Debt Settlement?

Is anybody out there currently in a debt settlement program? If so, tell me your experience?

Technorati Tags:

Posted October 19th, 2009 in Debt Settlement. Tagged: .

One comment:

  1. Feivel:

    Don’t do a debt settlement. I work in a collection agency part time and there are problems with them. The agency does not always pay the bill as it is supposed to even though they take money from you. They can sell your account to another company without telling you. It looks terrible on your credit report. In addition, no collection agency or credit card/hospital/department store is obligated to work with a debt settlement company and many don’t even though the debt settlement company will tell you they do.
    The best thing to do is simply send in money as you can to the collection agency. That will usually keep you out of court (although most places do not take you to court).
    Usually it is better to actually file bankruptcy than go through a debt settlement program because a huge percentage of people who start with a debt settlement program have to file in the end anyway.
    Depending upon how much you owe either send payments on your own or file bankruptcy.
    One trick people can do is to dispute the bill within the first 30 days it is placed with a collection agency (the agency will code it as disputed). This keeps it from being reported to your credit report. Then send in payments with a note on the payment that "I am paying this but do not feel it is owed". Most collection agencies do not change the coding and it won’t be reported to your credit.
    Hope some of this helped.

    If you feel you still want to do a debt settlement program. Do one locally. Do one that you can drive to and talk to the person who is managing your account. DO NOT SIGN UP FOR ONE ONLINE. THEY ARE ALMOST ALL GIMMICKS

    October 19th, 2009 at 4:53 am

Leave a response:

-->