hmmm...
i can't help if somebody posts your private message... it's a private message after all!!

I would express caution in what you're telling people privately.

People... please respect the privacy part of private messages!!

Monty,

I was not impressed with Johnny B Goode posting my private message. I tried to help this guy out and he turns around and posts my private message to make people think on here I don't know what I am talking about. This is why I don't offer my help as much as I do because certain members on here still till today don't think I settled my debts for 10%,which I state it depends on your current situation.

Well then... this is definitely a good point for the FAQ section.

/faqmaster/faq.php?category_id=11&cat_name=Bankruptcy%20for%20Canadians

Monty,

The reason I know about debt settlement; I was planning to file for bankruptcy 15 years ago. The trustee brought this option to my attention and also helped me settle my debts for a low percentage. The reason some might not want to offer this service is because they make more money off the bankruptcy. The trustee back then charged me $200.00 a creditor. I was lucky to find a trustee that wanted to help people avoid bankruptcy if they could.

hmmm...
i guess it depends on the service the bankruptcy trustee wants to offer.

That's a good question... I've never thought of asking a bankruptcy trustee to settle debts. Are they even trained in that? It would be a whole new way of thinking for them.

I guess it's easier for bankruptcy trustees to process bankruptcies

I gave the same advice to someone else on here that lives in Ontario and they had no problem getting a bankruptcy trustee to help them settle his debts. The trustees you spoke to rather do bankruptcies then do debt settlements. The advice I gave you was good and cost effective. If you think you can find someone cheaper good luck, or unless you do it yourself which I know you can’t, be prepared to pay out the big dollars to get a debt settlement company to help you. If you think by posting my private message would discredit me, guess again buddy I am the one with experience when comes to settling debts. If you need additional help in the future go ask someone else.

Yesterday I got these messages and talked with average_joe throu some private messagges and he told me to get the trustee to help me settle my debts on my own. This is what he told me to do….

I would find a bankruptcy trustee and have him send out letters to your creditors. I would have him explain your hardship and why you cannot pay these debts in full. I would have your trustee offer them 10% for starters and see what they say. They might all come back accepted or you might have them come back with something close to what you can afford. I would make sure your trustee states in the letters if the offer isn’t accepted you might have no choice but to file for bankruptcy. I settled twelve debts at 10%.Like I said it all depends on your situation. If you follow my instructions and see a trustee, I believe you might get the same result as me or something close enough to your satisfaction that might avoid you from filing from bankruptcy. I would find a trustee that will do each creditor for a flat fee. I would call a few trustees and find out what they will charge you first and get back to me before you agree to anything.

So I did that yesterday when I had my appt and … i got laughed at by him. He told me trustee’s don’t do that.. he said they all follow the law and they all get paid the same way so there is no haggling or flat fee deals…how embarrrasssing!!

Anyways it turns out I can’t file for bankruptcy because of my job and situation with my wife becauuse I sponsored her to come here to Canada. Also it’s a awfull process to go bankrupt…… i just wan t to pay a company to get rid of the debts for me so i can move on. Can anyone help me please on this??? Are there any other options? The bankruptcy office said if i want to settle my debt to go to a debt settlement comapany which i am checkin out next

So I have $34,000 owed in 3 credit cards. I looked into a consolidation loan with my bank and they said no. I also tried citifinancial and they wanted over 30% in interest and to have a lein against some of my stuff in my apartment. I was born at night, it wasn't last night! What a bunch of crooks!

What about going bankrupty vs. debt settlement companies? Can anyone help?

thanks

ps. great website by the way