Relief From Financial Trouble
Posted on
September 23, 2009
at
9:21 pm
I am seeking relief from my financial trouble and I am wondering what is the best solution for my plight. I Just recovered from an illness which left me unable to work, and fittingly, unable to pay for my bills. I do not have any other means of income and I hope to receive advice or help from you all. Thank you.
Posted on
September 23, 2009
at
11:28 pm
Sorry to hear about your situation Cyril0909. It is indeed understandable for one to experience distress, especially in unforeseen circumstances. Sadly, financial trouble comes along especially if we are not prepared for these. Thankfully there are alternatives and solutions to one's debt problems. It may take some time before the debts would completely go away but surely the efforts are worth it.If you do not mind me asking, how much is it that you currently owe? Are you back to work at this point? And do you also have disposable income ready?
Posted on
September 24, 2009
at
1:45 am
thanks for answering... i'm working again, and i have not earned anything as of yet... i owe around $16,000 on my credit cards and other loans... i wonder what can be done about this?
Posted on
September 24, 2009
at
2:10 am
Getting out of financial trouble--in a more general sense--also entails having the right amount of self-discipline especially in handling one's budget. But I agree with Purple Cow, it's a good thing that you're back on your feet and you're able to work again.Debt consolidation I think is one way for you to be able to take care of your debts. In doing so, you will not be paying for the entire balance--rather, a negotiated amount will ensue between the creditor and the negotiator, and in turn, the rest of the amount is considered as forgiven. Also, it will take a year to a year-and-a-half before the debt would be settled completely.
Posted on
September 28, 2009
at
7:17 am
How much should I pay if i am to settle?
Posted on
September 28, 2009
at
10:21 am
The people I talk to say the reason they dont settle on their own is because to settle an account you have to have the money right then to give them. You cant make payments on a settlement. If your creditors DO negotiate with you, they will want the negotiated balance right then! So I think that is why most people work with a debt settlement company. Yeah, sometimes is takes longer but atleast you can make payments to the debt settlement company monthly to have them settle it for you.
Posted on
September 28, 2009
at
11:59 pm
Cyril0909: It depends on how much is negotiated between the creditor and the debt negotiator. Some debt settlement companies are able to promise 30-60% of the total balance, while others offer 20-70%. It varies from company to company.
Posted on
September 29, 2009
at
3:01 am
IF I choose to work with a debt settlement company so I can get out of financial trouble,,,, how much do I have to pay them? Like in fees and charges? Aside form what I am paying towards my debt?
Posted on
September 29, 2009
at
4:37 am
The industry standard for debt settlement companies is 15% of the total debt amount that you have. It won't be charged from you as a lump sum; rather, it will be spread out for a 1-1.5 year period. Pretty much as long as you're paying on the settlement amount that you owe.Debt settlement is a good way to get out of financial trouble, especially if you have a large debt amount and have fallen behind on payments.
Posted on
October 13, 2009
at
1:28 am
I find it appalling how some people are so quick to decide on filing for bankruptcy as a way to get out of financial trouble. They don't realize how bankruptcy has a lot of repercussions especially on your credit report. It's quite sad really but I hope more people gain more knowledge about this.
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