Fed Up...

[Anonymous]

Okay, I'm done with credit,  I have filed for bankruptcy (1999) and gotten myself back into debt.  I am on disability and only get paid once a month, after household bills are paid I get $300, which my personal bills are paid from.  I have about 8 "stupid bills" That's what I call them, because I don't have to have them.  I want to pay off all of them one at a time, in full starting with the smallest.  I owe about $4000 in total, and I can't take these monthly low payments.  I plan to write each creditor and acknowledge my debt and tell them my plan.  Does anyone have a sample letter or some constructive advice?  I know I am hurting my score, but I have to get rid of this now, or I'll be owing someone forever ( with interest.) Thanks in advance.

V~

[Anonymous]

If you list who the creditors are you may get specific advice on the approach to take for each. Generally speaking, you can call and ask to be placed on a hardship plan. Typically this involves them closing the cards and placing you on a repayment program with a reduced interest rate.  I know what it is like living on a fixed income. Kudos for taking charge of your finances before the problem gets any bigger and I wish you success.

[Anonymous]

Thanks for some sound advice and understanding my situation!! I just can't do it anymore, I hate owing someone.  Okay, here it goes.  I'm not sure on the balances right now,But these are the creditors.

Fingerhut

Ginny's

seventh ave.

Swiss colony

hsbc

first savings cc

massey's

k.jordan

tribute cc

ashro

there are more than the 8 I mentioned, and there may be one or two more.  It' was so easy to get caught in this ordering from catalogs especially being on disability.  But I'm over all that now, and going to attack these bill head on.

[Anonymous]

Hi Venus, have you thought about considering a debt management program (DMP)? I know there are couple here on the forums who have successful completed a DMP. I think what you might like about it is they close out all your accounts that are on the program, negotiate the rates on your behalf, make you one payment to them and they will disburse the payment to all of your creditors by using a "snowball effect." Seeing from your income, you might also have to consider making a settlement offer to your creditors depending on your total balance of the accounts.

[marty56]

Some DMP companies have a minimum amout of debt that you need to have but I would check into them.  Do not go to a Debt Settlement company since that will trash your credit and possibly get you sued or ripped off.