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I’m Unemployed and Looking for Debt Help. All the Programs Require Monthly Payments. – Rich

“Dear Steve,

I lost my job and cannot repay my debts — all unsecured. Shopping for a debt reduction program. The only debt reduction programs I am learning about require monthly payments. I have no monthly income for making any payments. However, I may be able to find a private benefactor to loan / give me the lump sum for a reduced debt payment. For example, paying off 30K for 10K.

Is there a debt reduction program that will accept a lump sum payment?

Rich”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Dear Rich,

It would be a mistake to use any cash on hand you have now for debt reduction payments until you line up a new job.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Im Unemployed and Looking for Debt Help. All the Programs Require Monthly Payments.   Rich
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If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

I'm Unemployed and Looking for Debt Help. All the Programs Require Monthly Payments. - Rich by

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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