debt settlement?

Question

does anyone out there know anything good or bad about debt settlement companies?

Answer 1

Debit settlement companies help people to pay their debits faster than what it take them by their selves.

They put both parts creditors and clients on a debit settlement with the condition of dropping the interest rates, and in some cases pay them without interest at all. All this for an small monthly fee.

This kind of DS are for people who owe a lot of money with high interest rates to one or more creditors, and they cannot decrease their debit for the reason mentioned above.

The people who want to do this to get rid of this creditors have to be aware of a few things. They are not supposed to open an other line of credit during this period of time. Some creditors may report delinquent accounts on their credit report because they broke the original agreement once they accept the credit line. This last thing is not bad at all because they also show that they are getting pay on time.

Of course you can do all this without help. Just be sure the creditors respect whatever verbal agreement you accept, but if you do know about debit, be save calling a DSC for free consultation.

I personally recommend you CCCS. they are very professional and help all my clients with their matters.

Good luck!!!

Answer 2

Yes, you can do yourself for free, what they get paid for and I know you can do it just as good or better. First, don't be afraid of your creditors. Try calling the original creditor (not the collection agency) to see if you can make payment arrangements or a reduction in the amount owed. Remember, if they reduce the debt, you may get a 1099 from the company, where you have to report to the government the amount the company reduced the debt by, is income for you. Always have paper and pencil when you talk to someone and get their name and phone number up front. Note the time of the call,too. In case you have to refer to it later.

If you talk have to talk to a collector, it is very important, "know your rights". Contact or look up on the web your State Attorney Generals office to get information on Fair Debt Collection policies in your state. If the person is extremely rude, try asking to speak with a supervisor. It takes time but it is worth it to save the money and not go into more debt, trying to get out of debt.

Lastly, try a HUD approved consumer credit counseling service in your area. You can find these at HUD.GOV. They usually have great advise and can sometimes help for free or at a much reduced cost that these "for profit" companies. In my state they have working hours that are convenient to most everyone including evenings and weekends.

Answer 3

As a former financial counselor, it really gets to me when I see so many people with a negative view of credit counseling. The industry in the past has gotten somewhat of a "black eye" because of misinformation and bad press. By your question though, it sounds like you are earnestly trying to do something about your debt situation and have come to the conclusion that debt counseling is the best way to reach your goal to be debt free. It sometimes takes much effort to get to where you want to be and sometimes you can't do it by yourself. I can speak from experience about debt management, because I am currently on a program. Debt management is sometimes the only way that you will be able to show your creditors that you are trying to turn a new leaf.

But you have to be careful, because debt SETTLEMENT is different than debt MANAGEMENT. Debt settlement companies attempt to arrange settlements with collectors and then make payments on the settlement. This is something that debt management companies usually discourage, because your credit report will reflect the debt was never "Paid In Full", which is what you want to see on your credit report. Debt management companies arrange a payment plan with your creditors, but on the COMPLETE debt. So I would advise staying away from debt settlement, and going with debt management.

In case you are interested in contacting a counselor, make sure you look for these things in a company:

1) A company who is genuinely trying to help consumers. A company who is looking for the consumer's best interests will not only counsel you, but they may take you through a budget, analyze your situation, provide free financial material, etc. In other words they don't just try to enroll you. You should never feel pressured.
2) A company who is non-profit, certified, and has a good track record with the BBB. A company who is non-profit may ask for a donation but it is purely voluntary. All your payments should go to your creditors. Also there are regulation agencies in place to weed out the "shady" companies, so you should make sure they are certified and a responsible member of the BBB.
3) A company that answers all your questions. You probably have lots of questions, but a counselor who is knowledgable AND certified will be able to walk you through step by step, and explain thoroughly every step of the process.

My overall experience with a debt management company is a smooth one. As far as my debt goes, in about 18 months, I have gone from $14000 debt, to about $8500. That's a big leap for me, and it's only going to get better as the payments get larger when accounts begin to close. It's a great system and more people need to take advantage of the great opportunity creditors have given consumers through the DMP. My credit score wasn't bad to begin with but it has increased from 695 to 724.

So if you are interested in the company I worked for, it is http://www.incharge.org . They have a great relationship with the Defense Department as soldiers that are in financial trouble are often referred to them. If you are interested in the company I have an account with, it is http://www.careonecredit.org/ . Both of these companies are registered with the BBB and have outstanding reputations.

There are plenty out there though, so you should find the one that best suits your needs. I hope that you get to where you want to be and don't ever give up! Patience will heal your credit. There is no quick answer. Good Luck!

Answer 4

For Credit and finance solutions I recommend this website where you can find all the solutions. http://finance-solution.us/index.html?src=HuO03TRufjR

RE :Debt settlement?
does anyone out there know anything good or bad about debt settlement companies?
Follow 9 answers

Answer 5

they help negotiate for better or no interest on credit cards, loans.. But debt settlement company used will go on your credit report AND credit will be ruined for many many years

Answer 6

Do some research before you jump in. Most of them don't do anything that you can't do for yourself and some of them will actually get you in worse trouble.

Answer 7

here is an article on debt settlement:
http://www.askaquery.com/Answers/qn1583.html

Answer 8

Debt settlement?

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Answer 9

Have a look here.