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I have been talking to two companies about my debts. They differ concerning my credit union’s unsecured debts: a VISA and a personnel-signature loan. Both agree that the loan is not qualified for the debt settlement program. The one company says that I can include the VISA with other cards in the program. However the other company says that I can not include one debt and not another from the same institution: I have to payoff the loan before the VISA can be included. Who is right?

Hello, I cannot give you a definitive answer to this question because there are a lot of other details that are required. Specifically, the details of your personal loan would need to be specified (yes, the fine print unfortunately). However, my guess would be that you would not be able to include the Visa in the settlement from the same institution as your personal loan. The reason is that your loan probably has provisions that would trigger a default if you tried to negotiate the credit card balance down with the same institution.

Please understand, I am not a lawyer so this is my educated guess based on the information you’ve provided. Too many settlement companies are quick to make promises they may not be able to keep later just to try and get you into their program. You may want to get a third and fourth opinion from reputable debt settlement companies, especially if you can get one from a lawyer. Thanks.