Did I do the right thing?
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Did I do the right thing?
| Tue, 04-22-2008 - 4:33pm |
I wish I would've found this board before I did what I just did!!
| Tue, 04-22-2008 - 4:33pm |
I wish I would've found this board before I did what I just did!!
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I would never deal with a debt negotiator myself.
I would want to get out of this situation on my own. I would be calling the mortgage company to discuss a short sell and I would have both my primary and second homes listed for sale by the end of the day.
If I could not pay either of my cars off within two years, I would sell those as well and buy clunkers until I could get back on my feet.
"The Total Money Makeover," by Dave Ramsey would be an eye opener for you.
Hi Kat!
Thank you for the encouragement.
I am so sorry you are in this fix. Life these days sure does suck. I feel for the high mortgage payment you have. that is over twice of what we make a month.
I would not put your rental house up for sale if you have good tenants. Because as you know when a tenant feels they are going to lose their home they go out and start to look for another one Leaving you without a tenant. But there is something that you may not know, maybe you do, the mortgage on the other house is counting on
The 14% is the fee I'm paying to Debt Settlement USA.
You are fine. Apparently, I was giving old information. The credit counseling companies must not affect your credit rating anymore. It used to be when they first began that it did affect you for seven years but that doesn't seem to be the case anymore.
You did the right thing for your family. Credit counseling is right for some and not for others. For us, because of long term investments among other things that we can't touch, it wouldn't work for us. So, that's why I dealt with each individual company. They were all great but one. All of them but that one did away with our fees and lowered our interest rate. The longest we will have any of our credit cards with the various programs we are in is 60 months. We can pay any of them off earlier if we can but we don't have to. We just have to make the agreed upon monthly payments which for me is a life saver.
Kathleen
You realize that the debt settlement company is not going to pay on your cards for quite some time don't you?
Kat:
I've read through all the other responses and sure don't have anything to add. I wish you luck with the decision you've made; but, also encourage you to monitor everything closely. It doesn't mean you need to continue to be stressed about it; just make sure they are paying what they say they will pay. (Personally, I don't know which ones are good and which are scams, but others on this board do.)
I wanted to write to you to let you know that checking in here every day (or as often as you can) is a great way to relieve financial stress and worry. I've been checking in for 18 months or so...thought I was so smart back then...I've learned so much from all these wonderful ladies (and occasional man) that I wouldn't be able to
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