Is this good? CC settlement

I’ve been lurking here for months reading every little thing…trying to figure out how in the world I am going to get back on track…

Today I got a payment plan set up with my Chase acct. It SOUNDS good…I hope I’m not missing something here. I’m pretty paranoid about dealing with CC companies!

My balance is 15,600. I am a month behind now and they want around $2000 payment. There is no way.

I got a payment plan of $262 a month with 0% interest for 5 yrs. All late fees and over the limit fees will stop too. If I get 2 months behind I will loose the program, so I will have to be diligent about my payments. Even that amount will be tough now, but I felt like it was my *light at the end of the tunnel* We will be eating lots of mac and cheese for awhile ;o)

Is there anything I’m missing? I hope not. They are sending it to me in writing.

One question…is there any way that they can take my tax refund? I wouldn’t think so, but I hope not as we owe family members and I promised to pay them back out of that. But next years refund will go ALL to this CC to get it GONE!

I’m feeling so much relief right now…that is until I have to start making the payment ;o)

They can’t take your tax refund so don’t worry about it! Make sure you get this in writing and read the document so you will know what is expected….

Thanks so much! They are *supposed* to be sending me a written agreement. I have 10 days to make the first payment, and that is my acceptance. I will wait to see what I get in writing first. I was told many things on the phone, but you know how that goes….I’m trying to think of what to do, and keep remembering they are not here to really help me…just get their money.

I’m hoping for the best though.

My daughter is unable to work due to emotional problems

Thanks for all of the advice. My daughter is unable to work due to emotional problems. She has had them since teen years. No one seems to understand that she will not get better. She has applied for disability (Social Security, etc.) and can’t qualify because she has never worked. What does that tell you? I can’t figure these agencies out.

I know she and the grandkids are not legally my responsibility, but I don’t know how to let go of my feelings of guilt if they don’t have a place to live, etc.

We talked to Consumer Credit Counseling Service and an attorney. Both said that Chapter 7 BK is the only way. I don’t see it that way. I told my husband that if we cut down on cable, internet service, and a few other items, we could work out a budget. We now only have 1 car, so that is saving some money there.

I would like to know if it is possible to stop late fees, over limit fees, etc without filing BK13 or going through an agency. Do any companies ever listen and actually take into account someones financial situation?

Again, thanks for advice. I really do appreciate it. Maybe I could email a few members and have them assist me with a budget if that’s possible.

Watch this video related to emotional problems:

Unfortunately, the banks could really careless about your financial woes. Hell they actually perfer them as they then can charge more in interest and other penalty fees when you go behind.

Chapter 7 BK (bankruptcy) is a solution if you absolutely cannot find the cash to handle the bills. Do not do Chapter 13 BK. There are alternatives that would better and charge less.

You should look at debt settlement at this point to handle your debts. There are some good companies out there that handle you.

I recommend NationalDebtRelief as a performance based company.

I recommend Credit Solutions as a front-fee based company.

If you wish to settle the accounts on your own then I suggest www.edebtfree.org as a company to guide you hand n hand through the steps.

Settlement is not the best but at least you will pay the creditors something back rather than just dumping your debt. It does show that you made an effort.

If your daughter is truly mentally incapacitated then what the hell is she doing raising children. If she can responsibile enough to raise children then she is responsibile to work and make a buck.

Raising children is a lot more stressful than working…and you should know that.

If you are buying into this then It is my opinion that you are just as negilent as your daughter.

Tough thoughts I know…but lets be realistic.

I don’t wish to come off condescending ( and I know that I am) But some has to pull the blinders off at some point here.

Stop being reasonable with this situation and do something that is really effective here.

I apologize for being offensive, but I had to get that off my chest.