real debt help from expereinced please?

Question

Hi I have like almost 20g on credit card debts. I was able to work due to injury and was on disability for past couple years. I didn't get much for disability so lived us a few credit cards. Now, I'll be going back to work but it is a modest paying office job.

What can I do about the debt?

My neigbor tried one of those credit consolidation companies recommended here and they asked for a small monthly minimum for all bills but turned out none of the $ went to pay the bills so she lost that $ and her credit cards were never paid! SO PLEASE don't just say some random online company. Please tell me a company if you used them with success or what else you did for successs.


I can't make the minimums, each card is like almost $200 minimum.
Please help, I choose to change and live off of cash vs. credit (unless true emergency or real bills, very few pleasures) but am dying on this plastic mess.

THANK YOU!


P.S. I tried calling all the credit card companies and no help!

Hi Stud,
All debts are being paid up todate so far but can't do it since I used my cash to pay them and credit to live off of for food, gas, etc.

No car or house.

I was living off of SSI, job is real new!

Answer 1

I hate recommending things without more details.

How old are these bad debts? You imply they haven't been paid for a couple years...how many? If these are older debts I would consider not paying them.

Do you own any property like a car or home? If not, that makes you "judgment proof".

When did you start your new job? If you were to file bankruptcy, they look at your last 6 months income to determine what you pay, or if you qualify for chapter 7. If you just got your job in the past month you might consider filing BK.

If you still feel you need some outside help, look for a non-profit counseling service...look in the phone book. In many areas, they have groups that will sit down at no cost and go over your situation...then if you need their help they charge a fair fee. But note that when you negotiate this way it will appear on your credit reports and it can hurt your score.

Answer 2

There are some reputed debt management companies. In Australia - I know there is a company called Fox Symes, they are reputed. They should be able to pull up a plan to get you out of the mess.
Try calling the credit card co's again, let them know that you wont be able to make the payments, usually they will accept lower amounts of payments or will ask you to pay a lower amount on the entire balance( ex. If you owe $4000, they might ask you to pay $2000 in one month- this only helps if you can borrow from someone else) .
If you cant organise money form someone else, ask them to put you on a lower repayment plan - they will agree to do so since they are scared they might lose the entire balance.
Most of all start living on cash ( like you said) you dont want to go any deeper than you already are.

Answer 3

Go to this website and read all of it. this is about credit repair and I used this site to help me clean up my credit and boost my score.

There is a link to a company called Credit Solutions.com and I used them to help me lower my credit card bills when I got into a similar jam as you! ($15,650.00!)

They lowered my interest rate to 4.5% from 18% and made all payments through them into one payment. No matter WHO you go through, you MUST ask them to provide you with a statement showing the amount being paid and the balance owed!!! Make sure they know you are watching and are actively involved in your case and you should be fine!

Good luck to you! I did it and you can too! My credit score is now 720, up from 485 in a little over a year! I made more than the minimum whenever I could which helped me out of the mess even faster! Specify that if you do that, you want to see your all of your payment being distributed to all of your creditors!

Answer 4

Check this site: http://www.nfcc.org/ . Consumer Credit Counseling Services (CCCS) is a non-profit company offering free counseling. They can take a look at all your finances and advise you how to proceed. They also have a debt management program available, if you qualify.

You could try to pay it off on your own but it sounds like you simply don't have the funds to cover the minimums.

Answer 5

always go for non-profit credit counseling services..
linky of a few which are reputable and i had a friend who got consolidated through money management international.
http://www.cccsstl.org/
http://www.moneymanagement.org/
also read this
http://www.nfcc.org/
they have links for local credit counseling services.. which have offices in your city.. or nearby ones..
also.. always talk to credit card companies and collection agencies. (which is a pain) tell them : you going through credit card counseling service and they will hear from them.
the first step is hardest one.. the sooner you make.. the earlier you will be debt free..
good luck

Answer 6

I consolidated through a company called cambridge debt consolidators, and i recieve my monthly statements from the credit cards that i consolidated, and it clearly states my payments. it took one of my credit card interest rates from 15% to 4% which is nice.

Answer 7

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