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I Was Researching Cyrus Global and Have Some Questions. – Debra

“Dear Steve,

I found your website when I was researching cyrus global .I was going to sign up with them but after reading what you posted I dcided against it so thanks for the information.

So my question is I am carring around alot of debt roughly
7,000 in student loans
10,000 in a car loan
5,000 on a regualr loan
7,000 in credit car loan

its alot I make 48,000 a year which Im basically living paycheck to paychech with all the bills and payments I am making.And I can’t save any money.

I tried a debt relief program in the past and I was sending them money and they wre making paymnets on my behalf they were good for about 6 months then they started making late payments to the creditors so I quit them.

So what Im asking is what should I do?

Debra”

Dear Debra,

Well it might have been a really good thing you found me. Based on the mix of your debt I’m not sure how a debt settlement program, which what Cyrus Global was selling last I looked, is the best solution for you.

The student loans can’t be included in a debt settlement program, nor the car loan if you want to keep the car. The “regular loan” might not be able to be included either if it is secured by collateral or has a co-signer.

That potentially leaves you with only the credit card debt and if you can afford about $140 a month you should be able to include that in a debt management program. You can click here for credit counseling information.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

A nationally recognized credit counseling program should never make payments late. Who were you with before?

With all that being said I am concerned you are just making it month-to-month. All it will take is one unexpected expense and your plan will be scuppered. You need a plan that will allow you to save as well as deal with the debt.

See also  Debt Restructuring Hitting the Skids and Headed Towards Dumpster of Failure

If this is the time for you to really deal with your debt you might consider the following plan.

  1. If your student loans are government backed you could look at the Income Based Repayment Program (IBR) to lower your student loan payments.
  2. If you can live without your car you could hand it back to the lender.
  3. If you hand the car back and want to avoid the resulting debt from that you could include the big bill to come in a bankruptcy to discharge your remaining debt.

If this approach sounds more like what would fit your situation better then I would suggest you click here to find a local bankruptcy attorney and go discuss your situation with them.

And if you decided to file bankruptcy, as so many others are, it would leave you in a position to begin savings very quickly.

Please update me on your progress by

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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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