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LutherMac · 06-02-2003, 07:11 PM

Hi NoSoup, great thread!

I'm in a bit of a pickle here. Basically, I've been unemployed now for over a year, and I've got pretty massive debt that I've been unable to pay off (barely surviving with enough to take care of the month to month necessities.) Most of my credit cards and loans have all defaulted and been passed onto collections.

Most of these agencies are offering me deals to pay off the debt for 50% or less of what I actually owe them. Personally, just from what I've read in the past, I've come to the conclusion that that is a bad idea, and that I should try to pay the debt off for the complete amount owed. Is this correct in thinking?

Personally, I'm hoping that my next "opportunity" is around the corner, however I've considered declaring bankruptcy, or once I get a job that pays a little more, perhaps using the services of a Consumer Credit Councellor. I'm REALLY hoping to be able to build/buy a house within a year or so of getting back on my feet, and feel that once I get a real job, I could probably pay everything off within 6 months.

What advice could you give me in my current situation?

Thanks in advance!

06-02-2003, 07:11 PM	#37 (permalink)
LutherMac Crazy Location: St. Louis, MO	Hi NoSoup, great thread! I'm in a bit of a pickle here. Basically, I've been unemployed now for over a year, and I've got pretty massive debt that I've been unable to pay off (barely surviving with enough to take care of the month to month necessities.) Most of my credit cards and loans have all defaulted and been passed onto collections. Most of these agencies are offering me deals to pay off the debt for 50% or less of what I actually owe them. Personally, just from what I've read in the past, I've come to the conclusion that that is a bad idea, and that I should try to pay the debt off for the complete amount owed. Is this correct in thinking? Personally, I'm hoping that my next "opportunity" is around the corner, however I've considered declaring bankruptcy, or once I get a job that pays a little more, perhaps using the services of a Consumer Credit Councellor. I'm REALLY hoping to be able to build/buy a house within a year or so of getting back on my feet, and feel that once I get a real job, I could probably pay everything off within 6 months. What advice could you give me in my current situation? Thanks in advance!