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You might need to sell stocks that arent' in your 401 so you can pay off some debt. That way you can afford your other debt payments so that you don't get into trouble with your debt.

I have a few questions for you since I was really considering the debt settlement company route. I do think it is a bit pricey and I was thinking of doing it on my own. Please send me your email. Thanks a MILLION

I have managed to accumulate quite a bit of unsecured debt.  Right now I am still current.  I attempted to hire a debt settlement but there were some issues i was not willing to negotiate.  I dont want to touch my 401 and stocks but I cant make the monthly payments any more.  Should i attempt to contact creditors first or let them contact me when I have been late?  I am willing to work out something. 

In response to the creditor with the 9 creditors, I would try and counter offer. Also do you have the money to settle the bill. Yes others may call with offers, or you could call them and see if they will settle. But make sure you get a letter stating the bill is paid in full. Sometimes, they accept it, then sell your debt to another company for the balance. Be very carefull, you get everything in writing on any settlement.

I have 9 creditors, half of which are 60 days late, and others 90.  One large business account creditor called last night offering me a 30% settlement. Can I expect others to offer?  Should I counter the offer?  How can I be certain that they will send a written statement saying I no longer owe anything?
Thank you for helping the public!

I work with a law firm that does consumer law, which is much better than debt settlement. I always here stories of people being sued by the creditors and yes that can happen. In consumer law or another name debt verification process. The attorneys will contact the creditors and debt collectors to validate the debts. In the event the cleint is sued, the law firm will assign a local conunsel for the limited purpose of staying court proceedings and compelling arbitration. This expense is included in our program. If anyone is looking for help or has any questions, feel free to contact me.

will you email me so i can ask you some questions?  Thanks!

For almost 2 years I worked in the Debt Settlement industry and just could not take it anymore. Most of these people get sued and never have any of their accounts settled. I worked in a few different aspects of the industry only to find each time I moved up I saw more people getting used and swindled for their hard earned money. If you people want to settle with the creditors do it yourself. Start and stick to a budget and most importantly SPEAK TO THE CREDITORS they will work with you. I left my email address if anybody needs an honest answer I will be glad to help. I do know the industry (unfortunately) and do not work for any aspect of that business at all. So if you need help I am here to do just that.

"Louise M fared worse. For eight months she methodically paid $400 to ADA/FCS. Then HSBC sued her. She then learned that $2,200 of the $3,600 she had paid to ADA/FCS had been taken in fees. Having no money with which to settle, the creditor obtained a judgment for the full amount and then froze Louise M’s bank account preventing her from paying her rent. Subsequently, Louise’s landlord brought a non-payment housing case against her."

"Similarly, Patricia H paid Allegro $3,544 over four months. Then Discover sued her. Although Allegro sold itself as attorneys who would represent her with “the highest professional and ethical standards,” a non-lawyer sent Patricia a form letter advising her to answer Discover’s complaint on her own. The letter further advised that “once a creditor files a lawsuit . . ., frequently we [Allegro] must offer a settlement amount above our usual scale . . . .” Attached was a release for Patricia to sign that allowed Allegro to settle for up to the full amount of the debt owed and, if there was not enough money in her escrow (there wasn’t, Allegro had taken most of it in fees) to enter Patricia H into a monthly payment plan. Not understanding the document but fearful about the suit, Patricia H signed. Allegro never contacted Discover, despite the authorization, and judgment was entered against Patricia H for the full amount. Shortly thereafter, Allegro was shut down by the Alabama Attorney General, leaving Patricia with a $3,544 loss."