Went To Debt Management And Are Now Doing That

Q: want to state that I was all for bankruptcy and my wife was not. We went to debt management and are now doing that. BAD MOVE I owned a bussiness for 7years and dumped about 250,000 intoit. It closed and I lost everything. But before it closed I was using my personnal credit cards to pay bills. I owed at closing 56,000 in credit card bills. I drive a 87 volvo with 243000, my wife a 92 honda with 324000, and up until this year 2 kids in college. So I'm not living the rich life. I have a good job and so does my wife. The problem is my credit is really bad. Its so bad that when we had a storm that FEMA ( the ones who help when you lose alot,back by the federal gov) turned me down because they said I had no way to pay the money back. I went to the bank and tried to get a new mortage loan, about 25000 extra to lower my monthy pay back to credit cards, my rate is 10.5% so about 7.5% would save me about 300 a month. I could use that money to lower debt. No way my credit was bad. We went with debt management and after a long process we would have 53.00 amonth extra. We could live with that because my son would be out of school in a year and that would help alot. The year is up and no extra money that I can see. We got a year statement from debt management. Surprise, we still owe three credit card co's more than we started. Sears, those sh_ts, charges us 20 a month late fee and 23% interest because if the payment is one day late to them were late. Our payment comes out the 15th and debt management sends the checks. Sears could care less that we have no control over the sending date. So we have paid them over 600.00 and owe them 300.00 (approx) more than when we started. I'm sorry this is so long but I wanted you to know why if I did it again I would choose bankruptcy. Its seven years but so is debt pay back. Our credit would be bad either way but we could live alittle better. We wouldn't be living from pay check to pay check. Plus when its done its done. We still get phone calls on debt management. Its to bad that in this country that all the money goes to the very poor, which we should help, the very rich and other countries. The MIDDLE class, that pays the bills, gets it in the butt.

A: -Debt management can help many, and should be looked at first. However, in many cases, it is simply a waste of time and bankruptcy is the far better option. -Question: Surprise, we still owe three credit card co's more than we started. Sears, those sh_ts, charges us 20 a month late fee and 23% interest because if the payment is one day late to them were late. Our payment comes out the 15th and debt management sends the checks. Sears could care less that we have no control over the sending date. So we have paid them over 600.00 and owe them 300.00 (approx) more than when we started. Answer:I would think the Debt Management service you use would be responsible for the late fees Sears charges your account. But it wouldn't surprise me if not. Just a suggestion: if you can, make a payment on your own, you can pay at any Sears register - yes I work part time at a local Sears. That way when the service sends your payment late you'll be at least one step ahead and the late payment will be applied to the next statement and from then on be on-time.

Went To Debt Management And Are Now Doing That

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