Is it possible to not use a debt settlement co. if you haven’t signed any papers yet?
I agreed to use a certain company over the phone but now regret that decision. They are sending paperwork so I haven’t signed anything yet. I would rather settle the debts on my own. Does anyone know if I can back out of this situation? Thanks!!!
dont sign them it will be a huge mistake!
yes you can back out they may threaten you but ignor it. what these companies do is call each creditor and aks them to take less money then tehy charge you and keep the extra they get. I have seen this done to so many clients its amazing how much they really pay to these guys in the end most have paid more then they would have just paying off the creditors over time!
you can ask the creditors to take or agree to pay them less just dont miss your payments or they will tack on more money if you do this they will stop adding money for collections to it and you will gradually pay it off and it wont hurt your credit.
if you let these guys do it thier way your credit will be distroyed for wuite some time. call each creditor and tell tehm you want to make smaller payments to them and go from there!
the creditors will tell you sometimes no you have to pay it in full but thats not correct. the people that work for these companies get comisson on what they can make you pay generally!
good luck try to just aks to make smaller payments and wittle it down slow
May 9th, 2010 at 10:02 amDon’t sign anything. You are not obligated to them since there is no signed contract between you. If they continue to bother you, tell them to "take a hike".
May 9th, 2010 at 10:02 amYes, don’t sign, don’t send the papers back and just say "I changed my mind" when/if they call. You haven’t entered into a contract, you’re not obligated.
Take a look at Scott Bilkers debtsmart.com site for helpful tips.
May 9th, 2010 at 10:02 am