burba 0 Posted July 21, 2015 Report Share Posted July 21, 2015 Hi, my name is Steve and my wife and I are in a real financial jam and are seeking financial advice. Here is our situation in a nutshell: We found ourselves having a tough time keeping up with monthly bills and 5 credit cards were maxed out or close to being maxed out. We reached out to a popular debt settlement group. I will just provide nice round numbers for ease of things. They were able to get us a monthly payment figure of $700 which is the same amount we were already paying minimums on all 5 credit cards. So we get approved for this and they send us a package with financial hardship worksheet. Come to find out that we earn $3250 a month combined BUT our expenditures are $4100!! So I contact our "guy" and he says this will be no problem just as long as I can pay the $700/month to them to settle with the creditors. It's not possible to pay this debt settlement service. Either that OR we have to default on other things like mortgage (1300), electric (200), medical bills (200) etc. What do we do here now? Fine mess we are in right?? Is it time to declare bankruptcy chapter 13? Do we pull out of the debt settlement group? So confused and I know this is vague, so please ask any questions you have. Any advice is greatly appreciated. Quote Link to post Share on other sites
willingtocope 1,336 Posted July 21, 2015 Report Share Posted July 21, 2015 Pull out of the settlement scam. They're not helping. Find a couple of BK lawyers in your area...NOW. Most will give you a free consultation and help you figure out what to do. Quote Link to post Share on other sites
burba 0 Posted July 22, 2015 Author Report Share Posted July 22, 2015 Call is in to debt settlement group to opt out. Luckily they provide a 30-day trial no strings attached.....so they say. Also put a call and message into a few BK lawyers in the area for a free consultation. Thanks for replying willingtocope, really appreciate your time. Quote Link to post Share on other sites
willingtocope 1,336 Posted July 22, 2015 Report Share Posted July 22, 2015 Hopefully, you didn't give the debt fixer your bank account info. Let us know what the lawyers say... Quote Link to post Share on other sites
burba 0 Posted July 22, 2015 Author Report Share Posted July 22, 2015 Yes, of course they have the bank info. They use a third party bank acct and automatically withdraw from checking account. Your reply doesn't sound good since they have this information. Quote Link to post Share on other sites
shellieh98 1,505 Posted August 2, 2015 Report Share Posted August 2, 2015 nope, I would change my account asap. I know it is a hassle, but you want to protect your money.They may draw out the first 700, and you will be forever getting it back, if at all. Quote Link to post Share on other sites
shellieh98 1,505 Posted August 2, 2015 Report Share Posted August 2, 2015 Use that 700 to work on your BK, and you may qualify for ch 7. If it's going to hurt your credit for 10 years, may as well start fresh. You can still keep your house and car. Quote Link to post Share on other sites
