I owe three cerdit card companies a total of $25,000. I am not in the US since Sept 2008 but have been paying the mimimum balance consistently because I do not intend to cheat the creditors. However, the reason I left the US in the first place is because I did not have a job (since I am not a US citizen, my visa does not allow me to stay in the US without a job!
I have now exhausted all my money in my bank account but would like to come to a settlement with the creditors. I was told that since I am not in the US anymore, a debt settlement compan cannot help me with this.
Is that true that a debt settlement company won’t help me if I am not in the country? If yes, whats’ the best way out? Could you please recommend a company that would really help me get out of this?
I found one Rapid Debt Settlement Company. It is a TASC member. Is it a good company to work with?
Last, i have already defaulted on 5 minimum payments, is it too late to do anything or to negotiate the debt?
There is nothing that prevents you from working with a debt settlement company in the U.S. for U.S. debt just because you no longer live in the U.S.
For me, starting with the solution is not the best route to take. Let’s back up a bit and first look at your current situation and what might be possible.
You mentioned that you have now exhausted all the money in your bank account but want to come to a settlement arrangement with your creditors. Do you have at least $13,000 on hand which you can use to pay your creditors if they agreed to a settlement?
Even if you did it sounds as if the money is not in a U.S. bank to be paid out so if you did come to an agreement with your creditors you would have to probably make the payment by international wire transfer in U.S. dollars (USD). Both the conversion of the funds and the cost of the wire transfer will add to the amount you will have to pay.
My personal opinion, just based on the information you have given me so far is that it does not sound like a debt settlement approach where you would have to save the money up over time would be a logical solution.
Before you signup with any debt settlement company in your situation you owe it to yourself to see if you can get a consultation with Damon Day to review your situation and make sure that debt settlement would be appropriate. He can also review the client contract from Rapid Debt Settlement if you’d like to help explain it to you.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.