Thinking of trying to settle accounts hoping for guidance

[Anonymous]

Hello. Thankyou for anyone who takes the time to read this and/or help my situation. I'll get straight to it. 

I currently make enough to meet

meet minimums and everything is current but it's tight and I am considering going into trying to settle with these accounts on my own with no help from a debt freedom company or similar. 

After rent/etc I can save $1200 a month at least possibly $1500 at times, if overtime picks up like it suppose to possible even $2000. But for my safe budget I came up with $1200

my accounts:

cap one-$1900 ($75min)

creditone-$530 ($30 min)

creditone(yes 2 smh)- $490 ($30 min)

merrick bank-$1100 ($50 min)

upgrade Visa card- $9,900 ($420 min but currently in their hardship program paying $130 min for only 3 months. 1st month)

upgrade Loan - $4600 ($225 min)

avant loan. -$4900 ($215 min)

one main loan- $6500 ($245 min) 

So like I said I been paying minimums but it's creeping up on me and I feel I'm close to the edge of where I'm screwed. I would qualify for chapter 13 only and don't want to do that would rather settle or maybe there's a better option?

my ideas: option 1

stop paying on everything and in about (3-4 months???) start trying to settle when I should have $4-5k saved up? If I get sued quickly however this could backfire as I won't have the money to settle with multiple accounts. especially the bigger loans

option 2: 

stop paying just the loans and pay the smalle cards off so they never go onto default(current now). So month 1 I could pay off the 2 smaller credit one cards, month 2 the merrick bank, and month 3-4 capital one. I would be paying minimums on all except one at a time and by month 4 they should all be paid in full, then I start saving for the 4 personal loans, again if one of them sues jy quickly or they all do at the same time I'm kind of screwed... 

option 3 keep trying to pay minimums and hopefully be able to keep up for the ne t several years. 

any help or quidance or input is greatly appreciated. Thanks

[Sandman771]

All of the minimums add up to $1290. So you said you can save 1200/ month maybe 1500. If you can get it to anything above 1290 then start plowing that into the smallest balance. Then when that is paid off go to the next smallest with the minimum, plus the minimum from the one you just paid off. That snowball gets bigger and bigger everytime. I know how tough it is. That is why I started my side hustle with Uber. 

[Anonymous]

^^^ this.

Do you have the ability to get a side hustle for the time being? Uber, Doordash, mowing lawns, detailing cars, babysitting - the possibilities are endless. Plow all of that into the smaller debts and wipe them out. Get yourself fewer payments. 

You can contact your lenders about a hardship program that reduces or eliminates interest for a period of time so you can pay down more easily. 

How are your scores? Any chance of a consolidation loan for the cards? Interest would be lower that way too.

What can you trim from expenses - cell plan? Go to StraightTalk. Cut cable/Netflix/etc. Explore a new insurance plan for your car. There may be other expense savings as well.

I would explore all of these before a bankruptcy. You may well be able to buckle down and dig out.

[Anonymous]

Thank you both for the response. I cut all my bills as much as I can and got rid of unnecessary services. Been working on changing my lifestyle as well. Uber/etc is useless I live in an area with a small population. I may get 2-3 rides a week it's not worth the gas as every ride would be a drive to get to. Work also is "suppose" to be picking up which is why I try to keep myself available my OVERTIME pay is about $38/hr which i was seeing 8-20 hours a paycheck before Covid hit. I wasn't planned well. I do have about 2k in bank for now and current on bills. Just need to figure out how I can pay more than minimums before I'm depleted. 

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@Anonymous wrote:

^^^ this.

Do you have the ability to get a side hustle for the time being? Uber, Doordash, mowing lawns, detailing cars, babysitting - the possibilities are endless. Plow all of that into the smaller debts and wipe them out. Get yourself fewer payments. 

You can contact your lenders about a hardship program that reduces or eliminates interest for a period of time so you can pay down more easily. 

How are your scores? Any chance of a consolidation loan for the cards? Interest would be lower that way too.

What can you trim from expenses - cell plan? Go to StraightTalk. Cut cable/Netflix/etc. Explore a new insurance plan for your car. There may be other expense savings as well.

I would explore all of these before a bankruptcy. You may well be able to buckle down and dig out.

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[FireMedic1]

Look into donating your plasma. Many companies are offering nice new donor fees and all kinds of specials if your a regular donor. Avg $1000 for first month and avg 450+ a month thereafter.

[Anonymous]

@FireMedic1 thank you for adding the plasma donation. I had forgotten about that one.

[FireMedic1]

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@Anonymous wrote:

@FireMedic1 thank you for adding the plasma donation. I had forgotten about that one.

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No problem Bro. I say that now because thats where I work since retiring. Thats what we offer for new donors. I dont believe I can say the company name. But a Google search will show the major compnaies and what their months special is. Especially if you have the natural antibodies if anyone had Covid. Not the antibiodies from the shot. That pays more.

[Anonymous]

Lol I'm not surprised that you'd have the plasma donations at the forefront