Over 30k debt help please

[distraught1]

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.

[JoeRockhead]

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?

[distraught1]

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.

[CorpCrMgr1]

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.

[Blender]

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@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.

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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

[Shooting-For-800]

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!

[distraught1]

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.

[CreditPoor]

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

[Horseshoez]

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@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.

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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.

[CorpCrMgr1]

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@CreditPoor wrote:

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

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Great way to tell the CCC the deal. I will add ask the CSR after you are turned down for a supervisor or someone that can make decisions. The CSR that answers a phone has little authority.