National Debt Settlement?
I have $13000 in credit card debt, and my payments are $300 a month, I
am never late and have a moderate credit rating, but all of the cards
are maxed out. After years of paying the minimum payment, I decided to
get rid of my debt by going with a debt settlement company. I
researched on the web for a while and found debtxs.com they had the
best prices and lowest payments. They offered me 30 months with a
monthly payment of $235, with their fee being $2000 of the total $7000
settlement ($5000 goes the credit card companies).
I was ready to do it, as it sounded great! But then I started reading
about how many credit card companies will not settle and will take
legal action against you. One of my creditors was mentioned that they
don't settle it was citibank and probably many others. Also debtxs.com
wants me to sign power of attorney over to them. So now my question is
do I go with debtxs.com or just keep paying the minimum credit card
payments.
At this point I am not near bankruptcy, but if I don't get rid of this
debt someday I might be. I don't really need good credit right now,
since my house and car are both paid for, also I made a pledge to only
pay cash from now on.
Why not talk to a local bankruptcy attorney before you decide to do anything
else? You sound like a good candidate for a chapter 13 case. Unlike
settlement programs, chapter 13 can guarantee your repayment amount, keep
creditors from suing you while you repay what you can, and provide certainty
that all your debts will be settled at the end of the plan. Debt settlement
firms generally have poor reputations for a reason. BTW: Do search the web
for "National Association of Debt Settlement Companies." That's the
association debtxs.com claims. You won't find anything. I wonder why? You
may also want to compare debtxs.com with xsdebtsolutions.com and
debtexcess.com. Why would they want to use multiple trade names?