I feel like it’s insurmountable and my debt has me depressed. – Bob

First off, this is a great website and I’m sure I speak for many in thanking you for doing this and providing advice for all of us.

I feel like there’s no end in sight and it has me depressed.

Years ago while my Dad was unemployed, I decided to help my Mom in paying off certain things (one being my little sister’s college tuition) and unbeknownst to me, she proceeded to load up large amounts of debt under my name since I had a perfect credit rating and hers had deteriorated.

While she had done it with the intention of paying it off, it became too much for her and soon enough, since it was under my name, I felt the wrath of it. Since then, I’ve settled one debt with Nationwide for $3K and am currently on payment plans with Citicard and NCO Financial, debt payments totaling $530 a month being paid by me.

As a 27 year old man with a girlfriend and other ventures in my life (paying rent, etc), this is becoming too much and I feel like I don’t even know what I’m paying for since she created this.

Furthermore, she’s currently paying off other debt and can’t even split the payments I’m making for her, leaving me with the brunt of this. I was very blessed to have college fully paid off without taking a loan out and have had other great things I never took for granted, and at first my attitude about helping her with this was it’s a no-brainer due to all of that.

However, I feel like enough is enough and this is starting to cut into my personal finances and my long-term outlook (I’ve taken various 401K loans out and while they’re almost paid off, I haven’t been contributing the last year to save money for my paycheck).

I guess I’m wondering if there’s light at the end of the tunnel and why Nationwide was willing to settle and these other collectors don’t seem to be willing to do the same thing? Does a company like Fast Track Debt Relief provide an easier fix than an NCO or Citi? Thanks for listening to me vent and providing advice, Happy New Year!

See also  Is Fast Track Debt Relief a Company That Will Help or Are They a Scam? - Alan



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4 thoughts on “I feel like it’s insurmountable and my debt has me depressed. – Bob”

  1. nco will work out a payment plan with you, but for the full amount only. if the original creditor was amex, try to get on the oasis/optima program.

    you should really think about contacting a lawyer to evaluate your options here.

    what your mother did was identity theft, and these are really not your debts. you could file a police report, and get all these debts removed from your record. i know you dont want to do that to your mother, but you could at least ask a lawyer what defense she may have, she could claim she thought you would not mind etc… if she did not face serious consequences, then it might be an option.

    try to picture yourself in five years time, will you still be paying this off, not yet able to afford to buy a house, no vacations, as you could not afford them? how would you feel about your mother then?
    do your parents own their home? if yes, suggest that they transfer ownership of a portion equal to the sum of the debt they owe you, then try to get a mortgage to pay it off.

  2. Hi Bob,

    NCO and Citi will settle directly with you, but not likely while you are making monthly payments. Whether or not you use an outside company to assist you is your choice, but understand that the fees you pay for assistance would be better used for funding the settlements.

    I am not aware of a company the can provide you an “easier fix” for settlement. You are already involved and will stay involved – even if that involvement is limited to saving money each month until you have enough to settle and checking the caller ID when the phone rings. Why not save money (you have to anyway) and pick up/make a few phone calls yourself and be through this quicker.

    I have a couple questions. If you can answer them in a comment reply you will get some helpful tips and feedback.

    Who is NCO collecting for and what is the balance?
    How long had the account now at NCO gone unpaid before you started making payments?
    What is the balance on the Citi account?
    How long had the Citi account gone unpaid before you started making payments?
    What state are you in?


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