montyloree,

I can not afford to pay 600 a month to creditors, at this time. I have visited banks, trust unions, and brokers to try to get financing to present a more lucrative offer to these creditors, but everyone has turned me down.Everytime these creditors report negative stuff on my credit report, their chances of getting any money are going down the drain.Because, Noone wants to invest into high risk ventures, like me right now.

I can prove to my creditors that I am insolvent. I also want to take the time to retrain and reeducate myself for better opportunities. I really don't want to repeat this debt cycle and be a financial slave to my creditors. This is why, I proposed the 5% settlement offer to the creditors.

debtsucks

$30,000 x 2% = $600 per month in payments required.
(Or what ever your credit card agreement asks for)
Usually 2% or so of the balance outstanding.?

If you actually have say $300 per month to pay bills that would be
$300/2%=$15000 you could pay back.... that's how I would calculate it anyway.

Are you able to finance that?

Sometimes the companies want to know if you're going back to work before they'll settle...

You would have to prove to them that you'll be insolvent for a while.

montyloree,

I owe about 30 000 (including late fees & interest) in total. I am trying to offer them 5% for the settlement on each card, but so far no luck.. I just get back sympathy letters from them.

Any Advise?

It all goes to liquidity.. If you're only able to pay 5% than that's what you should offer them. It's also a matter of time.

If you're six months past due, your credit bureau isn't going to be much worse.

What's the total amount that you owe?

Joe,

I live with my parents right now, but I'm also on title for ownership with my parents and sibling. Property worth is under 100 000.Its a two bedroom condo..And own a vehicle less than 2000.Free and clear..

So far so good and do you rent, own or live with your parents

Hi Joe,

I am currently between five and six months past due and currently I am not working.

How many months are you past due? Are you working at the present time?

Hi Joe,

Thanks for the reply, I really appreciate your advise. I actually wrote them with the 5% percent offer and returned my credit cards. So far, I have no returned offers, only letters of sympathy, such as " I am sorry you are dealing with this type of situation" etc. Nothing to much to report, they continue sending me the monthly balance and minimum payment due.But something did surprise me, when I called TD, they're willing to settle at 85% right away and also informed me not to feel to bad about whats happening with my situation. What tecniques or strategies did you use to settle your debts? Because I am total novice in this department and worried..

I would offer 10% like I did on my debts, the 5% will not work and basically they will tell you your better going bankrupy.If they decide to court which I doubt it, and they know you are broke a judgment can be settled.