Duston
“Dear Steve,
Credit card debt, 3 personal loans, all for cars, one is the car I drive now, the other was for a car I wrecked, insurance paid, but for insurance purposes the car was in my dads name he needed the money for personal reasons, he did not pay off my loan, so I am stuck with it and a wrecked car, the other is a truck for my brother that he does pay, for now. I am in a debt settlement program for the credit cards with enlightened debt solutions, my credti is tied up, I cant get a loan to settle with the credit card company, can you help me?
Any other way to settle with my credit card company with the debt other than through a debt settlement program, can i get a loan to rearrange my debt. disburse it in a way.
Duston”
Dear Duston,
One thing is for certain, you and car loans don’t seem to mix well.
That move your father pulled in taking the insurance money and using it for personal reasons instead of paying off the loan was bullshit. That’s all on him. He should never have done that because I think it is going to come back to bite him and frankly, you should not feel the least bit guilty about it.
So you are with a company called Enlightened Debt Solutions. I took a look at their site and it looks like they are offering the same sort of credit counseling and debt settlement programs a lot of companies do. A quick web search reveled some bitchy complaints against them but pretty standard stuff.
People that enroll in monthly payment debt settlement programs don’t seem to understand that their creditors are not going to get paid when they are sending the monthly payments to the debt settlement company. And then when they get sued, the consumer gets pissed off. It is the type of complaints that I would expect to see.
Duston, the chances of you digging your way out of this hole through monthly payment debt settlement on three car loans is, well, slim. And all the time that you are sending the debt settlement company payments, your creditors are getting nothing and your credit is getting trashed.
There is no way you are going to get a loan to pay off your debts in the current shape you finances are in. And if anyone promises you a loan, run away. It will be a SCAM!
I think the time has come to properly euthanize your debt and you need to go talk to a bankruptcy attorney. The cost of bankruptcy will be much cheaper than the cost of monthly payment debt settlement and you can get moving forward with your life now, rather than watching this situation linger for years and years and risk getting sued by your creditors.
Now here is where you dear old dad will get bitten on the ass. When you go bankrupt the lender for the car in your fathers name will look to him for payments. He, doesn’t have the money because he spent it. His fault, not yours.
Oh yes, your brother is a deadbeat for not paying you if he can. When you go bankrupt the lender will take that truck back. And that’s the way it is.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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K,
Right back “atcha.”
Steve
Love ya Steve. You tell it like it is.
Love ya Steve. You tell it like it is.
K,
Right back “atcha.”
Steve