Card Credit Debt Termination

In June I called American Debt Settlement Services to help me out with 3 credit cards I have. I have had these cards since 2001 and up until June I could not come up w/ any of their minimum balances. Well, the debt service made everything sound do wonderful and I was relieved, so I went along with their program. At that point, I asked Yahoo answers about Debt Settlement and they said it was a scam. So I opted out of it at the beginning of August, put a stop payment on my account and faxed over a letter of termination. Now, don't know what to do 2 of my creditors have now put me in collections. I am a respected family person and times are tough!! I am afraid of the next step.. Should I apply for a home equity loan, a bank loan, I do not want to file for bankruptcy. I owe between the two cards 27,000.00. One of my creditor I have worked out a plan with. The other two will not talk to me unless the have my husbands permission. Whenever they call he is not home he is a firefighter and his hours always fluctuate-Please what would you do? The stress is killing me. I don't want my 8 year old daughter to see me like this...

You do not want to take out a loan or home equity. This is like chasing your losses and is counter productive, especially since it may threaten your home. The options of consumer credit counseling, debt consolidation and/or bankruptcy are expensive and unnecessarily prolonged Your best bet is to settle these debts down. However, you may need help in doing it. Remember there are many bad apples in the debt settlement industry but not all of them have bad intentions. I suggest you do your research and find out who has the right affiliations, who is a member of TASC and who has no complaints on the BBB site.

I wish you luck with this. Remember health comes first so do not let this problem impair that.

2009-08-16 15:08:31 by Amykins44

Credit Card Debt

My mum was contacted recently on the telephone by a company called "Debt Termination Incorporation". She asked me to do some research online; as the offer to wipe clear her credit card debt seems too good to be true.
I have found a website for them (but a website is not that difficult to create and I am still rather wary of it), I also came across a warning about some debt relief companies whilst searching.
At the moment they have said that there will be a payment of £945 which is usually taken from the credit card but as hers is close to maxed out she has to find another way to pay.
Apparently there is a legislation about credit card companies who raise the credit limits without it being requested; and she qualifies to have them take her case to court.

I do not know whether this is a legitimate company or not and I was wondering if anybody has any information or advice about this sort of problem.

Thanks

Do not part with anymoney, debt management companies are thriving in business at present due to people seeking help. Tell mum to contact Payplan, they are a debt management company and they are free free free. They negotiate with lenders and agree payment plans, most lenders will only deal with this company. Do not pay anyone for a service, its a quick buck scheme that adds to your debt, then they stop paying your creditors. Payplan are 100% fantastic - disabled mum with payplan.

2009-09-29 07:50:09 by rainbowreptile

My one Juniper card got it's limit lowered from $1000 to $250, which isn't much anyways to begin with, just because I was carrying a $4500 balance on my one Citicards card, which had a limit of like $1500, AND I've paid that off halfway its around $2500 now anyways. Most likely will be paid in full in the next few months.

Otherwise all my other credit cards, I have several, have $0 balances, and I'm on good standing.

Is this common, for creditors to DECREASE limits or possibly cancel/close the account for you?

Is a credit line decrease a possible SIGN that they're pending termination of your account, or at least a sign that they don't hold you in good standing?
WHOOPS. MAJOR typo. Up above I meant my citicards card had a credit limit of $15,000.

it is legal, yes. your deal with the credit card company is voluntary on both sides, so they can change or terminate it on 30 days notice.

My guess is that Juniper noticed that you have a 15k card at Citi and that their service with the 1k limit is, therefore, quite redundant. They may have noticed that you are pyaing off the charges in full every month and decided that because you do so, they don't want your business. [since lending to people who do not pay off their card in full every month is very profitable, I understand]

does this help?

2007-11-07 06:44:04 by Luke

Ok im 21 and I have roughly $18,000 of debt.
I need to consolidate it as much as i can before i enter the military.
Ok in a nut shell, i have a reposessed vehicle. I have an early termination fee from my old apartment. a cell phone bill thats horendous. a few medical bills, and some more miscellaneous things totalling up to about $18k. All of these debt consolidation places only work with credit card debts and loans. . I was thinking about bankruptcy (just because it will be gone when im about 30 years old.) but i was urged not to do so before the military. is there any business out there that can consolidate my debt? I live in oregon, and receive $250 a week from unemployment benefits. Any info/help i would gratefully appreciate. thanks everyone

go to http://www.militaryloans.com. They are a company that will allow to take out a couple of loans. With the loans you take out you will be able to pay off some of or all of your bills. Good luck

2009-07-11 11:45:54 by von Tersch

my husband and i are young and have been married close to ayear. hes in he army and i went to law school for a bachelors. ive been noticing that were not exactly making ends meet.... and i dont know what to do. we were ok untill he went out and got a car that is in the end costing us more to fix and in insure than it did to even buy it. and he had to have the new iphone so were stuck in some stupid contract. were stationed in germany to so the exchange rate is killing us. hes got debt up to his eye balls and i have student loans kicking in in aug. theres no jobs on base, and the one place i can work in the military defense office wont give me a job unless i volunteer for months first to 'show my dedication'. basically, we pay 300$ a month on two loans of his, 50$ on a credit card (late fees are mounting up the min payment is now 300$ a mo. and we cant afford that) 180$ in car insurance, 100$ on his phone, 50 euro for internet and call service to back home, about 50$ a month on another credit card of his that has like 600$ in debt, theres another credit card he says he lost a long time ago and had like 1000$ that we dont even pay on yet. and we have the life expenses as usual. his debt was all there before we even met, the only debt i have left is a 13000$ loan from school and we have NO savings cause he blew it on the car. what can we do? were fighting so much, i tried to talk to him about it because i feel with his iphone (which he says he cant get out of the contract cause than we pay the termination fee and 500 euro for the phone) and the money-hole car. its stressing me so bad and its taking a toll on our marriage where can i turn for help?
also, i need something, if involving mailing, that i can do from an APO adress

Contact your credit card companies and inform them your husband is active duty and entitle to interest rate reduction under the soldiers and sailors relief act. That will at least lower some payments. Look for a job off-base, doing anything you can do to bring in some income - Clean houses. Babysit. Walk dogs. If the only place that pays a decent wage is the place that requires you to show your dedication, then swallow your pride and do that. Or, temporarily move back to the states, get a job here, and use it to solely pay off debt. If your numbers as listed above are correct, you could pay off the credit cards and student loan by working full time for about 4 months.

Move to cheaper housing. Antyhing to free up some cash.

If the car really is a money hole - sell it. At least you will save the $180 on car insurance.

Get rid of, or reduce, all discretionary expenses. For example, the 50 Euro internet service. Can you use a free service like free wifi in a cafe instead? Do you get your hair/nails done at a salon? Stop that and learn to do it at home. Bring lunch to work. Google the term "frugal living" and see the hundreds of ways you can scrape up savings from just about everything.

If you know how to use microsoft excel, go to that and download a budget template. And, sit down and non-judgementally work this out with your husband so you can truly see how much cash you have to free up every month. You have to solve this as a team.

2009-06-23 03:54:23 by ((army wife)) *mrs crea*