When you're trying to avoid bankruptcy
Who to Contact to Work Out a Debt Repayment Plan
by Steve Rhode, the Get Out of Debt Guy
Budgeting Debt Repayment
Is Debt Consolidation a Good Idea?
Staying Motivated to Continue Digging Yourself Out of Debt
I am currently in debt about $120,000.00 in unsecured debt. I am self-employed and business has not been good enough to pay the bills.
I am over three months behind. I read your book and you said to contact you for names of people to contact who have authority. I need names for Bof A, Advanta, Citi Bank, Am. Ex. Chase, and Compass Bank. Any information provided would be greatly appreciated. I want to try and pay these bills and avoid bankruptcy.
The best point of contact will be the collection numbers or customer service. What you will want to ask for are the details on their "internal hardship programs." These internal programs may reduce your payment or interest.
However don't agree to any program until you contact all of your creditors and find out what the hardship program payments would be. Once you get answers from all the creditors, you can then determine if the combined payments are affordable for you. There is no sense launching off on a solution you can't afford.
You could also contact a credit counseling group, but since you've already indicated you can't make the current minimum payments, the credit counseling solution might not do the trick.Steve, the Get Out of Debt Guy
Steve Rhode is an experienced debt expert who assist consumers for free to find good solutions for bad debt. He sells no products or services, just provides free assistance through his site at GetOutOfDebt.org.
Take the Next Step:
- Stop struggling financially. Take these steps to get out of debt and begin the journey to financial freedom!
- Stop struggling to get ahead financially. Subscribe to our free weekly Surviving Tough Times newsletter aimed at helping you 'live better...for less'. Each issue features great ways to help you stretch your dollars and make the most of your resources. Subscribers get a copy of Are You Heading for Debt Trouble? A Simple Checklist And What You Can Do About It for FREE!
- Discover smart credit card repayment strategies by visiting the Dollar Stretcher Library.
Share your thoughts about this article with the editor.
More Debt Tips & Tools
- 6 smart strategies for paying off your credit cards
- 5 great second jobs to bring in extra cash
- Pay down debt now or save: Here's how to choose
- Can I get a debt consolidation loan with bad credit?
- Staying motivated to continue digging yourself out of debt
- Options when you can't make your car payments
- 8 ways to beat retail therapy
- This week's Readers' Tips
- Reduce your debt step by step
- Am I a good candidate for credit counseling?
- Do I have a debt problem?
- Compare personal loan rates
- Get free answers to financial questions
- Get free answers to legal questions
- Calculate the real cost of your debt
- Debt pay-down calculator
- Calculate the true cost of paying just the minimum