|
|
When you're trying to avoid bankruptcy
Who to Contact to Work Out
a Debt Repayment Plan
by Steve Rhode, the Get Out of Debt Guy
Related Articles |
|
6 Tips for Paying Down Credit Card Debt
Budgeting Debt Repayment Which Debt First? |
|
|
Dear Steve,
I am currently in debt about $120,000.00 in unsecured debt. I am self-employed and business has not been good enough to pay the bills.
I am over three months behind. I read your book and you said to contact you for names of people to contact who have authority. I need names for Bof A, Advanta, Citi Bank, Am. Ex. Chase, and Compass Bank. Any information provided would be greatly appreciated. I want to try and pay these bills and avoid bankruptcy.
Willie
Dear Willie,
The best point of contact will be the collection numbers or customer service. What you will want to ask for are the details on their "internal hardship programs." These internal programs may reduce your payment or interest.
However don't agree to any program until you contact all of your creditors and find out what the hardship program payments would be. Once you get answers from all the creditors, you can then determine if the combined payments are affordable for you. There is no sense launching off on a solution you can't afford.
You could also contact a credit counseling group, but since you've already indicated you can't make the current minimum payments, the credit counseling solution might not do the trick.
I would suggest you use the free How to Get Out of Debt Calculator to review your other options for dealing with the debt.
Steve, the Get Out of Debt Guy
|
Steve Rhode is an experienced debt expert who assist consumers for free to find good solutions for bad debt. He sells no products or services, just provides free assistance through his site at GetOutOfDebt.org. You can also find him on Facebook as well.
Take the Next Step:
- For more on credit card debt repayment, please visit here.
Share your thoughts about this article with the editor: Click Here
Get free money-saving articles in your inbox!
Sign up for our free weekly eNewsletter Surviving Tough Times.
Looking for an answer to a frugal living question? Click here to ask a
Dollar Stretcher Stretchpert!
Copyright 1996 - 2013 "The Dollar Stretcher, Inc." All rights reserved unless specifically noted.
Contact the Dollar Stretcher at:
Dollar Stretcher
PO Box 14160
Bradenton FL 34280
941-761-7805
"The Dollar Stretcher, Inc." does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.
| About Us | Privacy Policy | Writer's Guidelines | Sponsorship | Media | Contact Us |
