling them out at or near 50% would be huge.
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Wht if you start with 80% then call back in 3 months for more?
 
I would make sure you get everything in writing before paying anyone. Also start selling some stuff that is not needed. Get rid of car payments, that is the biggest thing I here dave Ramsey talk to people about. I can tell you onfe you are on the other side and debt free, you will never go back. Very easy to sleep at night. Good luck
 
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Those two banks are the worst. I ended up getting settlements from both for bad mortgage practices due to false forclsures and false missing payment charges. maybe they've turned around after those class action law suites! Best of luck, my sister did one of these consolidation agencies, ended up filing bankruptcy a year later anyway. Just keep pestering them you'll get farther with less stress.
 
cant give up my car payment as its the only reliable vehicle we have. im fairly sure that my other smaller balance cards can be settled reasonably... its just bank of america thats gonna dragg this out. If i can hjust get them down 60% or so i would do it for sure. We'll see what they say when i dont pay or talk to them for two months.
 
kovacs32 said:
i dont pay or talk to them for two months.
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dont do that, call them use terms like

unaffordable, bankrupt, tell they you are consulting a BK lawyer.

also keep in mind any amount you settle for the difference between it and what you owe can be considered "income" as far as taxes and you will get a 1099 for that amount
 
as it stands right now i have cut down my total debt 33%, Bank of america is the main one keeping me from A better settlement...i really hope to change that. So far this is working out unbelievably well for me. Even if bank of america wont budge from the 20% reduction I have secured a loan from my 401k to pay out all my settlements. then i pay myself back at 3.25% interest... kind of the best case scenario from what i am in. I am keeping one credit card that has remained in good standing and with a very low APR to pay down slowly and help re build my credit. i will niow be in debt to myself, not banks.
 
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