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You guys have been very patient with me which I greatly appreciate. I really do try and read through old postings as much as I can so I don't repeat things. But I'm a working mom to four (3-17) and my husband is currently out of the country so my time is limited.

Got a few more questions regarding settlement via a settlement company. I think I'm too chicken to try it by myself.

1. I have been told that I can put cards into settlement that are in MY name only. If this is really the case, will there be any effect on the accounts my husband and I own jointly?

2. With the two cards in my name only, is there a way to only put one into settlement and leave the other alone?

3. Since my credit will be greatly affected, can anything happen to our joint mortgage interest rate? Our cars will be paid off in 5 months so I'm not as worried about them.

4. Of the cards in my name only, one will most certainly be 30 days past due this month (I can't pay it next week). I could pay the other but if I'm thinking about settlement, should I go ahead and not pay it? Sounds crazy, I know.

I would appreciate any guidance on this. Depending on the anwers, I will be contacting a few of the settlement companies that have been listed on this site. I do have a possilble dmp set up for my two accounts but the payment is still pretty high. I'd likely still be robbing Peter to pay Paul.

Thanks-




As far as I know, joint accounts don????????t pose any problem in the settlement. A debt settlement company which is working ethically can take many steps and guide you to get out of debt.

Which account you want to settle depends you. You can select or leave any debt debt account outside the debt settlement program.

A settlement program affects credit score significantly, sometimes to the tune of 200 points. So, it will only affect your future credit availability.

If I were you then I would have included all the debt accounts.

You can get more customized answer to your queries from our community????????s financial experts absolutely Free.

Sub: #1 posted on Fri, 08/01/2008 - 13:31

phoenix phoenix
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(Posts: 1444 | Credits: 275.38)

Quote:
1. I have been told that I can put cards into settlement that are in MY name only. If this is really the case, will there be any effect on the accounts my husband and I own jointly?
If you enroll joint accounts you husbands name will also have to be on the settlement contract you would sign with the settlement company.

Quote:
2. With the two cards in my name only, is there a way to only put one into settlement and leave the other alone?

Not usually a good idea to pick and choose cards to leave out. Usually you can leave on out one card for emergencies but honestly even the card you leave out will likely be closed the that creditor once they see you are starting to fall behind on all of your other cards so you might as well include them all.

Quote:
3. Since my credit will be greatly affected, can anything happen to our joint mortgage interest rate?
If your mortgage is a fixed rate than no it won`t have an effect on it at all.
Quote:
4. Of the cards in my name only, one will most certainly be 30 days past due this month (I can't pay it next week). I could pay the other but if I'm thinking about settlement, should I go ahead and not pay it?

If you are planning to do a settlement program no point in paying it.

Sub: #2 posted on Fri, 08/01/2008 - 19:53

mobile0311 mobile0311
Moderators
(Posts: 1817 | Credits: 104.57)

Hey,
I am just wondering about a company called sds west. I have about $46k worth of debt due to a divorce and trying to make ends meet while also being a single mom. I'm going downhill fast and bankruptcy is NOT an option for me. Please help!

Sub: #3 posted on Fri, 08/01/2008 - 20:13

Unregistered


SDS Wesy has a F rating with the Better Business Bureau. I would stay away.


Try shopping with Oak View Law , New Beginnings debt settlement LLC , Century Negotiations, and Superior debt relief. They are all members of the BBB and have a great reputation.

Sub: #4 posted on Fri, 08/01/2008 - 20:29

mobile0311 mobile0311
Moderators
(Posts: 1817 | Credits: 104.57)

thanks mobile0311. I am not going to enroll any joint account cards. Just my own. But will that cause any effect on our joint cards? I don't want to put in anything that has my husband's name. I know that may seem strange but I don't want to trash both our credit scrores. I can keep making the monthly payments on his cards.

how far behind in payments do I need to be for a settlement company to work with me? I'd like to get in as soon as possible but have heard some won't take you until you are several months behind. I have a list of companies to call this weekend.

Sub: #5 posted on Sat, 08/02/2008 - 02:39

Unregistered


Generally speaking, if you are falling behind a settlement company should accept you into their program, and in MOST circumstances there should be little or no effect on your joint accounts, especially if they are in your husbands name first. Regardless, if his cards maintain a current status, his credit should not be affected. I used United Communications, and so far they have been wonderful, especially about keeping me up to date with whats happening. You can access your account online to see what is going on with your accounts, which made me feel a lot better.

Sub: #6 posted on Sat, 08/02/2008 - 04:34

Unregistered


I'm not sure that your joint accounts would not be affected. Credit card companies routinely monitor your credit reports, and if they see anything that makes them nervous, then they take action (lowering your credit limits, increasing your interest rates, etc.). If the cards are in your husband's name first and you are only an authorized user, it might be that they will only monitor his credit reports. I'm not sure about that. If any of them are in your name first or equally in both names, I suspect they could be affected.

Your mortgage should not be affected since it is a contract. Even if you have a variable interest rate, the criteria for rate adjustments should have been spelled out in your mortgage contract, and generally those changes are based on x amount plus prime rate.

Sub: #7 posted on Sat, 08/02/2008 - 05:23

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

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