credit debt over 10,000? I can help

credit debt over 10,000? I can help

Posted in the Credit Card Debt Forum

Since: Jul 13

Summerville, SC

#1 Jul 11, 2013
Hello my name is Mark, i work for national debt relief, we specialize in helping costumers with debt 10,000 and up to reduce their debt up to 80%. I guarantee you, i can help you reduce your deft, any debt in 4 weeks or less. Call me for a free consultation: 877-929-5704
Full Quiver

London, Canada

#2 Jul 27, 2013
Can you help me?:) wanna start on email? fullquiver123 at gmail

Wife and I have $120,000 of US Credit Card debt on 9 cards (used to be more). We now live in Canada, are current on all 9 cards, but can no longer keep pace with the minimums and apparently need to either A) quit paying or file US BK ? Which would you recommend? I'm told that Canada will not count "written off debt / bad debt" as "income" but our nine US Cards may each send us a 1099 the delinquent debt, if we quit paying, creating a big US Tax issue. What should we do?

Here's our key data points:
- We are 1 US Citizen / new Canadian PermResident, and 1 Canadian Citizen, still with an active US Green card / SSN that also needs to be addressed
- We have 2 new Canadian Credit cards, unrelated (unconnected?) with only $4000 total debts on it.
- We own no property (used to own 10)
- Have only one asset (an illiquid part of a building, housed in my Roth IRA). Paid $50,000 into it in 2006; it is currently worth maybe $15,000
- All 9 US credit cards are current on payments
- 4 cards ($70,000) are still open, at 10%-13% interest
- 5 cards ($50,000) are closed, renogiated to 2-4% interest
- We used to make a nice six-figure income (through 2009), own a $1.5m house, but in last three years more like $35,000, alongside health issues, market slides, sleep deprivation and unexpected multiples.
- No savings
- Only about $10,000 of borrowable capacity left
- We may return to the US to live, but it is unclear when, 1-3 years?
- In theory, it is OK if our US credit it trashed
- no prior BK's, bad debts, or foreclosures, not even a single missed payment of any kind
- We are a 3BR tenant, one-crappy-car, no cable, walk to public school family, with no lofty goal of new credit, new cars or buying a house; we just need temp relief from payments
- some of the debt $50,000, goes all the way back to a 2007 kitchen remodel on a house that could not be sold, as it lost 700,000 in value.
- we are both self-employed; there is no employer to garnish

Our Preferred Solution Path
We believe our earning potential will return to $200,000 / year but not for 3+ years. We would like to make good on these debts and believe we could pay them off in full even 3-5 years from now. But at the moment, we cannot support a house full of kids under 6 on $35,000 a year and make $2600/mo minimum payments. We have contacted each of our CC companies and several credit counseling / consolidation services. They are completely incapable of bringing a human level of calculation to our situation. Their only offer / program is to reduce the interest rate and put us on a 60 month repayment plan. We cannot meet these minimum payments with. I'd be willing to make 6% interest-only payments on the entire amount, or do no payment for 3 years, and then start payments in the 36th month, but they won't work with me. It is their way or the highway. So I have to plan which highway to take. Any recommendations? BK or should I just quit paying the cards?
Zorana

London, UK

#5 Mar 26, 2014
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.

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