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  1. #1
    Join Date
    Aug 2016
    Posts
    2

    Default Would This Be a Client for Credit Repair, Debt Management, or Debt Settlement

    STate: FL
    CC score: 500
    Debt: 50k
    Income: 100k

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Would This Be a Client for Credit Repair, Debt Management, or Debt Settlement

    Sure.

  3. #3
    Join Date
    Aug 2016
    Posts
    2

    Default Re: Would This Be a Client for Credit Repair, Debt Management, or Debt Settlement

    What is wrong with you? Can you even read? I ask a question, and you just say "sure"??????????????

  4. #4
    Join Date
    Jan 2006
    Posts
    38,709

    Default Re: Would This Be a Client for Credit Repair, Debt Management, or Debt Settlement

    Quote Quoting rick9999
    View Post
    What is wrong with you? Can you even read? I ask a question, and you just say "sure"??????????????
    Do you really believe that is enough information to even guess what might be in your best interest

    also realize this is a legal advice forum. It sounds like you should be looking for some sort of financial advice forum.

  5. #5
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Would This Be a Client for Credit Repair, Debt Management, or Debt Settlement

    Quote Quoting rick9999
    View Post
    What is wrong with you? Can you even read? I ask a question, and you just say "sure"??????????????
    If you really think that question could get a better answer based on the information you provided, your follow-up question should have been about what is wrong with you.

  6. #6
    Join Date
    Mar 2013
    Posts
    17,036

    Default Re: Would This Be a Client for Credit Repair, Debt Management, or Debt Settlement

    Quote Quoting rick9999
    View Post
    STate: FL
    CC score: 500
    Debt: 50k
    Income: 100k
    Actually, that looks more like a candidate for Chapter 13 bankruptcy where you pay off the debt over 5 year period without any additional interest accruing.

    For example, let's divide 50K by 60 months (5 years) and we get 833 per month.

    Divide 100k by 12 and we get 8,333 per month gross. After withholding, figure at least 5,000 per month take home, more than enough to pay your debt and your living costs.

    As for the alternative choices of credit repair, debt management, or debt settlement, here's how they work.

    1 - Credit repair companies are typically scams. They take a monthly fee and don't do squat for you but you don't figure that out until you're locked into a contract that you can't get out of.

    2 - Debt management - Yes, you obviously need to learn how to manage debt by not getting into debt, controlling your urges to buy stuff on credit that you can't afford to pay cash for and probably don't need in the first place. There are non-profit credit counselors that can help you with that addiction.

    3 - Debt settlement - Only works if you have large amounts of cash with which to offer lump sum discounted settlements. Creditors don't want to hear about payment plans if you can't make the payments you're already obligated to make.

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