Have about $50,000 credit card debt. Have 2 children (4yrs and 11 months)spend over 1200/m in just daycare. Along with cc payments, house payment, groceries, gas, cars, formula, diapers, etc…Its too much.
I think I made a mistake. I need your opinion and how I can correct.
I have a question obviously about my debt. Right now I am enrolled with Everest Debt Solutions. I read earlier all the bad posts on them. I am now getting a little freaked out.
I am thinking about maybe going with a debt management company. At least my creditors will be paid on a monthly basis. Is it true that some debt settements ususally take longer than a year?
Do alot of people get sued by their unsecrured creditors? I have only been with them one month and my second payment will be drafted this month, Im hoping I will get a full refund since they havent done anything yet. I would like to know also, is it possible to go from a debt settlement program to a debt management? I dont want to wait too long and totally get screwed!!!
Well the best first step would be check out what your options are. Along with contacting a credit counseling group I’l also suggest you talk to a local bankruptcy attorney. Talking to those folks does not mean you’ll follow those options but it does mean you’ll learn more about the other options so you can make an informed decision about what path is best for you.
Settlements can begin to happen as quickly as you have the money to settle them. The longer they drag out the higher the chance of a lawsuit. It it my observation that consumers in programs that are mostly full of fees in the first year seem to get sued more often because they can’t accumulate sufficient funds to settle.
There is no way to predict if you will be sued but it’s one of those things that you want to avoid happening if you can. All I can guarantee you is that 100% of the people that get sued are sued. It doesn’t matter if it only happens to a small percentage if you wind up being that person. A creditor could sue you and go for a judgment and wage garnishment to collect on the debt you are voluntarily not paying them.
Being sued when you are not paying the creditor is always a possibility and it also depends on the creditor, current policies and how delinquent you are.
While it is possible to move to a debt management or credit counseling program the first thing you need to do is not focus on the solution, instead focus on the reason why you have fallen behind on your bills and then we can match the right solution to the situation.
You can click here to find a local bankruptcy attorney and if you’d like a second opinion about your situation or a personal consultation by another debt coach, please feel free to contact
Please post your responses and follow-up messages to me on this in the comments section below.Big Hug!
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