I’m sorry to say but it is usually for alot more than the origianl credit amount. I owed a credit card company in May about 300. I just started trying to settle my debts and am actually talking to collectors instead of hanging up on them. While I was talking to the collector she said I now owed 900 and something and that they were only going to take a lump sum and that there was no setting up payments. I’m sure yours will be willing to set up payment though so don’t let that scare you. Good luck with everything!
does anyone here knows od a credit counselling who can be relied upon and willing to counsel me online or debt settlement with debts outside US but can be settled in US dollars.
I don’t think they imprison any more but they are capable of garnishing your paycheck. We negotiated by letting them know we were considering bankruptcy….they are paid much less then if you worked with them directly .I read the new laws and it seems they still have a lot to lose if they don’t negotiate with you.If you use bankruptcy you are required to pay back the debt but in much smaller amounts per debt. They lose money this way.
I am helping a friend get out of debt and you can’t imagine the horror when we saw interest rates of 29-32 percent on 5 her cards………….she is over her credit limit and behind.My husbands yells…Maffia sharking!!!!!!!!!!!!!!!!!!
LOL But I sure agree with you about loan sharking. What??? Did the maffia become legal bankers?
We are going to start calling her credit card companies and see if we can get them to come down in interest and also lower the bill.
We have not done this since the banckruptcy laws came in sooooooo we are hopping we still have a leg to stand on.After looking at the laws I think there is stil a chance they will negotiate with us.Any thoughts? You Can get out of Debt!