emilyru23 asked:


In year 2007 July I filed a debt settlement program to settle my credit card debt for 3 creditors. Estimate pay off $425 per month for 30 months. In 2008 I got married and my husband didn’t know anything about my debt, he had a house which he brought it before we got married, he had refinance the house lately, it needs my name on the Deed of Trust under Tennessee Law. I already settle one of the creditor in 40%, but in December I’ve lost my job and I’m also 8 months pregnant now, which is really difficult for me to find a job in today’s economy situation. I just paid off the entire estimate amount recently but since I have not paid the creditor directly they accumulated the interest. All the money in reserve account is only enough to pay off 30%- 35% of the total debt. Is that enough? And what if they turn off my offer? Will they put a lien on the house even my husband brought it before we got married? Is it too late to file bankruptcy? I don’t care about my credit but I can’t let they take any action for the house or my husband; he has nothing to do with this. The two creditors are Chase and Citi. Many thanks!

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E.K. asked:


I am a student and I will be going back to school soon. I have FINALLY been offered this awesome financial aid package which includes grants, scholarships, and government loans. My only problem is that they require me to go to school full time. This will decrease my monthly income because I will not be able to work as much. I have having trouble making the monthly payments on my credit cards… but I am currently current. A debt settlement program says that it will mess up my credit in the short run, but that I will have better credit in the end once the balances have been paid in full. I need some way to reduce my monthly expenses… and negotiating myself means payments that I cannot afford! I just want to make sure that this would not bar me from obtaining new Stafford loans every year for school.

credit card debt settlement

Michael asked:


I am over my head in credit card debt and would like to know if I can settle it for lesser amounts than my balances. What are the steps that I need to take in attempt to achieve this? How will my actions will effect my credit score? Thank you

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emilyru23 asked:


In year 2007 July I filed a debt settlement program to settle my credit card debt for 3 creditors. Estimate pay off $425 per month for 30 months. In 2008 I got married and my husband didn’t know anything about my debt, he had a house which he brought it before we got married, he had refinance the house lately, it needs my name on the Deed of Trust under Tennessee Law. I already settle one of the creditor in 40%, but in December I’ve lost my job and I’m also 8 months pregnant now, which is really difficult for me to find a job in today’s economy situation. I just paid off the entire estimate amount recently but since I have not paid the creditor directly they accumulated the interest. All the money in reserve account is only enough to pay off 30%- 35% of the total debt. Is that enough? And what if they turn off my offer? Will they put a lien on the house even my husband brought it before we got married? Is it too late to file bankruptcy? I don’t care about my credit but I can’t let they take any action for the house or my husband; he has nothing to do with this. The two creditors are Chase and Citi. Many thanks!

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sfdj66 asked:


she owes 25K on credit cards and unsecured loans. 1 option is Debt management, a higher payment over more time but less credit damage. Another is a settlement, less $ paid off sooner but seriously dinged credit. She still may move once in her life, meaning a lease or purchase. Suggestions?

credit card debt settlement

gssmm asked:


I recently suffered an illness, lost my job, have several credit card balances, could not keep the payments up, tried to work an arrangement with the credit card companies, but that did not work out either. Now they are all in collections, my credit score is trashed, and short of filing bankruptcy (I do not want to do), I am getting offers to settle for half of the balance. I do not own real estate, but have recently came into some money, not a lot, but if I settle with the collection agencies, I was told that I should request they send me a paid in full as agreed letter first for the negotiated amount, and will help my credit score.
Is there proper way to do this that will eventually help my credit report??

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pendy49 asked:


I was able to negoiate and close CCs and set up other credit cards on low 2-3% interest rate 5 year plan…The bank will not negotiate my other $20K…has anyone ever refused to pay off a credit card & settle with the bank

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Sekaii asked:


if i have settled a $1500 credit card debt directly with the bank for only $454.79, what is the purpose of having me fill out a IRS tax form 1099-c? and how will this negatively or positively affect my taxes and/or credit?

(i owed $1500, they said i could pay $454.79 and i will be forgiven the ramining balance of $1050.. so of course i payed the 454.79 to get out of debt lol..i didnt use a debt elimination company, i got the voucher directly from the bank.)

also, any tips or recommendations you can further give me on this issue? i plan to settle with a few other credit card companies in the same way.

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DF asked:


Is the credit settlement companies the way to go? or is settling with the actual company?

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amusic.mana asked:


I am paying off my cards which are over 5 yrs old, and they’re giving me settlement amnts to pay them off. Most of the balance is late fees, my credit is slowly going up. Am I going to have problems in the future getting credit if they ve seen that even though I paid all my debt, I chose to make a stlmnt amount to close it? Anyone in similar boat?

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