Debt Settlement

May 6th, 2009 by Questions

I am a little confused about Debt Settlement. I contacted a firm because I currently have my debts with a Credit Counselling Service but I cannot afford to keep paying them monthly and if I add the other (unsecured) debt the monthly payment would be to high. My debt is about $19000 (credit card debt) and they have given me a pretty good figure which I can pay off immediately. However, they are telling me that I have to show that I have the ability to pay it off over a certain period of months and that`s what is confusing me. I thought a debt settlement program was where you paid your creditors with one lump sum, immediately.

Posted from: Ontario


One Response to “Debt Settlement”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

There are a variety of forms that a debt settlement contract can take. But realistically unless it is going to deal with all of you debt it is not going to improve your situation any. I would suggest you contact the credit counselor and ask for alternatives that will assist with the overall picture.

Alternatively you can use this debt options calculator and it may also prove to be useful.

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