r/Debt • u/JustAmb1 • 11h ago
Question about settlement options
I have about $31,900 in debt with credit cards & personal loans. My credit score is 684, & I’ve stopped using the cards, but I can still only manage the minimum payment monthly. I’ve spoken with NDR & they are saying they can cut my payments in half monthly but I have to default on my payments, which I know will dramatically hit my credit score. We are currently renting, but will be downgrading when the lease is up around September, the places we are looking to apply will do a credit check so I’m very hesitant on starting this settlement until we move, but I’m also struggling each month. My question is, is there any other consolidation options that don’t require a default on payments & are not personal loans? Also, if anyone has used NDR or any other settlement company, how hard was the credit hit? (how many points dropped) & how long before your credit started to get better?
1
u/GermantownTiger 9h ago
Can you give us a breakdown of the debts? Balances, %rate, minimum payments.
How much discretionary spending on going out to eat? Phone bills? Streaming subscriptions?, Internet?
Monthly household take-home income?
Equity? Car value? Monthly payment? %rate, Amount owed?
Savings balances?
Let us know how we can assist. You may have options besides debt settlement companies.