Hi... I am in need of some sound advise.
I quit my job to open a business, which I funded with my personal credit and my credit cards. I took 40K in a personal loan and I have charged 120K in my personal credit cards - All the debt was in order to fund the business and make it work... now 6months after the opening day - business is still not producing, I haven't paid myself a dime and am not longer able to pay my creditors - as my reserves are all gone!
I have contacted several Settlement Lawyers and the payments are too high for me $2500/month for 60 months. I need to support my family and I am afraid if I enter on a written agreement with a lawyer and I do not pay, I will be in a worst situation. I am afraid this is too big of debt for a CCC's... I am running out of ideas, so looking for someone that can help me.

I actually have found that you get more accomplished with a debt consolidation company than trying to negotiate on your own. I had a Discover card and they told me that they would not negotiate with me. I would have to have a company call on my behalf. When the company finally did call, they cut my balance by 40%, eliminated my late fees, and talked down my interest rate. I have to pay them a monthly fee, but it looks like it's more than worth it. I write one check to pay all of my bills and I saved a boat-load of money on my debt. I used DebtHelp4Women.com (http://www.womenindebt.info). Good luck!

Thanks, I have followed the link and will call one of the companies suggested!

I'm going through a debt settlement company myself for about $90K. I'm using Debt Relief Options. Still in progress, so don't know what's going to happen. They said I need to stop paying the CC and default it before the CC companies are willing to negotiate. I feel pretty nervous about it because they're going to call my phone and put pressure on me to pay back. The settlement company charges 15% of your total debt to negotiate down by about 50%. (That's like $13,500 in my case)

I actually have found that you get more accomplished with a debt consolidation company than trying to negotiate on your own. I had a Discover card and they told me that they would not negotiate with me. I would have to have a company call on my behalf. When the company finally did call, they cut my balance by 40%, eliminated my late fees, and talked down my interest rate. I have to pay them a monthly fee, but it looks like it's more than worth it. I write one check to pay all of my bills and I saved a boat-load of money on my debt. I used DebtHelp4Women.com (http://www.womenindebt.info). Good luck!


I'm going through a settlement now. So I'd like to know more about the process and what to expect. How much did you owe? And how long was your process? Did you get numerous phone calls from the collectors who pressured you to pay? Did your credit score come back up after the settlement?

Thanks,

Cheerry

Hi...I am in need of some sound advise.
I quit my job to open a business, which I funded with my personal credit and my credit cards. I took 40K in a personal loan and I have charged 120K in my personal credit cards - All the debt was in order to fund the business and make it work...now 6months after the opening day - business is still not producing, I haven't paid myself a dime and am not longer able to pay my creditors - as my reserves are all gone!
I have contacted several Settlement Lawyers and the payments are too high for me $2500/month for 60 months. I need to support my family and I am afraid if I enter on a written agreement with a lawyer and I do not pay, I will be in a worst situation. I am afraid this is too big of debt for a CCC's... I am running out of ideas, so looking for someone that can help me.
Be careful of mst of the companies, I just went to ripoff.com and I discovered a lot about these companies even they have a good BBB grade and the others are calling themselves christian companies. They went to more debts. I am also seeking for a debt consolidation company but I don't know whom to trust. I e-mail the program of Zuse Orman to ask for an advise and referrals, and still waiting for the response. Anybody who knows a reputable one . Let me know.