HELLO it is me again, originator of the post AT THE END… the thing about bankruptcy is, waht i was told by 2 lawyers, is they will SELL/AUCTION our HOME as it is ALSO our business (we had inn/tavern) and the problem is they will only probably get half of what it is worth at an auction and once the auctioneers get paid, the lawyers get paid for liquidating your assets, and the bank gets paid the balance on the mortgage, there wont be much left and if our creditors get that, well, we get ZERO… we put our life savings in this place and we worked for free for 8 years… to leave with only the clothes on our backs would not be an answer for me… the income we make here on renting lodging at least pays for the building, but does not cover the creditors that comes from our personal wages..

our best bet was to sell the place ourselves at good price and pay off everything and still at least recoup or original spendings and start with somethinng… but after several years and 2 failed sales, we give up on that the market is just not there. I figure if we stop paying out 3k or more a month on credit cards we can afford to live halfway decent and save some away… so if in the end we cant settle we can at least have something to work with if they take our place/home etc.

We have paid them more in interest than we ever borrowed so technically they should settle with us… we have paid well over a 100k in interest already and we still owe them… so I wont feel bad about it anymore. I have to start putting our basic needs first. It sucks no matter how you look at it thats for sure. THANKS FOR ALL THE REPLIES… I think I will go play a dollar on lotto now !!! I will go check the website you sent also, thanks!

I did the same thing… paying interest and fees long after I had paid the original amount of the debt . I’m not against interest, but there comes a point where you are simply in debtors prison and need to get out. My lawyer told me he has seen this time after time.

The CC Co’s are all for changing the terms of the agreement. Sometimes we need to change the agreement and simply put a stop to this robbery! Do you realize debt buyer agencies will be calling you? The credit card co’s will sell all that interest and fees on your account for pennies on the dollar and the debt agency will add their own interest.

I only had one account sold to an agency and foolishly agreed to make monthly payments. I didn’t find out until several months later the $1700.00 I had sent them over a period of months was not reducing the amount they said I owed, but they were increasing my debt. The kept me in the dark about the interest they were charging. Imagine, selling intertest and then getting more interest piled on. Compound interest gone wild!!!