Credit Card debt accumulated, fast and i couldnt keep up. Felt helpless with the other bills so I put my resources to living expenses and car payments. Amex and BOA fell far behind and I just felt overwhelmed with the numbers.
Now Amex has filed suit against me in Michigan. I owe between all debts $10,046. Amex is $4800 BOA is $4200.
Amex doesnt work with Care One for a DMP. I make @ $45K a year, my monthly bills with food housing and car/ins is @ $1500 which leaves me around $800 a month to work with after taxes. I have $30K in student loans in deferment right now, when i start paying that it will be another chunk of my $800
I can afford a DMP, but would a DSP be easier to manage with all my creditors (mainly BOA and AMEX)?
My credit is already scarred deeply and will take perseverance to recover.
Will working with a DSP or DMP will I still have to file a settlement in court with Amex since they already filed suit?
Oh boy am I confused right now. Thank You,
Any other info you think i might need to read about please let me know!
How far behind were you on the Amex and B of A cards?
Do you currently have any money saved that you could use to negotiate with Amex? What is the status of the B of A account? Have they made any recent settlement offers? I wonder why Amex won’t work with CareOne? I just had a client send me a DMP contract with InCharge to review and it appears they can work with Amex. It may likely be because it has already progressed to a lawsuit and it is too far behind for them to pick it up. That may have been what they were alluding to.
The key to settling these two accounts is going to come down to your ability to raise the funds.
Please answer the above questions and we can see if we can put together a game plan for you real quick before you are in default on the lawsuit.
Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com
If you have a debt related question you’d like to ask, just use the online form.