I’m a Disabled Vet Who Got Scammed and Now Owe a Lot of Debt


Dear Steve,

I am a 75-year-old disabled vet. When I retired, I sought ways to bolster my income, and I got scammed. Big Time.

I still owe Chase and BoA credit cards a total of nearly $60K. If I have to sell retirement funds to pay them, my income will be a huge hit. I could possibly get an equity line on my home, but that is expensive, too, since the amount of my credit is higher than it should be.

Is there any remedy or approach you might suggest regarding requesting a settlement amount of 25% or more reduction in what I owe them? That’s the only way to get my financial house back in order.

How would you suggest I approach Chase and BoA. Chase initially closed my card, but since I had been a good customer for so long, they reinstated it, which popped up in my credit score. BoA is closed but allowing me to pay no interest on the cash advances I took out before the scammers paid them off with a bogus check.



Dear Mac,

Don’t do anything rash at the moment. Let’s take a deep breath and devise a plan to deal with this situation.

Touching the retirement funds or equity would be the worst solution since you are disabled and need all your assets to survive at this point.

Your situation is a perfect example of why you should talk to my Debt Coach friend Damon Day.

The right answer for you depends on several factors like the state you live in, the amount of equity in your home, and if you have resources you can “afford” to use to settle this debt for about half of what you owe.

These are issues Damon, and I talked about on my recent podcast. You Need a Plan! Once a battle plan is in place, it is time to pull in the correct resources and take action.

See also  Congressional Update - Disabled Veterans Student Loan Protection Act of 2016

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The absolute best advice is for you to talk to Damon Day and see what strategic approach is best for you in your situation.

We need a battle plan before just jumping out of the trench and running towards the creditors.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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Damon Day - Pro Debt Coach

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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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4 thoughts on “I’m a Disabled Vet Who Got Scammed and Now Owe a Lot of Debt”

  1. Actually, this gentleman should speak with a lawyer. If he can’t afford one, he should check with his local Bar association and ask for help for a disabled vet. But given the facts he’s described, a lawyer may well suggest that he not pay anyone anything, and let the lawyer field all the collection calls and letters.

    Given this gentleman’s age, infirmities, and service to our country, he should not have to spend this time of his life dealing with creditors.

    I hope this was of some help. Best of luck to you

    • I don’t disagree.

      In my experience, these situations are best served by a good solid triage. A good local attorney might look at his overall financial situation and develop a plan of action based on his financial needs and goals. As part of that consultation, help to add available benefits and review income. A cease communication approach might be part of that plan. However, what struck me is that while the reader says he is disabled, that does not necessarily mean he does not have significant assets that might be at risk, thus the need for a consult.

      For seniors and people on disability, I often suggest people contact the non-profit law firm https://helpsishere.org to get the type of assistance you mention as part of a larger plan.

      Thank you for taking the time to comment.


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