My mom is 63 years old and was recently divorced and left with all the marriage debt. She has a discover card in her name (15k) and medical bills (4K). She is on a fixed income (SSI) and paying her monthly minimum it will take 15 plus years to pay it off. Is it a good move to work this Accedited Debt Releif to get this debt resolved?
They are telling my mom not to pay her payment and fall behind and then they will work with Discover to get a payoff amount and then my mom would have an agreement with Accredited Debt Relief to pay off the balance. I guess I am just asking for advice to this situation.
I’m assuming your mother does not have many other assets or equity in her home. If not there is no reason to enter a debt settlement program when her SSI income is exempt from garnishment and she does not cash on hand to settle.
There are other options she could and should look into first.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
Once you’ve identified a company you want to work with, then follow my step-by-step guide on how to check out a debt relief company.
Please post your responses and follow-up messages to me on this in the comments section below.