Can I work out settlements with credit card companies without an attorney?
I have over $100,000 in unsecured debt. I don't want to file bankruptcy but I can't pay even the minimum payment. I have an attorney that says he can settle all for .25 cents on the dollar or less. Can I do this same thing without the attorney?
Be careful of hiring an attorney to settle for this little, because you still have to pay the lawyer, as well. Further, check with your state to determine if that lawyer must also be licensed as a debt adjuster (debt negotiator with your state) or other licensure besides his or her bar license.
Most credit card companies would be willing to work with you directly if you have some amount of monies but the reality becomes if you cannot even make the minimum payments, the credit card company would have to consider charging off most of this debt. If that happens, it can have a huge impact in your credit score, as would a bankruptcy.
Consider at least speaking with a non profit consumer credit counseling agency in your state and non profit bar attorneys (pro bono work or legal aid) to get a better picture of your options.