Advice on Getting Bills Current

Updated on May 02, 2009
S.S. asks from Springtown, TX
5 answers

*I APPRICIATE ALL THE FEEDBACK, BUT GOT LAID OFF THE VERY DAY OF THE REQUEST. PLEASE KEEP MYSELF AND MY FAMILY IN YOUR PRAYERS THAT GOD WILL GUIDE ME IN THE RIGHT DIRECTION*Alright ladies, I don't know what I did without all your helpful advise before now! I am current on my car, home, electric, etc, but have 4 credit cards that since I left my part time job are behind as much as 4 & 5 months. What steps do you suggest or have had to deal with. My mortgage taxes just went down and car insurance, so I will have some money freed up. Should I start paying the smallest ones, let them go, go to a consumer credit counselor or whatever other suggestions you have would be great. I would love my credit rating to be back in good standing!

* Just got letter in the mail from my credit union, which I have a credit card and they want $874. by the 16th or its a charge off. I e-mailed to see if they could work out something with me since my auto insurance went down a little this month as well as my mortgage taxes!

What can I do next?

  • Add yourAnswer own comment
  • Ask your own question Add Question
  • Join the Mamapedia community Mamapedia
  • as inappropriate
  • this with your friends

More Answers



answers from Dallas on

do NOT go to CCCS!! You can negotiate settlements on all of the cards for less than you owe (some as little as 15% of the balance). Once it goes to collection, the bank has already sold the debt, so they have their money, and they don't care a bit about what you do after that. The older the debt, the less you can settle it for.

I had a business "divorce" about the same time my first marriage fell apart and had over $120,000 in unsecured debt between business and personal which was settled for about $42,000 a few years later. I negotiated it all myself with the collection companies and never used a 3rd party.

Save your money up and wait until the debts have aged. Then offer lump sum settlements and the price is drastically reduced. I settled a $65,000 outstanding debt to Bank of America for $15,000.

Let me know if you have questions.

P.S. I'm familiar with Dave Ramsey and he has a good system, but it's for people who have not yet defaulted.



answers from Dallas on

Hi! You could possibly get in touch with your credit card companies and see what they will accept.



answers from Dallas on

I second the suggestion on Dave Ramsey. We're in the middle of doing his Financial Peace University, and his lesson on dealing with credit card companies would really be useful to you. I know there is some overlap with his books, but I haven't read them all, so you could look there, too. If at all possible, I'd recommend ALWAYS paying something, even if its not what they ask for. They'll yell and scream and whine, but they really can't do much beside cut off future charges on the card. If you can, make minimum payments on all but the smallest, and put all you can towards paying that off; once you do, move on to the next largest, etc. Any of Dave Ramsey's books will also have sample letters for you to send to the cc companies, asserting your rights (yes, you do have them) and getting them to lay off a bit until you can pay. GL!



answers from Dallas on

A similar question was just posted. Look at yesterdays posts and read the one about Dave Ramsey. Its where you need to begin. Go buy the books listed and get started. Good Luck!



answers from Wichita Falls on

I would run - not walk - to consumer credit counseling services (CCCS). You can't use the credit cards while you're with them - but they have a better track record at dealing with credit card companies than you will.


For Updates and Special Promotions
Follow Us

Related Questions