What qualifying questions will my creditor ask for my debt reduction plan?

(Before anyone leaves the inevitable smart-a*, "deadbeat" remark, I'm not a deadbeat. I've been laid-off due to the economy 5 times in the last 7 years and the employers who laid me off gave me BOTH raises %26amp; promotions prior to the layoffs. I'm now re-employed by one of them.)





Rather than go into Chapter 7 or 13, my creditor (unsecured credit card debt) told me they would put me on the following plan "IF I QUALIFY". They said they will ask me the qualifying questions on Monday.





5 Years to pay back the entire balance


2 to 3% interest rate


No fees


Payments will be 1.75% of the balance ($152 per month)


and after 6 months they will "re-age" the account to show it as paying on time.





Can anyone tell me what questions a bank has asked them in this kind of "qualifying questionnaire"? I'm sure it'll be, "How much do you make presently, what are your expenses, etc." but I would like to hear from someone with personal experience in this -negotiating with the creditor.

What qualifying questions will my creditor ask for my debt reduction plan?
I understand. I went through that but I had a ton of debt. I used CCCS. Consumer Credit Counseling Services. The first counselor was not for me. The 2nd one was great. They said 5 years but with additional layoffs it took 10....but I owed $125,000. But I did it with no bankruptcy. Never heard of qualifying ... just show up and they re-negotiate with creditors. Just keep paying and all will be fine.





If you are doing the negotiating one-on-one with a creditor that is different...they may have some requirements. But CCCS can do it for you because they deal with creditors constantly. They will probably know in advance what will happen.





There are probably other good services out there but CCCS is the only one I have experience with.





Good luck and you will do it !!