When I met my husband he was so in debt and after 20 years I managed to achieve an excellent credit rating. We had many credit cards with zero balances. When my son started his body shop we had no start up capital only the shop to work in and credit cards. The bank kept saying if he would become established they could possibly make a business loan. The catch is in order to become established he had to do business. I used the credit cards to help buy parts for his business and unfortunately the soon stopped getting paid off until now I have massive credit card debt and a bank that won’t even talk to us because of all our unsecured debt. It is so bad that my husband can’t even get money to work on his semi is there is a problem. We are just drowning and I don’t now where to turn.
Today a man from United Referal Group called about our credit card debt. He didn’t call it debt settlement but still I don’t trust anybody to help me anymore. They all tell you the same thing they will negotiate your debt down no more interest and one payment, they work for lawyers. Is this a good idea? I have already closed most of our credit cards myself and put them into repayment with lower interest rates. Was that a mistake too? Did I hurt our credit score even more by doing that? I just don’t know what to do it only took 3 years to get in this mess and I worked so hard to make everything right. We all just keep paying. and paying and paying.
I took a look at the United Referral Group website. Picture below.
Let me quote directly from the United Referral Group website where they describe their function.
U.R.G. is a leading business intelligence and marketing firm with verticals specializing in consumer debts such as credit card debt and other unsecured debts.
It’s a marketing group trying to sell you a widget. These folks, by their own admission are not financial advisers or debt experts, they are a marketing firm.
Funding your son’s business on your credit cards was a mistake not worth repeating, but I’m confident you’ve learned that lesson. No sense wasting a perfectly good mistake, I always say. Learn from it, don’t repeat it, and let’s move on.
I really think the most logical solution here is bankruptcy. Here’s why.
- You have a massive amount of credit card debt that you are struggling to pay.
- Your finances are so tight that your husband can’t afford to get needed work done on his truck. A truck he uses to make money.
- While you did not mention it, It does not sound like you have any emergency fund to fall back on and you don’t have the ability to save money.
- You need help and a break on your payments now, not five years from now.
The URG widget they are trying to sell you is a unilateral lowering of your monthly payment without your creditors permission. Don’t do it if you don’t have cash on hand to settle now, or in the near future. This path will only lead to you winding up in collections, getting sued, and maybe a wage garnishment.
Before you make up your mind on what you want to do I beg you to click here and find a local bankruptcy attorney to go talk to. Listen to what they have to say about your specific situation and please consider taking advantage of this legal fresh start that will stop lawsuits and prevent collections.
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.