To make a long story short, I have managed to bury myself with almost ,000 in credit card debt I did not want to file bankruptcy. I have been able to pay around ,500 a month towards credit cards consistently which usually cover a little more than the minimum payment. I was doing the math and even with getting interest lower this is going to take me anywhere around 8-10 years. So I decided to join a debt settlement program that allows me to pay 75 a month for 36 months and it will get me out of debt by settlement. I have never been late on anything before but this month I have been advised by the company I decided to work with to stop paying the creditors. Does anyone know if the debt settlement companies send pfd’s or are they just trying to settle and get their share? What are somethings that I should expect to happen to my credit in the next 3-5 years? Does anyone have any success stories about settling their debt? I am just trying to sleep good at night with this decison.TY

Technorati Tags: 10 years, bankruptcy, credit card debt, credit cards, creditors, debt settlement companies, debt settlement program, decison, math, minimum payment, pfd, sleep, success stories, ty

I have accumulated about 60K of debt over the past couple of years due to student and car loans. Can anyone suggest the best debt management company in Brea in California? I have had bad experience with debt companies in the past but I really need a good debt settlement program to help me get through my debts.
The more info, the better!

Thanks

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How long will it take to build your personal credit back up while going through a debt settlement program?

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I am a student and I will be going back to school soon. I have FINALLY been offered this awesome financial aid package which includes grants, scholarships, and government loans. My only problem is that they require me to go to school full time. This will decrease my monthly income because I will not be able to work as much. I have having trouble making the monthly payments on my credit cards… but I am currently current. A debt settlement program says that it will mess up my credit in the short run, but that I will have better credit in the end once the balances have been paid in full. I need some way to reduce my monthly expenses… and negotiating myself means payments that I cannot afford! I just want to make sure that this would not bar me from obtaining new Stafford loans every year for school.

Technorati Tags: credit cards, debt settlement program, financial aid package, full time, going back to school, government loans, grants, monthly expenses, scholarships, stafford loans

My husband and I were in a debt settlement program. I am wondering if we’ll have to claim this on our taxes? I know we’ll have to claim it, but will we have to pay? This is what our debt program states on their website and what we were told by them:

Creditors are required to report canceled debts exceeding 0 to the IRS and you are supposed to report the same as income on your annual tax return. However, the IRS permits you to write off any “income” from canceled debts up to the amount by which you were “Insolvent” at the time. Therefore, unless you have a positive net worth, then you ordinarily will not be obligated to pay taxes on the forgiven amounts. Additionally, if you do not qualify as insolvent non principal amounts such as fees accumulated on the account may be deducted from the amount reported.

We’ve never had to pay but always received money back. Will this deduct from the money we should receive?

Technorati Tags: creditors, debt program, debt settlement program, debts, irs, money, net worth, principal amounts, program states, tax return

I have ,764.00 in credit card debt with interest rates in the 20%-30% range. I am looking into either a debt management program or a debt settlement program. For the debt management program they estimate that I will pay ,410 total including their fees and be debt free in 3 years 9 months (April 2013). For the debt settle program they estimate that I will pay ,058 total including their fees and be debt free in 2-3 years (July 2011-July 2012) depending on how much I decide I can afford per month. I see that the settlement program is a lot cheaper in the long run (,352), does not take as long to complete (24-36 months instead of 45) and is at least 0 cheaper a month if I choose the 2 year program and 0 cheaper if I choose the 3 year program. My current credit score is about 645 and I don’t want to destroy it, but I can not keep paying the minimum payments for the rest of my life and never be debt free. Has anyone used either of these programs? What was the difference in your credit score when you finished the program? Did you have any problems? The name of the company is Coastal Credit Solutions out of San Diego, CA. Any help would be highly appreciated. Thanks!

Technorati Tags: 3 years, 9 months, credit card debt, credit score, credit solutions, debt management program, debt settlement program, interest rates, minimum payments, rest of my life, san diego ca

Is a debt settlement program a good idea, compared with using a Consumer Credit Counseling group, or Debt Consolidation?

