This is a common situation,
the reason the creditors are not giving you decent settlements is that you are paying them now,
they will not settle with you until you stop paying them,
if you stop paying them,
they will then consider a settlement for 50% or less of the debt,
Debt consolidation companies will do the same, they will stop you from making payments
and negotiate settlements with the creditors for a lower amount.
In my professional experience, it is better to file a chapter 7, to get rid of debt, as you will have no payments,
and will not owe any taxes as you would if you settle debts for less than the balance.
That's too bad! I really wanted to keep my credit rating etc. I wasn't really even looking to pay less than what I owe, I was just hoping one of my creditors can see by my history that I am paying 5 different credit cards every month and would possibly prefer I gave them that amount in one payment by lending me the money to consolidate all of them ... do you see what I'm saying? Also, if I am getting married this Dec. will my fiancée be responsible for any of my existing debt (all in my name)?
Is it realistic to try and speak with the credit card companies to stop or lower the interest, and if so, who should I speak to...just a representative that answers the phone?
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