Will Creditors Work With You?

Question

I am on the verge of bankruptcy. I have called Credit Counseling and with going over my budget with them they say I am at a deficit to pay back on their debt management plan. They recommend bankruptcy. I have sort of resigned myself to that fact that this is what I must do but does anyone have any advice. Will creditors work with you at all to work out a plan if you say you need help? I would rather pay my debts back if I can. Any advice is appreciated.

Answer 1

I AM A DEBT COLLECTOR FOR A MAJOR COMPANY, BANKRUPTCY IS THERE FOR A REASON . IF YOU ARE FACING FORCLOSURE, REPOSSESIONS, CREDITORS FILIEING JUDGEMENTS, THERE HAS BEEN A SEVERE LOSS OF INCOME, OR YOU WILL NOT HAVE THE ABILITY TO EVER PAY YOUR DEBT BACK BASED UPON A REALISTIC OVERVEIW OF YOU CURRENT AND FUTURE FINANCIAL POSITION .. I RECCOMEND THAT YOU FILE .. AND START OVER. IT WILL TAKE SOME TIME BUT YOU CAN START OVER.
ALTERNATE METHOD. DONT GO THROUGH CONSUMER CREDIT COUNSELING. ALL YOUR MONEY NEEDS TO GO TO PAYING OFF YOUR DEBT NOT PAYING SOMEONE TO TELL YOU WHAT TO DO AND HAVING BAD FOLLOW UP WITH YOUR CREDITORS. I PERSONALLY THINK CONSUMER CREDIT COUNSELING IS A RACKETT.
ALL YOU NEED TO GET OUT OF DEBT IS MONEY. YOU NEED TO SAVE UP ENOUGH SO YOU CAN START MAKING DEALS WITH THE DEVIL.lol
START AT THE SMALLEST AND WORK YOUR WAY UP YOU CAN PROBABLY SETTLE ALL YOUR DEBT FOR ABOUT 40-50 CENTS ON THE DOLLAR
WHEN YOU ARE MAKING THESE DEALS BE CONFIDENT.
CALL THE COLLECTION OFFICES AT THE END OF THE MONTH THE VERY LAST DAY IF YOU CAN .THEY WILL BE PUSHING FOR THE URGENCIES ON A CLOSE AND WILL TAKE RIDICULOUS SETTLEMENTS.. I ONCE SETTLED A 123,000.00 NATIONAL CITY BOAT LOAN FOR 45,000 AT THE END OF THE MONTH.
WE WERE PUSHING FOR A GOOD CLOSE AND TOOK IT.
MAKE SURE BEFORE YOU PAY ANYTHING OUT YOU GET SETTLEMENT IN WRITING SIGNED AND DATED. HAVE THEM FAX THE OFFER TO YOU. BE WILLING TO SET UP CHECK BY PHONE OR PAY BY PHONE AT THE TIME YOU MAKE THE OFFER.
ALSO, STAY IN CONTACT WITH YOUR CREDITORS MAKE SURE THEY HAVE YOUR CORRECT ADDRESS AND PHONE #'S . ALWAYS STAY IN CONTROL OVER THE CONVERSATIONS DONT SOUND DESPERATE SCARED OR DOWN TRODDEN.. COMMUNICATE EFFECTIVELY TELL THEM THAT YOU ARE OFFERING 25% SETTLEMENTS TO ALL OF YOUR CREDITORS AND THE ONES WHO DONT TAKE THE OFFER WILL BE INCLUDED IN YOUR BANKRUPTCY. EXPLAIN TO THEM THAT YOU ARE TRYING TO DO THE RIGHT THING IN PAYING EVERONE THAT YOU OWE SOMETHING BECAUSE YOU FEEL THAT IT IS THE ETHICAL THING TO DO. BE SINCERE BUT BE FIRM. IF THEY DONT TAKE IT END THE CALL. .DONT ARGUE AND DONT LISTEN TO THE REBUTTLES ..
STICK TO YOUR GUNS.
TELL THEM U UNDERSTAND THEY CANT TAKE IT AT THIS TIME, BUT IF THEY WANT TO CHECK TO SEE IF IT CAN BE DONE ,THEY CAN GET BACK WITH YOU ..GIVE THEM A PHOME NUMBER. I ASSURE YOU THEY WILL CALL BACK WITH A COUNTER OFFER AROUND 30-40% ESPECIALLY AT THE END OF THE MONTH.
YOU MAY EVEN WANT TO PICK UP A SECOND JOB .. PUT ALL THE MONEY YOU MAKE INTO A SETTLEMENT ACCOUNT AND START NEGOTIATING.. YOU CAN GET OUT OF THIS WITHOUT FILING CHAPTER 7, BUT IT IS NOT EASY IT TAKES HARD WORK DELIGENCE AND DISCIPLINE... GOOD LUCK

Answer 2

Some creditors will work with you, but you should expect to be able to pay a percentage in full upon an agreement. Depending on the size of the debt, they may work out a payment arrangement.

Sometimes people just aren't in a position to make monthly payments. You should contact an attorney in your area or your State's Bar Association for a referral.

Although you want to pay your debts, you might not be in a position right now to do that. Nothing to be ashamed of though. Good luck with whichever path you choose.

Answer 3

CCCS is the most qualified folks in town.

If they say bankruptcy, don't block the message and don't do any further self-sabatoge by trying to get a "soothsayer" to tell you otherwise.

If you are looking for a teller to lead you down the wrong road, keep ignoring God's message to you.

It's a stony road ahead, but God is working on your habits and your character and you will weather this season when you stop ducking and dodging the obvious.

LIfe isn't fair, but life is good.

You are the summation of all of your experiences. You are NOT the sum of your financial balance sheet and redemption is on the other side of bankruptcy.

But . . .

You must learn the lesson from the upcoming season to lesen the chances of another disaster of this magnitude from coming into your life again.

Answer 4

Yes they will work with you and they will come up with a payment plan! but your credit is already in the red! my advice to you is to file for bankruptcy and not worry about it . 7 years after you file you can be creditworthy again!

Answer 5

I searched until I found this place in the source box that has a free shareware debt management program download. I now use it everyday and I have told my friends about it and one said he paid for something similar from an agency. Ok no plugs here because its free. I hope it helps you as it did me.

Answer 6

dont file bankruptcy... just keep in touch with who you owe, and let them know you are trying. make small payments till its paid. when your dept is paid off, work with the credit repair companies to remove your late payments off your credit agencies ( remember, there are three co., equal fax, trans union and experean)