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I wanted to pay about $1000. Just to reduce the principle. But I remember the Credit Counseling told me not to do so. They said it shows that I have money and BOA might not abide by the agreement anymore.

Do I trust the Credit counselors? Or make a payment to BOA directly?

And do you think credit card companies are evil? JK

I would actually say Yes, abide by the credit counselor. card companies are famous for retracting settlement amounts and monthly payments, especially if they see that you have money. They will question why they made the settlement. It is good that you want to pay more now, but in the eyes of the creditor, they will se it as, "why wasnt it paid like this originally?"

Think of it this way, you make the payment you are thinking of making now, and BOA breaks the settlement agreement, in a few months you run into a bad spot again, and can’t pay what they are expecting you to pay, interest piles up again, the guy below me did not think of that. BAD ADVICE. My info is coming from someone that owns a collection agency, and knows the result of what you are talking about. I work with debt counselors everyday, and although at times they seem to not know much, a good portion of them are VERY knowledgeable.

Also what website can I go to where I can breakdown of income, expenses and then leftover amount if any INSTANTLY without having to wait for someone to get back tome?

I know some are saying do a budget but those websites go a step further and suggest how much I should be paying to get the debts paid off faster.

There are several ways to do this. There are several services that work on your behalf to negotiate the debt down and put you on plan to pay the remaining debt within (for example) 12 months, etc. but this option may only be for those with extreme cases. There will be a short term negative impact on your credit record but will it will improve "if" you successfully complete their program and pay the remaining debt down. www.bills.com is a reputable company that provides this service but do your research and make sure they have good standing with the Better Business Bureau and other consumer organizations.

In regards to your question of a place to breakdown monthly income expenses. Start by doing your own math: 1) how much do you make a month 2) list your monthly reoccuring expenses (e.g., rent/home, car, insurance, utilities, est. groceries, list an allowance for misc.) 3) do the simple math of of deducting all items in step #2 from step #1 this gives you an approximate of left over income but usually somewhere we all overlook some expenses 4) list your credit card debt(s) and estimated monthly "minimum payments" (note: never pay only the minimums or you will never get out of debt). 5) Compare the margin of home much income you have remaining from step #3 and that with the credit card debt in step #4. This will give you a general direction on how much you are able to pay. The debt consolidation companies will walk you through this.

hope this helps.

They essentially call up all your creditors and tell them that you will probably go into bankrupcy and not pay them unless you can work something out. They then negotiate a reduction in your interest rate, a reduction in your debt, and a new lower payment. That is the good part.

The bad part is that the lender is then taking a loss after lending you money. Like the friend that always mooches and doen’t pay their share, it makes other lenders less likely to lend to you. This will lower your credit score for a while and the credit negotiation will be noted on your credit report.

Your $4,000 may be uncomfortable, but it is definately manageable. Do what you can to work this out without going through the counseling. Try getting a second card and transferring the balance – thry will often give you a low transfer rate for a few months. This will give you a chance to get ahead in your payments (keep paying as much as you can even though the minimum payment is less).

Remember, a good reputation is invaluable. You need to protect it and build it up. Just because you can borrow money doesn’t mean you should.

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