“Dear Steve,
Have a total of $74,000 debt to 5 different credit companies. My mortgage payments went double because of variable rate. I am current with my payments. Cannot pay my credit bills anymore. I want to settle with them. I can borrow around $ 22,000 from close relatives and selling some stuff. My questions are first should I use a settlement company or do it myself. Second, every settlement company I research there are bad and good reviews about them. Which one should I choose and how?
My questions are first should I use a settlement company or do it myself. Second, every settlement company I research there are bad and good reviews about them. Which one should I choose and how?
Emad”
Dear Emad,
Only being able to afford an overall settlement of 29% of your debt is not a realistic expectation. Also keep in mind that settling will result in bad credit, potentially being sued, and a large bill due the IRS for forgiven debt.
If what you are trying to do is keep your house but repay your debt based on what you can afford that bankruptcy might be your best bet. Click here to find a local bankruptcy attorney and go discuss it with them.
If you want to discuss if debt settlement is right for you, talk to
Or, if you don’t want to talk to
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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