Trying to get most of your debt removed before bk.

[bigtim6656]

I talked with a guy a few weeks ago and just called him back. He says That he can get most if not all my debt removed and a low payment for everything. He said that i can pull the debt from the collection companys and deal with the orginal company. He said he could get it all settled down to where i paid a small monthly amount to each company. This is not a loan or debt management company he just gets the settelment down and i make the payments to the companys. Here is my question. Should i pay him his 75 bucks to start and see what happens or just keep heading toward fileing. He seems to think it could cut it all down 1/2 and have me paying 250 or so a month split between all the companys.
Though he did not say it i wonder if it will end up me paying his company with a interest rate. He works for a auto finance comany. He seems to think 30k is not worth filing chapter 7 on when i can get it down to where i can pay it.

[LuciluS]

What normally happens when you try to settle your Credit Card Companies using someone like the guy you mentioned, is Not ALL of them will agree. Let's just say the one CC who does not agree is your largest Creditor.

So now you've spent the $75 monthly to this guy, possible to get a few credit cards to agree a lesser amount owed, you receive a 1099 on the defeciency (which you will most likely have to pay taxes next year) and still have your Largest Creditor monthly payment to make.

The scenario above is why you read on the internet about hiring a Debt Consolidation Company and you've not accomplished anything. Google debt consolidation scams. There's hundreds of websites to visit.

Luci

[bigtim6656]

should have told you before it is not credit card debt a few judgements one for a loan on a a woman that i sold her boat on consignment and she got in a hurry and did not want to wait for the money There is 18000 where i delt with a credit card company that i used to do charged for stuff i sold.

[AngelinaCat]

Your story is still very confusing. Are you trying to shed CC debt, or trying to shed some payment to this woman?

Please explain exactly and clearly what you owe and to whom it is owed. That will help the members here trying to give you an answer.

Please also word your prose so that we can read it clearly. Your first post is ver unclear and hard to read.

Thank you~~

[bigtim6656]

Sorry i get that alot.
Here is a list.
I have 18000 i owe to cards services. A company that sells youa credit card machine and you take payment from peoples card's
They take the money deposit it in you account. They held up some cash and the people who bought product from my failed business did chargebacks on the sale. End up they told me i owed them just over 18k.
They sued me and currently have a judgement in north carolina. Though i lived in indiana when they filed and the business was located at. And no there not in north carolina either. I did live there a year before they filed.
I owe 5900 for a personal loan for a fake cashier check from my business. A guy sent it to me and the bank said it was good tell the check came back.

around 2k for the loan where i was selling the womans boat. She boat it and brought it back a month later saying here boyfriend said she could not afford it. I told here i would not refund it but i would sell it then pay here. It sat in my lot for 2 weeks she asked if i could give her 500 so she could cover her rent till i sold the boat. I did I also gave her 500 every month till i sold the boat. Which took like 3 months leaving me owing here 1500 plus court fees. She filed two weeks before i sold the boat. The business went under so i did not even show up for court. Default judgement.
There is about 5 or 8k worth of junk phone bills electric bills mostly small stuff but alot of it. I also have a bad checking account out there for around 800 and another for alot i think just over 1800. I think that is the bulk of it. The big stuff is the three judgements which are just over 25k or so. I if i could get the loan off and the 18k i would not file but i doubt that will happen unless i offer half cash on both now. I do not have 11k. If i did i doubt i would want to give it to them either.

I am 99% sure i need to file. This guys seems to think for 75 bucks he can get it off but he did go from getting it off to half in monthly payments. But monthly payments would have me paying it off in 6 or 8 years without being able to rebuild my credit. HEck waiting 8 years paying 15k or so then building my credit back up seem better to file build it up slowing now then have the bankruptcy off in 10 years.
I hope you can read this good. I have always had trouble writing. I guest i am just learning disabled when it comes to grammer and spelling. But hey i passed college english

Your story is still very confusing. Are you trying to shed CC debt, or trying to shed some payment to this woman?

Please explain exactly and clearly what you owe and to whom it is owed. That will help the members here trying to give you an answer.

Please also word your prose so that we can read it clearly. Your first post is ver unclear and hard to read.

Thank you~~

[jadams]

File.

Someone that has already sued you and won a judgement is far less likely to accept a settlement than overdue credit card bills.

They can sit on that judgement for years, collecting statutory interest, and swoop in and levy your bank accounts or attach other assets.

This guy, who sounds shady to begin with, probably usually works with credit card debt sold to junk debt buyers for pennies on the dollar -- so even a 25% settlement gives them a large return on their money.

If they have already gone through collections, given up, and spent the filing and lawyer fees to go to court and win -- you're going to have to present something really good (i.e. a rather large percentage of the judgement upfront at once, not spread out monthly over years) to get them to accept anything less than full payment.

[bigtim6656]

Thats what i figured he said 30k was not much he said he had two people he was helping had 150k in debt but from what he said it was mainly cc debt and one was a house.

File.

Someone that has already sued you and won a judgement is far less likely to accept a settlement than overdue credit card bills.

They can sit on that judgement for years, collecting statutory interest, and swoop in and levy your bank accounts or attach other assets.

This guy, who sounds shady to begin with, probably usually works with credit card debt sold to junk debt buyers for pennies on the dollar -- so even a 25% settlement gives them a large return on their money.

If they have already gone through collections, given up, and spent the filing and lawyer fees to go to court and win -- you're going to have to present something really good (i.e. a rather large percentage of the judgement upfront at once, not spread out monthly over years) to get them to accept anything less than full payment.

[Flamingo]

Before you agree to toss away $75 on something you yourself have doubts on, get a consultation with a BK attorney (they are usually almost always free) and keep the $75 in your pocket. You will have more information and insight on your situation and will know where to better proceed with some legal input/information for your specific situation.

[HHM]

Do the BK and put an end to it. There is nothing this yahoo can do for you for $75 per month, totally bogus.

[bigtim6656]

It is not 75 a month just 75 one time to send out letters to all my debt collectors. I guest is it will turn into something every month to handle everything.

Do the BK and put an end to it. There is nothing this yahoo can do for you for $75 per month, totally bogus.

[lrprn]

It is not 75 a month just 75 one time to send out letters to all my debt collectors. I guest is it will turn into something every month to handle everything.

So you are thinking of paying someone $75 to send out letters??? You can easily do that yourself.

HHM and others who already posted here are right. This person can do nothing for you that will work out in your favor over the long haul. Worse, whoever already won a settlement against you in court isn't going to be interested in a settlement. They are going to garnish your wages or attach liens to your assets to get their money.

Save your cash. Set up 3-4 free initial consultations with experienced bk lawyers in your area and find out if filing bk is your best option under these circumstances (and given what you've shared so far, I'm betting it is).

[bigtim6656]

I have talked on the phone with two in detail both said file. The one last year said file. I have a inperson meeting set for monday. I am 99% i will file. I called him back to see if i would be able to get a loan through them post discharge. He did not even say yes or no just don't file pay me. Which i find to be a little shady. I will know monday. Might have to days in court. Got my bed sprayed with rhino liner and they over sprays my truck front to back and did not get it off. So they might be filing bk when i get done with them.

So you are thinking of paying someone $75 to send out letters??? You can easily do that yourself.

HHM and others who already posted here are right. This person can do nothing for you that will work out in your favor over the long haul. Worse, whoever already won a settlement against you in court isn't going to be interested in a settlement. They are going to garnish your wages or attach liens to your assets to get their money.

Save your cash. Set up 3-4 free initial consultations with experienced bk lawyers in your area and find out if filing bk is your best option under these circumstances (and given what you've shared so far, I'm betting it is).