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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2670
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Here is my issue. I am way over my head in debt. I have

Customer Question

Here is my issue. I am way over my head in debt. I have roughly 10,000 in credit card debt. I am on the verge of placing that debt with National Debt Relief. The debt will decrease to $8,514 reducing my monthly payments by about $40. The monthly savings is not that significant. However, at the minimum payments which I am making that $10K will easily be much more and it will take much longer than 33 months to pay off, the interest is VERY HIGH. I do not want to do bankruptcy because
1. it hurts your credit worse,
2. My wife does not want to participate.
3. I have a 2nd home I do not wish to be disturbed.
4. I think I make too much money. We live in FL, and my income is $50k per year and my wife make $40k, and we only have one dependent.
If there a better solution?
Also, at a later date I can put my car into the program as well. Let me explain. If I let my car get reposed, they will sell it at auction. Once they sell it, I'll be responsible for the remaining balance. Since that remaining balance is unsecured National Debt Relief says that they can place that balance into the settlement as well at a later date. I owe roughly $20K on a 2012 Hyundai Sonata that has been appraised by Carmax at $7k. I currently have made 18 payments out of 72. and I pay $507 per month. I would buy a cash car 1st before I turn in my Sonata (If I decide to do that).
How long is a repo on your credit? How long is Debt Settlement on your credit?
IS there any history of individuals placing their repo balance in debt settlement? Any estimations of what my payment would be on $13K unsecured debt? How likely is the finance company (Santandar auto) to work with you on reasonable payments? Is my thinking way out in left field?National Debt Relief indicated that with my $10k of credit card debt, roughly $14K of on the car that I could pay $530 for 35 months. That would save me roughly $273 per month, and I would be debt free 19 months sooner. This sounds like a good deal, the reviews from the Better Business Bureau and seem reliable.
Submitted: 8 months ago.
Category: Bankruptcy Law
Expert:  NYCLAWYER replied 8 months ago.

Hello and welcome. I am working on your answer and will be right back!

Expert:  NYCLAWYER replied 8 months ago.

are you asking if you should settle through the debt relief company?