Hi everyone 1st time poster and Im hoping I can get some good advice In the last 2 years Ive become more and more in debt. I have one credit card which I owe $27,000. Im to the point now where I just cant afford even the minimum payment. Ive talked to 2 debt settlement companies(Credit Solutions and Superior Debt) They told me they can get my settlement down to $10,800 in a three year plan. What scares me is after doing some research on debt settlement it seems like if I do it I will be sued by my cc company. With all the anxiety Ive been having for the last 2 years thats the last thing I could deal with. The only thing I have left to my name is my truck and Im having trouble selling it. My plan is to join the settlement plan and a couple months down the road(when I sell my truck) pay off my settlement amount, but Im scared ill be sued before then. I understand my credit score will go down and im willing to deal with that, but theres no way I could deal with getting sued. The man at superior is very helpful but I dont know if he just wants the sale or if hes really being honest. Any help from you guys would be greatly appreciated. Thanks in advance.

excon

Hello drnk:

Debt negotiators don't do anything other than what you could do for yourself. Plus, they charge a lot of money to do it. IF you did your own negotiating, then the credit card company probably won't sue you.

You just gotta pick up the phone.

excon

Fr_Chuck

First why be scared if they sue, it is not like criminal court. Now you don't want them to, but nothing to really fear.

Next most credit card companies don't sue if you go into credit couseling, they accept the terms of the agreement. The ones that sue are the ones that don't accept the terms of the agreement, of they sue if you break the terms of the agreement.

Also depending on your income you may even look into a chapter 13 bankruptcy

** they really want the sale, does not mean they are not honest but they will tell you the truth from thier point of view.

And as excon said you can call them yourself and try to make a settlement

my2229

You can always file bankruptcey.. You don't can about you credit so that would be the best route. that was you are not harressed by creditors and are protected by the bankruptcey laws.

drnkmixr

Thanks for the feedback guys. Well what superior has told me is that if I sell my truck in the next couple months I can send in the settlement amount and I should be settled within the next three months from that date. If the creditors start calling they said to put Superiors address and Phone number on the change of address form so that way they deal with the creditors. Also the CC I have is through B of A and they said B of A is one of the best companies to negotiate with. When I asked them about being sued they said there is a chance but most likely not because the CC company will spend a lot of money in court cost and end up pushing me into bankruptcy and they would never get any money. He said they would much rather settle. Does all this sound true so far?

Hi Chuck, Is debt settlement considered credit counseling? Also what do you mean by accepting the terms of agreement? I make about $1,200 to $1,800 a month and just my CC is $1,600 min.

Again thanks for all the help everyone

drnkmixr

Hi Excon, from the research Ive done on the net it seems like the CC companies always tell you they do not negotiate. Also are you saying Im less likely to get sued if I dont use a settlement company and just talk to the CC company myself? Thanks