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I have approximately $102,000 of unsecured debt, I am approaching 4 months past due, I need help but dont want to have to pay someone 16% for doing it, please help

Hello, I am sorry to hear about your situation and I wish I had a magic answer for you. Unfortunately, there are no easy (or free) solutions. Without some other source of money your unsecured debt relief options are debt management, debt settlement, or bankruptcy.

If your debt is way beyond any income you have to pay it back, you are most likely looking at only two of the solutions, debt settlement or bankruptcy. The 16% you refer to is a pretty standard fee for a debt settlement company (15% actually) but if they are successful at reducing your debt by, say half, then you still come out way ahead and avoid bankruptcy. Of course there are many factors regarding debt settlement to consider.

Bankrupcy is no longer easy and it does not wipe out your debts immediately like it used to. Now there is a more lengthy process that includes working with a credit counseling company (they offer the debt management programs I referred to earlier).

Research all your options, seek out advice from potential debt relief companies, talk to your lawyer if you have one available to you, and make your decision as to what to do.

The best advice I can give you is: don’t do nothing. The problem will not go away on its own. Thanks for stopping by the site.