Thanks Reggie.

Deepblue,

You don't need a huge pool of money today to settle debt. In fact many of our clients prior to enrolling were struggling with trying to make minimum monthly payments, weren't able to keep up and didn't have much (if anything) in the way of assets.

We would build a budget for you and take care of the settlement work. If you have $20k in unsecured debt then your monthly payments (which includes our fee) would be approximately $360/m for 36 months.

Debt settlement isn't the perfect solution for everyone, but see if it might be right for your situation; take a few min and call a debt consultants @ 866 833 1992, they can answer all your questions and get you an accurate quote.

deepblueice... what would it matter if the credit card companies lowered their principal balances, if you've got no money to pay.??

taxes
credit
debt
bankruptcy
credit repair
investing
making money
saving money
retirement planning

What Province is this Debt from?

You will hopefully see others posts about Debt Settlement, I am going through the same at the moment but my debt was old and passed the SOL (Statute of Limitation ) ie a period where the Credit Companies can try and acquire their monies through collection, legally. Once that time frame passes then its basically a debt and you cannot be sued for it, however it remains on your credit report and the phone calls won't stop coming in unless you are smart enough to hide and avoid the calls

The thing about SOL is even of the account started 3 years ago, and you made a payment says last month, ( it means the debt is recognized ) so that means if you stop paying today, they have "X" amount of years starting from the date you stopped paying, to go to court or garnish wages etc. The SOL is different for all provinces

ON - After 2004 , is 2 year and rest of them are 6 years if I am not mistaken

You can try debt consolidation too.

You can wait for reply from Richard C, who runs a debt settlement company called www.totaldebtfreedom.ca and he can guide you appropriately

I'm sorry guys, maybe I misunderstand the terms of debt settlement, I thought debt settlement is an option for those who have no $ left to pay even the min., I thought credit card companies may have a program (credit counselling/debt settlement??) to deal with customer who has similar situation, the debt is from 9 credit cards..should I call the credit card companies let them know my situation? is it possible they would lower down the min. payment or delay it?

My point was... I saw a conflict in what deepblueice was sayings...
On the one hand, he/she indicated having no money.. on the other hand he was considering bankruptcy or debt settlement...

If you have no money, you really can't do much of anything... except wait...
You can't settle if you don't have any money. And ... bankruptcy lawyers are going to want to get paid for their services.

Is your $20k debt one or more credit cards? IE... what's the breakdown of the amounts owed?

Monty, that was a pretty moral view on the subject, eh. From a tactical prospective I'd suggest doing just the opposite, then use whatever funds are saved towards a settlement offer.

Thanks for the reply montyloree, no I don't have any $ left in my account or any asset, I lost my job, I can't afford to make the min. payment, soon I'm going to miss/behind those credit card payments, so I need some advice from you guys, should I contact the creditors first or find a profession to help me on this?

If you're able to settle, that means you probably have some cash stored away.

If you have cash stored away, then you should at least make your minimum payments....IMO

Is anyone here can help me out with advice I would be greatly appreciate it.

I have about $20,000 credit card debt, my credit rating currently is R1, I'm just keep paying the min. payment this yr, but I don't have any income since May, I can't afford to pay the min. after this month. What should I do in this situation? Are the creditors able to freeze my interest or make a debt settlement with me, if I contact them by myself? or I should find a profession/debt settlement company to help me? Is this going to effect my credit rating if I contact the creditors to make a credit counselling/debt settlement?

Thank you for your advice!