i’m a single disabled sick mom making only 1842 monthly on disability and in 2 yrs. i lose my son’s portion which will bring me down to an income of about 1200; i have a house with an 8.5 interest rate and about 28,000 in credit debt and some medical bills and ongoing health issues; i spoke with clearpoint today and they say that if i pay them about 696 monthly that they will reduce my rate on my cards and i could be debt free in approximately 4 years or so; they also want me to file a home refinance modification application to c if they could get my rate reduced; do u trust clearpoint and can they realistically get my high level of credit card debt down to nothing in only 4 yrs. so i could focus on my mortgage; thx.
do u trust clearpoint to realistically get u out of debt?
ClearPoint is a credit counseling organization.
My concern is not about the structure or existence of ClearPoint Credit Counseling Solutions but if an extended repayment plan is appropriate fro your situation at all.
Tell me more about your house please. What state and county do you live in and how much is your house worth? Also, how much do you owe on the property.
Considering the fact your income will be reduced by 35 percent in two years and the cost of living will climb at the same time, I am very concerned that it is even realistic to expect you to be able to make it once your income drops.
Let’s say ClearPoint managed to get you on a debt management plan where your monthly payment was about $696 a month. In two years that’s going to be almost 60 percent your income.
Unless you have other sources of income I really can’t see this as a long term plan for success and debt elimination. It’s looking more like a recipe for disaster.
Please post your responses and follow-up messages to me on this in the comments section below.