cancel
Showing results for 
Search instead for 
Did you mean: 

Over 30k debt help please

tag
distraught1
New Member

Over 30k debt help please

I made some mistakes and due to that my family and I have been suffering for the past couple of hours. My credit schore is around 590 and I hired some debt settlement companies and they have been unsuccessful. 

Do I stand a chance if I start writing good will letters? The debt is on multiple Bank of America credit cards.

Message 1 of 9
8 REPLIES 8
JoeRockhead
Senior Contributor

Re: Over 30k debt help please

Some more specifics would be great... are you behind on payments? If so how bad, 30, 60 etc days late... are they charged off?

 

Balances on how many cards? What are the limits?

Message 2 of 9
distraught1
New Member

Re: Over 30k debt help please

Hi, 

 

sorry for not providing additional details earlier. I think I'm over a year behind and the debt settlement company is handling all communication. They have been trying but the best deal they got was to make 90% lump sum payment or pay off entire amount in 12 equl payments. Both options are not viable for me.

Message 3 of 9
CorpCrMgr1
Frequent Contributor

Re: Over 30k debt help please

What are you paying the debt settlement company? How long has it been attempting to help you? There are a large number of posts on how you can do yourself that the company is doing on this forum.

Have you spoken with an attorney regarding your options? Are you employed and could make regular payments?

There is a lot of information that is needed to really advise you.

Message 4 of 9
Blender
Established Contributor

Re: Over 30k debt help please


@distraught1 wrote:

Hi, 

 

sorry for not providing additional details earlier. I think I'm over a year behind and the debt settlement company is handling all communication. They have been trying but the best deal they got was to make 90% lump sum payment or pay off entire amount in 12 equl payments. Both options are not viable for me.


Yeah so first step is to fire/ stop paying that company and come up with a plan. You will get your answers here for free but you probably wont like them.  Here is what we need from you:

 List each card in this format: Current balance/ credit limit

It doesnt sound like its been charged off, what month/ year do you se the first 30 day late payment on your reports, for each card

1/2024
FICO 8
FICO 9

Message 5 of 9
Shooting-For-800
Senior Contributor

Re: Over 30k debt help please

You can settle your own debts for 25%-100% of balances depending on the company and your ability to negotiate.  Get EVERYTHING in writing BEFORE you pay a dime.  Open up a separate account to pay out off.  DO NOT do any direct withdrawals.  Write checks.  Just my suggestions.  GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 6 of 9
distraught1
New Member

Re: Over 30k debt help please

Thanks for the response so far. I'm working on getting the specific answers from the debt settlement company. I'll update once I have some of these answers.

Message 7 of 9
CreditPoor
Established Member

Re: Over 30k debt help please

My guy, you don't need a debt settlement company to deal with this. Save yourself the money and pick up the phone and call the collectors on your own. It's very simple and you'll be able to negotiate on your terms for the most part for way less.

Simply give each one a call and say exactly this. 

Calling today to settle this debt. I have this amount of  money (insert the amount you wish to pay) Can we come to an agreement? If they say no to the amount, say I'm calling multiple collection agencies today and younhappen to be the first. If we can't come to an agreement, I'll have to move on to the next because my time is limited and so is the amount of money I have.

 

See if they counter and if you can come to a settlement, then get it in writing. If not, move on to the next

Message 8 of 9
Horseshoez
Valued Contributor

Re: Over 30k debt help please


@distraught1 wrote:

Thanks for the response so far. I'm working on getting the specific answers from the debt settlement company. I'll update once I have some of these answers.


As others have said, don't wait around for "specific answers" (you won't get any), fire the debt settlement company, and I mean today!

 

Also, as others have requested, list out your debts including details like credit limit, balance, late payments, account status, and any communications you've had with the lender.  The collective here will then help you with a plan.

I categorically refuse to do AZEO!
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.