We were thinking of doing debt settlement but we have been reading up on it and it seems like they really don;t do a whole lot but take your money and charge you fees. We do have a budget but our budget includes just barely getting by. Were at the point now where were behind one mortg payment. I know that is the first thing that has to get paid off. Our credit is terrible at this point so making it go lower is not a huge issue. we know it’s only going to get worse if we can’t get back up on our feet. We have a baby on the way in 3 months and i’m getting worried that were not going to be able to feed our selves. Any advice would be greatly appreciated. I’m just at a loss of what to do. I will Monitor this question so if you have any questions for me i can answer them. Thanks again for all your help.
also we were thinking that maybe we would just put all our money into savings and wait until we have enough to pay off one card completely and try to settle with them ourselves. (without going through an agency) has anyone else done this? What are the risks/ benefits?
I am sure that debt settlement agencies are not going to really help you. What you want to do is deal with consumer credit counseling, which is free. They arrange a payment schedule with your creditors, and you make the payments to them, and they send the payments out. The creditors stop calling you, and you get out of having them harrassing you constantly. If your credit is already bad, dont worry about it. You will be able to build credit up again when you are back on your feet. The thing is, babies are expensive. You need so much stuff for them. Now with eating. Honey, I can be reached by e-mail on here, and I can give you some tips for fixing good meals that are cheap. Stuff that will last for 2 or three days. I would seriously advise you to breast feed your child. It’s good for them, and formula is really expensive these days. I didnt buy too much, because I choose breast feeding, and the one thing I can say is that my kids didnt have nearly the amount of ear infections that I saw other kids get. On that note, I must say that a friend of mine breast fed, but her kids just had rotten ears. They got a lot more infections than mine did. But her one kid had really crappy tonsils. I am in a funky financial situation right now, and I tell you this, I have learned that credit sucks! It pulls you in, and what happens is that you cant seem to get out! I am working on it little by little, and we are going to be all right, but it can get tough! Have faith. You will get through this, and whatever you do, never argue with your husband about money, because that can break people apart. Just understand that pay them what you can, and the only honest thing to do is pay them, but if they are taking your credit anyway, then screw them, and pay them what you can. The first thing to do is the Mortgage, then heat, electricity, then the phone. Cable, cell phones, internet is last. If you have to let something go, put them all in order of importance. Credit cards, are last on the list, unless there is one that you may really need, then keep it current. Everyone else gets a little bit! It will work out. It’s tough when a baby is coming. Try to focus on the positive happy subject of the baby and let the stress of the bills go a little. It will be all right.
Hey guys don’t worry.
You can consult any online debt relief providers. They turn out to be really good source.
I came across one company which provided debt settlement and elimination services. You can consult such companies. The one which i referred was http://www.loansstore.com/debt-settlement
And all the best for your baby….
I understand your situation. A good friend of mine was in the same boat and she decided to use Credit Solutions Debt settlement a few years ago. Of course, they do charge fee but it would save you money up to 60%. She finally paid off their 5 credit cards and debt free. Her credit report improved a lot. A few months ago, she told me that she have 724 score but I couldnt believe. At first, I thought it was scam but it is not. She have a brand new car with low interest, I guess she is lucky. I am not making this up. If you are planning to join debt settlement program so it is best thing to do check BBB to see what they have good about it or not.
I just wanted to tell you if you are going to have a baby within 3 months so you will more likely to have more hospital bills if you are under insurance, not on medicare or medicaid. Best of luck!
DONT STOP PAYING YOUR MORT.
1. Call your mortgage company and ask them if you qualify for any of the government assistance. If your mortgage company isnt any help try to research mrtg assistance offices in your city. Your state should offer free advice for people in your situation.
2. The best advice I can give you for the credit cards would depend on your overall balance. If you balance is less then 5k per card I would consider not paying them anymore. Sometimes credit cards are from the same company but dont say it. The fact is if you think you are not one of their biggest fish, then take the gamble. The law is that credit card companies only have five years to take you to court.
3. I dont have children but I know that if it was a credit card payment or formula thats an easy decision for me. I dont know what state your in, but some tips can be going to food pantries, or applying for WIC which is funds that you are able to use to buy baby formula and stuff.
Its a decision that could affect the next 5- 7 yrs of ur life, but if you start fixing your budget from know, plan on using next years tax return to lower your bills. Dont count on it for anything else. Oh one more thing pay off the smallest credit cards first, like that you reduce the amount of creditors calling which might make you feel as though you are accomplishing something
Just know that you are not alone. I am also searching for answers. I had a great job for over 12 years, my husband got laid off , then got a new job in a new town. We moved and now I can’t find a job. I also had a baby. It has been very hard on our marriage. I am struggling with what to do as well.
Just to let you know that you are not alone.
The Company I use for my debt settlement has been great for example had a bill that was $430 and they got it paid off for $70 and also got it taken off my credit report with credit repair. This company has a team of lawyers that makes sure that everything that is done is done legally and proper. So yes debt settlement works if you go to the right company. Trust me I used one before I found this one and spent $100′s and had no results. Someone said go to Credit Counseling because it is free well what they didn’t tell you is that it goes on your credit report as a very bad negative I know you said you aren’t worried about your score but it doesn’t have to go down if you find the right debt settlement company (which mine does this for people all over the US) you should be fine. If you want the name of the company I use contact me and I will send you the link that was given to me.
I hope you get the help that you need.