Hey guys, here's my problem: I owe over $9,000 to MBNA. I pay $125 a month, but that harldly makes a dent at %13 APR. I owe another $2,500 (of which I pay $80 a month) to CitiBank and and $16,000 to the government for a student loan -which right now is in forbeareance (they are giving me a years reprieve). My question is what are my options on reducing this amount of debt? Besides of course paying it of with money I don't have. I heard there are lawyers in NYC and Boston who for a fee will negotiate a way out for you with the credit card companies. Any ideas?
If that is your only debt, hang in...a chapter 7 or 13 looks worse than a few missed payments (shoot, the rate you're getting from MBNA ain't bad either)..not sure about the forebearances with the Feds, but usually you can pay a few months and reinitiate... We were in much worse shape than you, and worked out of it. It took a windfall, but before the windfall, we looked into 13 and said "no thanks".. Good luck... Nomar wrote: ------------------------------- Hey guys, here's my problem: I owe over $9,000 to MBNA. I pay $125 a month, but that harldly makes a dent at %13 APR. I owe another $2,500 (of which I pay $80 a month) to CitiBank and and $16,000 to the government for a student loan -which right now is in forbeareance (they are giving me a years reprieve). My question is what are my options on reducing this amount of debt? Besides of course paying it of with money I don't have. I heard there are lawyers in NYC and Boston who for a fee will negotiate a way out for you with the credit card companies. Any ideas?
http://www.consumercredit.com/ I personally endorse the above organization, which I used. Citibank will drop the interest to 8%. Some banks drop it to 0%. No one will settle an account for less than the full amount UNLESS you miss a lot of payments and default on the loan. DO NOT LET THAT HAPPEN. CALL THE PEOPLE AT THIS WEBSITE TODAY.