Re: Charge Offs and Negotiating Debt

Posted by Michelle (205.188.116.84) on June 07, 2004 at 13:59:55:

In Reply to: Re: Charge Offs and Negotiating Debt posted by kelly from nevada on June 07, 2004 at 13:19:35:

Hi Kelly, thanks for the response.

In answer to your questions. I am in Virginia. I own a house, but this is where it will get tricky. We Just refinanced, but due to my credit history, the company financed the house ONLY in my fiances name. I owe totally somewhere in the $20,000 range. $9500 of that is an unsecured loan, the remainder in CC.

In the loan we just refi'd on the house, my fiance's debts will be paid off, and we will be getting $10,500 cash out of it, which will come to me to pay half my debts. I will then need to continue paying my debts until they are paid in full.

My original thought was to pay half to each CC and the loan, and then continue making my payments each month, get back on track. However, upon looking at the interest rate on the unsecured loan, it is just as much/high as the credit cards I have, so I figured why have ALL of them to pay each month, so decided I would pay OFF all the cards except for the loan, pay as much as I can on the loan, and then continue making monthly payments to the loan.

I was prepared to pay Cap1 the full amount, but then got this settlement offer in the mail. Now I dont know which way to go. This is so confusing, all I know is I HAVE to get my credit square in 2 years to refi the mortgage loan again to a lower/fixed rate.

Michelle

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