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k, I have around 30k in cc debt and unsecured loans. It's getting worse every month! I'm only behind on two things, but cant' seem to get them caught up! I've tried debt settlement before and withdrew cause I didn't like the process and got them all caught up with some help from family....not the troubles are back a year later and I don't know what to do...any advice?

Normally I would always suggest a debt management Plan first but if you are overextended you won`t be able to make the payments for that program. It really sounds like you are a candidate for debt settlement . If you don`t want to do that honestly your only option might be bankruptcy.

Can you be more specific on why you didn't like debt settlement ?

Sub: #1 posted on Tue, 08/05/2008 - 02:51

mobile0311 mobile0311
(Posts: 1817 | Credits: 104.57)

what is debt management?

Sub: #2 posted on Tue, 08/05/2008 - 22:01


A debt management Plan is administered by a non-profit consumer credit counseling agency. The counseling agency would contact the creditors and have them lower their interest rates to usually around 6% - 9%. It will get you one monthly payment around what you paying now but with the much lower interest rates you will get out of debt much faster. A dmp doesn't hurt you FICO score but will show on your report that you are in a program and thus you won`t be able to apply for more credit until you complete the program. Once you complete the program however it comes off your report as if you were never in the program.

Sub: #3 posted on Tue, 08/05/2008 - 22:32

mobile0311 mobile0311
(Posts: 1817 | Credits: 104.57)

If you got caught up once before, you can do it again. Bankruptcy is not the way to go and that is never sound advise, have you tried negotiating to lower your interest rates with your creditors? Have you looked into the posibility of settling these accounts on your own?

You already tried debt settlement but found out it was not your cup of tea, was it because of the company you joined? Tell us a little bit more about your experience so that others can learn from it.

Sub: #4 posted on Wed, 08/06/2008 - 02:24


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