3 years ago I was deep in debt and unable to see a way out. I was being called at home by debt collection agents – I dreaded the phone ringing. Every day I received threatening letters. Stress was making me ill and having to admit my situation to my wife was putting my marriage under a lot of strain (my wife was justifiably angry with me).
3 years on and I have resolved my debt crisis. I am looking forward to the future and am remarkably still married. The process of working through my debt crisis wasn’t easy, but the tough decisions I took then are starting to pay off now.
What is your debt story? Write a reply here, you might find that just writing it down helps you to come to terms with it/see what needs to be done to fix it.
Good luck!
Tags: credit counseling, Debt Advice, debt case studies, Debt Problems
April 26th, 2010 at 10:04 pm
I have been in serious debt for about eight years. I have several credit card accounts and all were maxed out. In 2002 placed several of the credit card accounts with a debt consolidation company. I paid, and I paid, and I paid, never missing a payment. Then, two years ago I was approached by a debt settlement company who convinced me to place all or most of my accounts with them. They told me my credit would be ruined but I would be debt free in two to three years. So, I went with them, keeping my debit card and my AMEX. I have settled with about three creditors but if you look at the original balance, the settlement is not that much less
I am still approx. $94,000 in debt! I co-own my home with my partner of 32 years. He will not allow me to take any money out of the equity nor will he refinance. We have a daughter in college and her expenses are taking every extra dime I have. I was employed full-time in a fairly good paying job, but a year ago in March, my hours/wages were cut 20%. Can you offer any advice? I spoke with an attorney last year and was told I am not qualified to file bankruptcy.
April 27th, 2010 at 5:00 pm
Hi Bunny
First let me that I sorry to hear about you situation. I have been there myself and know how bad it can make you feel.
The problem with debt consolidation/settlement companeis can be that they take such large fees from your payments that the benefits of doing it are lost. There are a lot of sharks operating in this area.
You say that you were advised that you could not file for bankruptcy. Do you remember why this was? I would have thought that you should be able to file for Chapter 13 bankruptcy (but not Chapter 7) which might be a very good option for you.
Please do get back to me with more information – send me an email – neil@debtadvice4free.com if you don’t want to post it here.
Looking forward to hearing from you again,
Neil