My husband became disabled in middle of major home remodel. Had to use credit cards to finish house and house payments are now too high, along with cc debt too high. Checked in filing bankruptcy and lawyer advised to stop payment on cc’s and house and save the money to negotiate settlements.
I stopped paying on credit cards about 4 months ago and have put a few thousand dollars away to negotiate settlement. I have been offered to settle on two smaller cards for about 50 – 60% of what is owed. I really wanted to try for closer to 25%, but could get these two paid off. It’s the larger ones I’m more concerned with. I really don’t know how to negotiate, don’t know what to say. I’m starting to feel even more panic and having a hard time sleeping again. I think I can do this but just feeling very stressed right now. Please help.
Both of those groups can help you to learn how to settle your debts yourself.
The 25% target is very optimistic and don’t be disappointed if you can’t get it in that range.
The key to settling is having cash on hand to settle or to take advantage of some of the installment settlement offers made by some major creditors where they will accept up to six payments.
With the support of one of those companies I mentioned I think it will greatly shrink your panic because you’ll have a professional on your side to help you through the process rather than trying to deal with this in an information vacum.
Please post your responses and follow-up messages to me on this in the comments section below.