Ok, so I wondered if there was any hope in doing this without the courts and thought I'd go to the Credit Counseling people and see whether what they advertise is true at all.
This is one of those companies that gets part of their income from payments they make to the CC companies through debt management plans.
I'm told to bring paystubs and a recent credit report or they'll pull one for $15. I have one, so I take that.
She's very nice, asks me how I got into this mess and I give her my take on it. Chit chat for a bit then she starts getting into the numbers. She enters everything into her computer, then asks me for expenditure numbers. When she gets done, my income is almost exactly = to monthly expenses - no room for a payment to them. Now I get bonuses quarterly (usually) and that's where I make that up but.....
Turns out that they can only do a plan where the payback is 100% within 5 years. Anything lower than that can't even be considered, something about what the CC companies are allowed to hold on their books.
She said I should see an attorney, never mentioned BK - I think they're forbidden to use the word. As an alternative she suggested I might just let them all go and negotiate lump sums when my bonuses come in. Hmmmmm somehow I think they can sue and get judgements faster than I can wait out quarterly bonus payments.
Oh well, I tried it. I actually feel better now, so I guess it was not a waste.
I have appts with 3 attorneys and am really trying to get in to see another guy who comes highly recommended. I should have a better direction sometime in the next few weeks.
This is one of those companies that gets part of their income from payments they make to the CC companies through debt management plans.
I'm told to bring paystubs and a recent credit report or they'll pull one for $15. I have one, so I take that.
She's very nice, asks me how I got into this mess and I give her my take on it. Chit chat for a bit then she starts getting into the numbers. She enters everything into her computer, then asks me for expenditure numbers. When she gets done, my income is almost exactly = to monthly expenses - no room for a payment to them. Now I get bonuses quarterly (usually) and that's where I make that up but.....
Turns out that they can only do a plan where the payback is 100% within 5 years. Anything lower than that can't even be considered, something about what the CC companies are allowed to hold on their books.
She said I should see an attorney, never mentioned BK - I think they're forbidden to use the word. As an alternative she suggested I might just let them all go and negotiate lump sums when my bonuses come in. Hmmmmm somehow I think they can sue and get judgements faster than I can wait out quarterly bonus payments.
Oh well, I tried it. I actually feel better now, so I guess it was not a waste.
I have appts with 3 attorneys and am really trying to get in to see another guy who comes highly recommended. I should have a better direction sometime in the next few weeks.
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