Has anyone had experience with a debt settlement compamy?
We are thinking about it but I heard that some don’t pay your debt off and you are still facing bankruptcy? Are some repetuble?
Debt settlement where you pay like 40% of what you owe for 3 years. Not a loan.
I have heard some horror stories about debt consolidation/settlement companies. The main ones are that they pay late, making the damage to your credit worse and the fees they charge are outrageous.
You can do the same thing yourself and know that the debts are paid on time and save your self some money in fees. You also have the option of including a "pay for deletion" if you have negative entries on your credit report.
If you decide to do this your self, make sure that you keep everything in writing and send all mail cerified return receipt.
June 22nd, 2010 at 4:36 amDebt settlement as in Debt consolidation…? if so I have a while back (4 years ago) and the company I went through went under and changed names/is no longer around. The bad thing about debt settlement companies is that if they are late in sending in your payments there is really nothing you can do about it… which pretty much sucks… I’d advice reading the info on this site and going through what they have to offer.. http://www.helpgetfunded.com
June 22nd, 2010 at 4:36 amWe did debt consolidation and the problem we ran into was sometimes company’s switch over where somehow they change your payment due date and the debt company was constantly paying our monthly payment late so we were also getting late fees tacked on to our bills when we called them about this they told us "it was our responsibility". When we first started with the consolidation they told us that they took care of it all and we wouldn’t even have to open a bill! Ya right we always checked they were good for the first 3 months and that’s it. They put us more in debt. We ended dropping them and luckily getting a loan to pay off 99% of our debt. My suggestion to you would be if you join a consolidation company record your conversations with them,get their name or ID number. Good Luck
June 22nd, 2010 at 4:36 amDepending on your situation you need to consider one or two things. Firstly if are making repayments that is fine. If you have a little left over then that should go towards your lowest debt. Keep doing this until all debts are paid. Secondly if you don’t a consolidation loan will give you a manageable repayment. Trick is though to then save a little cash for any upsets. My profile has more information if you need it.
June 22nd, 2010 at 4:36 amNope..what you heard is not true regarding the debt settlement companies..
When you join a debt settlement company, they will negotiate with your creditors on your behalf and bring down the principal debt amount to around 30% to 70% depending on your credit cards.
A debt settlement is no way related to bankruptcy.
You can make affordable monthly payments accordning to how many months program you are joining them and be debt free within 3-36 months. There are no hidden costs and upfront fees associated with the monthly payment options.
Once you join the program, they will start negotiating within 24 to 48 hours.
Check out this reputed debt settlement company who has helped me out with the unsecured debt problem.
http://www.debtfreeafterall.com
Good Luck
June 22nd, 2010 at 4:36 am