just keep in contact them and tell them your intentions. companies **** when they dont hear from you becasue they think you are ignoring the debt…..

Consult with a credit consolidation company. They will combine all of your credit cards and you pay one fee per month that is distributed to all your debtors. They will even work with creditors to lower interest rates. Good luck

I’m with slimick on this, and though I know you probably don’t want to hear this, you should declare bankruptcy. I’ve been in your exact situation, and I thought the same things you are thinking now. I would declare bankruptcy posthaste, and here’s why:

They won’t work with you until you’re in so deep that your credit is irreparably harmed. In your case, I’m assuming you have little or no money, anyway. Even if you do pay them, there is no real advantage to you. It will still take years to repair your credit, and you’ll still owe $75,000. Unless you can pay a huge amount each month, that debt will not go away, and your credit will remain in bad shape.

With bankruptcy, it will take the same time to repair your credit, but you won’t have that debt any longer. When you owe that kind of money and are unemployed, postponing bankruptcy is postponing the inevitable unless you win the lottery or something. Probably not likely…

They tell you they will “work with you,” but it is their job to tell you anything to get money, no matter how small an amount, period! The absolute last thing they want to hear is that dreaded word, “bankruptcy!” I got in the habit of sending them “something, anything,” (at the expense of many missed meals) and then another crisis occured and I had to declare bankruptcy anyway. That money was gone, and I could have used it more constructively if I would have just declared bankruptcy to begin with!

That money (potential income in your case) will be best spent on you and your family’s basic survival needs. You’ll have little or no debt after a bankruptcy, and you won’t be able to get any credit for a few years. That’s good, because you won’t get strung out again. You will have to live on a tight budget, but it’s a good skill to learn, and you won’t have the huge stress of that debt hanging over your head or any debt-collectors hassling you! Sending money to them now benefits you in no way, and your well-being is more important than your credit record.

If you declare bankruptcy, it’s like starting over with a clean slate! It took me ten years, but now my credit is as good as it was before my bankruptcy, and I have NO debt. The only reason I got credit cards again is due to a credit score being a necessity of modern life. I wouldn’t have gotten anymore if I didn’t think it was absolutely necessary! A lesson learned, and an important one at that.

You can only declare bankruptcy once (I believe), and it will sting for a while. It can affect your employment prospects, too. You should arrange a free consultation with an attorney. The actual paperwork and legal fees will amount to perhaps a couple grand, but that beats 75 grand. I feel your pain, and I hope this works out for you!

I recommend debt settlement . Total Debt Solutions partners with a company in California called New Life to offer debt settlement. New Life has been in business for years and is listed with the BBB. My dad used them with great results getting debt free in 36 months. He held the money in a trust account; this isn’t just sending money to some faraway company each month and saying a prayer that you dont get ripped off. They negotiate the 50% settlements you mentioned for you over time. Check out the source website and their free evaluation form or toll free number; they can help!

The main thing is to not get any further into debt. You must contact all you creditors immediately to explain your situation and ask them to confirm exactly what is outstanding. When you have this information, split your creditors into two groups, priority creditors (the ones with serious implications if you don’t pay) and secondary creditors (the others).

Prepare a financial statement with all your monthly income and outgoings but only include payments to your priority creditors in this. This will show you how much you have available each month to offer to your secondary creditors.

Contact your creditors with offers of payment based on what you can actually afford. Make sure your offers are based on sharing out your available income proportionately, and enclose your financial statement to back up your offer.

There is detailed guidance on this process at