Question by kmace74: Just getting started in a credit settlement program with aspirefinancial solutions.?
Just getting started in a credit settlement program with aspirefinancial solutions. They set me up with a two year plan to settle debts with chase & discover. I’m about 4months late on payments chase is threating, attorney’s wage garnishments etc. Discover calling all the time. Anyone that can give some advice would be greatly appreciated. Or does anyone have experience with this settlement company.
oh my gosh, i’m hosed.. so I’m already paying this company to start a settlement.. just passed the initiation fee’s. They use a 3rd party bank to startup the collections 2years. So it would be safe to say at this rate it will take about 2years for a settlement offer to be reached with chase & discover. And there is still a possiblity that the companies will not even entertain the offer at that time. I’m screwed! (anyway to backout of the deal with this company).. Any thoughts.. appreciate your feedback and help.. Kevin
Answer by Rick B
You don’t need anyone to do it for you. All they do is negotiate your debts for you and collect a fee. You can do it yourself!
Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don’t eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get “The Total Money Makeover”. Read it and follow it carefully.
Go check out Dave’s website as well. Yahoo is blocking his site again, so take out the spaces in the following:
www. Dave ramsey. com
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