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ziggynq65
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I'm new to this site but thank goodness I found it.

First, the amount of information provided here by all the members is invaluable, thanks for that!

I'm in CC debt big time (over 85K) and can't make my minimum payments any longer. I has researched and was considering using a debt negotiation firm until I found this site. Are there any that are reliable and trustworthy?

I've read and printed the steps necessary to try to do this yourself. I think that's the route I'm going to go, but not certain I can manage this-

Any thoughts about trying to do this myself considering the amount of CC debt I have?

Thanks in advance for any help!!

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Hey...welcome aboard. Lots of people willing to help, here...

considering using a debt negotiation firm until I found this site. Are there any that are reliable and trustworthy?

In a word, no. However, there may be some that are useful. The big problem is that the "debt fixers" are just as anxious to get your money as the CAs. They neglect to tell you things...like one fixer seldom handles ALL your debts. The ones they don't handle cause you all the more trouble because they know you're working with a fixer on others. There's also the tax issues and the fact that your credit still gets screwed. IMHO, all debt fixers are really CAs, they just make you fell warm and fuzzy while they take your money.

With 85k to deal with...have you considered BK? Depending on a lot of other factors...total debt, securred debt, income...it might be a solution.

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I've thought of BK but am afraid of losing my house. I don't have much in the way of other assets except my home. However, I think I make too much money (partly how I got in this trouble...good credit and high limit lines) and would end up paying forever in the end anyway because of the BK reform. Perhaps I should consult my attorney as to which route to go and spend some time reading the posts on BK.

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Perhaps I should consult my attorney as to which route to go and spend some time reading the posts on BK.

There you go...get some legal advice. (Note. When we found ourselves in a similar situation, our lawyer wasn't really prepared to deal with debts and the like. He didn't have a clue as to the FDCPA or FCRA. His suggestion was a debt counselor. Depending on your lawyer's training, you might want to talk with a couple BK lawyers in the area. Most will give you a free consulation and help you review your options.)

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The more I think about it though, the thought of filing BK is very disturbing to me...about as much as the mess I've gotten myself into... Does anyone else have any thoughts about trying to negotiate these debts vs filing BK? I think I have the means to come up with the funds to settle these, although it would mean asking my parents for some of the money. Not sure which is worse, asking them for money or filing bk :-)

Thoughts anyone?

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Well...here's your choices...

1. File BK. Because you have income, it will probably be a Chap 13. You and your lawyer will work out a schedule for the trustee to approve. You'll probably be able to keep your house. You'll pay the unsecured creditors some percentage of what you owe them. May be close to 100% (without interest and penalities). You'll make monthly payments to the trustee who will distribute it to your unsecurred creditors. After 3 to 5 years, you'll be done.

2. Borrow from your folks (or maybe a line of credit on the house?). Pay off all the unsecurred debt at 100%. Close them all, and you're done. Your credit rating stays good.

3. Use a debt fixer. They'll get you "settlements" on some of your accounts. Others will sue (or you'll have to settle with them yourself). Your credit will be shot for 2-4 years. You'll have extra taxes to pay.

4. Try to settle yourself. Not real likely. If the creditor's pull your CRs, find all the other guys, and, find evidence you've got money to work with, they'll try their darndest to get all of theirs.

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Thus far, I like your option #3 with the combination of #2 (the money part). I think I can deal with paying extra taxes if it gets me out of this mess. I originally thought of using a debt fixer, but after everything I've read, are there any to be trusted to do what they say they'll do?

I'd be interested in conversing with Sifxpert about my options but do not know how to gain contact. Help anyone?!?!?

Willingtocope, thank you for your suggestions!! I appreciate it very much!

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Just wanted to put my opinion in here. I only am in CC debt 12K but I was in over my head when I stopped paying my minimums. I went with a debt settlement company and now I regret all of it. The phone calls from the creditors are frustrating and DO NOT stop and in my experience thus far negatiating is not fun. As willingtocope said, debt fixers only work with SOME of your CC companies...not all of them like Citi. Not to mention on top of it that my credit is already in the crapper just waiting on settlements. Either way, BK or debt-fixer and even do it yourself, your credit will nose dive. If you have the means to solve your problems by borrowing on your house and/or from your parents, do it!!! It is your best bet to get out. I am filing BK because my credit is shot already and BK is the fastest way to recover. Plus the calls will stop!!!

Just my 2 cents!!!

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Thus far, I like your option #3 with the combination of #2 (the money part). I think I can deal with paying extra taxes if it gets me out of this mess. I originally thought of using a debt fixer, but after everything I've read, are there any to be trusted to do what they say they'll do?

I'd be interested in conversing with Sifxpert about my options but do not know how to gain contact. Help anyone?!?!?

Willingtocope, thank you for your suggestions!! I appreciate it very much!

You can contact him here *** added by divemedic nice try ****

He is good and very honest. He just settled three of our cards, Can't say enough good things about him!

Good Luck

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You can contact him here ***** deleted *****

He is good and very honest. He just settled three of our cards, Can't say enough good things about him!

