Does anyone know a company that helps get you out of debt, even after the accounts have gone to collections?

Question

Only legit answers please.

Answer 1

If you use a debt consolidation company, check them out thoroughly. There are many that will leave you in worse shape than you are now.

I would suggest that you go to the site I've listed and do some reading in the newbie forum and the credit forum. Learn your rights in dealing with collection agency's.

All of the information on that site is free to use. Never pay to use a website for the information.

Answer 2

There are many companies that offer "debt settlement." On your behalf, they haggle out payoffs to your creditors.

It takes time because you will need to make payments into a fund they can use to bargain with. Of course, it takes less time than trying to payoff credit cards with the minimum payment.

The debt settlement company makes money as part of the agreement. The collection agency makes money because they buy the debt for pennies to a dollar. You end up paying much, much less than what you would have (if the debt settlement company does the job right.)

The biggest downside to using a service like this: It will positively FRY whatever credit you have left. You won't be makeing payments directly to your creditors, see? So they will report every missed monthly payement as just that. When the debts are finally paid, they will be reported as settled as opposed to paid in full.

You have to decide what is important to you.... getting out of debt or having a decent credit score?

(I am a client of Clear Debt Solution. http://www.cleardebtsolution.com/ There are many, many companies out there that offer this service. Look up "debt management" or "debt relief" and see what's out there for your situation.)

Answer 3

You can do it yourself. First, you need to develop a written budget each month where you spend (on paper) every dollar you make. Second, you need to get current with all debt that is past due. Make minimum payments on everything else. Sell stuff or get another job to increase your revenue. Third, talk to the collectors. Tell them that you're on a written plan and that you will pay them back. Don't let them get you emotional so that you will pay them more than you can. Don't give them access to your checking account or send them post dated checks.

Checkout my blog site http://www.takecontrolofyourmoney.com for more advice on getting out of debt.

Scott

Answer 4

Try Debt Advocates at debtadvocates.com
I had trouble getting into the site and had to call. They were on TV. Try 800 info for the number.
They couldn't help me yet. But they sounded decent. Maybe they can help you.

Answer 5

yeah
that's a good one