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I am in the idea of enrolling in a debt settlement program. What are the responsibilities once I enrolled?

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How do you know which program is good and which one is right for you. I heard their is a way to check there beruo report or something, not sure what its called. How can you see the results and reputation of the debt settlement program or debt consolidation program.

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How do you know which program is good and which one is right for you. I heard their is a way to check there beruo report or something, not sure what its called. How can you see the results and reputation of the debt settlement program or debt consolidation program.

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Earlier I asked about how to get some debt relief.
1. I cannot transfer balances to another card as I cannot get approved w/ a 0% card because I already have too much debt.
2. I can’t get a home equity loan because I don’t have enough equity.
3. I called Amex today as my minumum w/ them alone is 250 a month at 30% interest. The best they would offer was 14.99%. When I mentioned that I did not want to go into a debt settlement program, they said that they do not participate in that.

Any other ideas?

Technorati Tags: amex, debt relief, debt settlement program, home equity loan, minumum

if so did it work for you,or any other debt settlement program for that matter, not looking to go bankrupt and in the current bank situations debt consolidations are hard to get.

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I have a lot of debt and considering settling these debts without a debt settlement company. Their are many debt settlement programs that promise to save you 50% while other companies promise to save you up to 75% of total debt you owe. How can one company be better then the other, after all, in the end all they can do is negotiate and ask for a lower amount as settlement. I also bought a Ebook that teaches you how to settle credit card debts and payday loan debts on your own. It seems simple enough and contains all the letters that you need to send out and takes you step by step to settle your debt. Their are also many well written letters online. Sure they may be more experienced and save you an extra 0-0, but with the cost of the programs sometimes exceeding ,000, the amount you did save is just going towards the debt settlement program. I’m guessing that debt settlement program is for people that don’t want to dealer with creditors at all because they answer all the calls, send out all the letters such as debt validation letters, and do all the negotiating for you. Whats your opinion.

Technorati Tags: credit card debts, creditors, debt settlement program, debt settlement programs, ebook, payday loan, settlement company, validation

Debt settlement program out of Texas
I am aware of the rip off report and they assure me this was a one time incident with an impatient customer. They tell me time is what it takes to get thru the program… I am looking for someone who has worked with them to advise me on their outcome.

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

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I am going through a debt settlement program. One of my creditors is also the same company that I am financing my vehicle with. Am I putting my vehicle in jeopardy by settling the credit card debt I have with that company?

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Has anyone ever used this? I have quite a heavy load of debt and want to consolidate to reduce fees, etc. Has anyone ever heard of these guys:
APEX FINANCIAL SERVICES
DEBT SETTLEMENT PROGRAM
Smart, easy and proven alternative to bankruptcy!
Debt Settlement REDUCES your debt by as much as 40% to 75%!
You could be debt free in as little as 12-36 months.
Our negotiators have settled millions in consumer debt.

Please let me know if you’ve had any experience or have any advice. I have about 5 revolving credit lines (including car insurance, etc.) and want to consolidate all to one account, or use the service I mentioned above. Any advice is appreciated!

Technorati Tags: apex, bankruptcy, car insurance, consumer debt, debt settlement program, financial services, heavy load, insurance, negotiators, revolving credit

We are joining a debt settlement program with a law firm I’m wondering if anyone can tell me your experience with Debt settlement and if you know if any creditors will still sue..We have already tried a debt management program, but the payments were still to high so we dropped out.

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I’m thinking of going into a debt settlement program and was wondering if anyone has done this and how it worked out for them? Also how hard was it to rebuild their credit after?

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Is it good to tell the judge that I’m in the debt settlement program?

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I recently heard on radio about a debt free program. They officially negotiate on your behalf with the credit card companies. What may be the Cons? Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How may it affect one’s credit score?

Technorati Tags: credit card companies, credit card debts, credit score, debt settlement program, radio

How do you know which program is good and which one is right for you. I heard their is a way to check there beruo report or something, not sure what its called. How can you see the results and reputation of the debt settlement program or debt consolidation program.

Technorati Tags: debt consolidation program, debt settlement program, reputation