Good Luck

Okay...one more time. This debt fixer is neither good nor honest. He's a collection agent who has decided its easier to take money from "people he's trying to help" than from "you dead beats".

However...if you have money to work with...and all your debts (or at least a large chunk of them) match his contracts...and you don't mind your credit being trashed...and you're prepared to deal with the tax consequences...get in touch with him. He'll take your money and cut you a deal. Will it stick? Don't know. Will the balance get sold to some JDB? Don't know. And, yes, good luck.

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One thing to think about is what exactly is your financial situation. When you are in a financial crisis it is sometimes hard to a sound decision. Your decisions are made from emotions and are not made with logic. I know that I made some hasty decisions when faced with them in the first part of my financial crisis. I did not look at my entire financial situation and I now realize that I have other options. I found a website that caught my attention - it calls credit card debt a financial cancer that can be cured. And that is exactly what it is, a cancer!!! I purchased the book off of this website because I was at the end of my rope. I could not come up with the money needed to settle my debts and I needed help. This book forced me to take a look at my finances. I figured out where my money was going, I figured out what assets I had and so much more. This book provided me with the tools I needed to figure out all of these things. It offered me several different solutions to my debt. And it is providing me the tools that I will need to budget and to prepare a financial plan. This is something I have never have done, have a financial plan. I guess the point I am trying to make is in order to make a sound decision, you need to look at all of your options and it has taken me lots of research to even figure that out. And you need to develop a plan to know where you are going. I was overwhelmed looking at my entire situation and I figured out I need to break this down into smaller pieces in order to deal with it. My lack of knowledge and control caused me to be in a state of panic everyday that I got up. But now I have a financial plan. I am no longer in a vicious cycle of not knowing how much money I had or how much I owe. I am not out of the woods yet but I am working everyday on my situation and I know what is next after I finish the step I am working on now. And that has been a good feeling. I know I did not get into this mess overnight and I will not get out of it overnight but I do know I will get out of it in the future. Hopefully, I will never get into this shape again. It is really a shame that we learn so much in school but are not ever taught about how to plan for our financial future.

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Okay...one more time. This debt fixer is neither good nor honest. He's a collection agent who has decided its easier to take money from "people he's trying to help" than from "you dead beats".

However...if you have money to work with...and all your debts (or at least a large chunk of them) match his contracts...and you don't mind your credit being trashed...and you're prepared to deal with the tax consequences...get in touch with him. He'll take your money and cut you a deal. Will it stick? Don't know. Will the balance get sold to some JDB? Don't know. And, yes, good luck.

Wow, I was just trying to help out someone with a link, sore subject? Since you came out swinging and all here is a jab for you.

- Who better to know how collection agents work then a collection agent. If he did come from the dark side wouldn't that give him more insight?

-his fees are less than any other company doing supposedly the same thing.

-usually if you are on these boards your credit is going to be trash anyway. Why else look for this board unless someone is in trouble?

- I have 3 letters from my CC companies that state clearly the terms of the settlement. I will keep these in a safe place.

-Lastly, from what I have seen he is up front on whether or not he can help someone or not. Also he has given out a lot of advice on here for free.

Grant it that settlement may not be an option for everyone, but when you are considering BK it seems like a great alternative.

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In the same way that the republicans impeached Clinton...not because he had extra-marital sex in the white house...but because he lied about it...

I'm not critising the debt-fixers for what they do...I'm only trying to make sure that people who turn to them are informed about the consequences...

I keep saying...if you've got money to work with...and if you don't mind the damage it does...go talk to the guy. Just recognize that its not a painless solution. There will be consequences...

(Oh...and I apologize for typing "contracts" when I should have typed "contacts". I don't think debt fixers actually have formal written documents that spell out their relationships to the OC....but, I do think they know who to call to hand over the money. I also realize that debt fixers aren't paid by the OCs...they're paid by the people who let them "settle" their debts).

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You guys are amazing, what is your problem. I joined way back in July when I was having problems. I found many helpful threads hear and somebody ask for help where to find someone and all I get is attacks? If you had a problem with sifxpert I did not know and didn't expect the second degree. Maybe try an e-mail or PM next time.

From the forum rules:

"Public personal attacks, flaming, name calling, and trolling are not allowed. This is not an AOL chatroom. We are all adults here. Bickering should be done via PM.

Feel free to stop by the Off Topic forum and introduce yourself. That forum is not exclusive. We don't bite or flame "newbies". "

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  • 9 months later...

Been a long time since I posted, but I'm happy to report that as of the end of August, I no longer have any credit card debt. My parents loaned me the money as needed to settle. What a relief to not have that nightmare to deal with anymore. I did use a "helper" of sorts to accomplish this though and I'm glad I did.

It has been a valuable learning lesson and a gigantic mistake that I'll never repeat.

Now, I am working on getting my credit report cleaned up. Lot's of good info on the repair section!

Good luck to all!!

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Congrats on paying your credit card debt. Just a word of caution, keep an eye on your CRs. If you settled for less than the full amount your creditors might sell the remaining debt to the CAs. They will be coming out of the woodwork after you.

Lefty

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