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We are new to this - help!!!


Jen&Alex
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We are learning how to deal with this situation. Both are overwhelmed with debt & work & child in college. I (Jen) started talking to the cards after reading your excellent 1-19 (step 20 is missing!) step program. Started documenting/logging everything. Very helpful! But we don't have money to settle!!! I got some few hardship programs, and most of the customer service people were nice/understanding/human... But Alex just started a new job, wants to go with DMB Financial. I am apprehensive... Help! I don't know what to do... We are current on all other bills. Only credit cards are the problem (not a little problem, though). How do we deal with it? I don't want to go deep into this mess, but we don't have funds to pay what they are asking. Tried to refinance/ get an equity loan, wasn't unsuccessful so far...

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First of all - Welcome to the board!

Secondly - take a deep breath. And another. Ok. this place is one of the best you will ever find (In my humble opinion) for credit issues.

Let's talk turkey:

I'm not familiar with DMB financial...who are they?

How much credit card debt do you have? How many cards, and which creditors?

Are you getting calls from collection agencies (CA's) yet?

What are your scores (appprox?)

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NO! Do all that you can do to deal with the original creditors (OCs). That will be the best thing you can do for your score, both now and in the future!

Most (if not all) OCs have a "hardship" program. I noticed you siad y'all were in a few. Good. Get into the others. If you're only 2 months behind, it's way easier to salvage your credit than if the accounts are in collections.

What are tha balances of each account?

Is there any way you two could do anything to save money? Like don't eat out and use cards, that sort of thing?

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Anything that has a reduced payment is a good thing. Be sure and ask, as part of the hardship program, if your credit reports will start reflecting "pays as agreed" under th program.

Thank you! Can we negotiate this payment? Do we ask for "pays as agreed" over the phone, or should we do everything in writing?

You help is so appreciated! It feels extremely lonely with this going on & not being able to talk about it much with people...

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I was there a few years ago and screwed up my credit because I had nobody to talk to , and I felt as if talking to my parents about it wasn't an option...so I know waht you're dealing with in a general sense. Heck, 95% of the people on this forum do! That's why we're here.

Generally, dealing with the OC (original creditors) over the phone is OK - as they have a reputation to maintain. Yes, you can always try and negotiate the payment amount if they're asking for too much. Remember - there is always the POSSIBILITY to do anything you want - whether or not the creidtor agrees is up to them.

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