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I have a capital one card that has $1000 debt on it, and it is overdue by a month. A student loan for 4,500 that is automatically withdrawn from my account and is up to date. A Best Buy card which I has had one late fee and is up to date (but I may not be able to pay this month) and has $2000 debt on it. And an Arizona Federal Credit Union credit card that has $15,000 debt on it and is up to date. All of these things are pretty much maxed out. My husband had been making more money and were were able to pay these, but then he was unemployed for several months, now he is working for minimum wage at a gas station and we have a $1200 mortgage payment which we are up to date on, thanks to my FIL this month. We have good credit, so far, but that is about to change with barely any money coming in.

Am I a candidate for debt consolidation?

I certainly seems like you would be a good candidate for debt settlement. It will get you one payment around half of what you were paying and will have you out of debt in 24-36 months. Typically a settlement company will be able to settle your unsecured debts for 40%-55%. It does hurt your credit because your creditors won`t negotiate unless your bills are 120+ days late but it sounds like you are about to be late soon anyways so that is irrelevant.

Sub: #1 posted on Mon, 07/14/2008 - 04:20

mobile0311 mobile0311
(Posts: 1817 | Credits: 104.57)

You should sign up and become a member and receive a free debt consult on this site or you could call the 1-800-601-1579. You do not have to become a member to receive those things, however this is a good place to join, you will learn alot of things. Good luck unfortunately I think mobile is right on how you have to be late on your payments for anything to be done. (which doesn't make any sense to me especially if you are wanting to get things straightened out and paid off)

Sub: #2 posted on Mon, 07/14/2008 - 09:22

ladybug ladybug

(Posts: 2757 | Credits: 282.45)

my student loan is automatically drafted from my account and my large debt, the $15,000 is connected to my checking account. I don't know how I could not pay these, even though I don't don't have any money. The only thing I can do is wait until I am 4 months behind on paying?

I hope this isn't a double post

Sub: #3 posted on Tue, 07/15/2008 - 02:22


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