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I need to settle all of my credit card debt. I am a full-time student with two children and a wife. I have 5,550 in debt. I only have 560 dollars a month to live on. Where do I start?
Yeah/ I am 22. I will get pass this. My wifes credit is good! I have read diffrent reports as to when I can settle on debt. Some say settle with orginal creditor and other say wait until the credit is sent to collections. I have no job. My familys car is in my wifes name and our trailer is in my wifes name. So I dont think they can sue me when I dont have anything. I am wanting to settle for 10 - 40 cents on the dollar. Any advise?
Original creditor is always best. But if the delinquencies are recent (less than 12 months), I don't expect that they'd be too willing to settle for such small percentages.
I think the overall amount owed is too small to bother with bankruptcy.
The best scenario I see is that:
Best of luck!
this will prob get moved to the rebuilding section but, don't fool yourself they will eventually come after you if you don't pay if you dont have anything they can get judgements against you, which will come back and bite you later and or garnish your wages when you get any sort of job. i burned my share of credit bridges. i would suggest you call them and attempt to work somthing out i think its unlikely they will settle right out of the gate for anything that low, but they rather have something from you rather than nothing. if you do decide to let them throw you to collections be prepared for lots of calls and letters and find out the collections rules and statue of limitations in your state as they can vary. personally the only creditor that actually started legal action was captial one the rest charged off and sold to collections and they passed it around, one also did cancel debt and 1099ed me, that might be an option for you but know if they 1099 its taxable income, and could complicate your tax return sit.
I have about 2,000 I put torwards my cards at the end of the month from my student loan. So I do not have a chance to settle on any of my accounts? I know I could get a lower intrest rate or no intrest and lower payments but I want to rid of these cards as fast as possible.