I just wanted to know if anyone has called and if they have gotten the help to pay all their dept. One thing that get me confussed if how is it that they pay for your example: $6,500.00 dept and you only pay them back like about $4,355.00 and something? So what's the catch? I'm just so confussed. PLz can some one really tell me their experiences. Or this really works. Thanks A LOT!!!
2006-11-10 13:30:00 · 3 answers · asked by Maria 1 in Business & Finance ➔ Credit
I have not used them but friends and family have. They reduce the interest rate on the principal and they put a deragotory slant on your credit, "Not Paid As Agreed." Then the card is cancelled and you cannot use it anymore. Then you make monthly payments forever.
The best thing to do is get rid of your dang credit cards and do not spend more than you have.
2006-11-10 13:36:02 · answer #1 · answered by bluasakura 6 · 1⤊ 0⤋
The catch is that if your credit card company agrees to take less than you owe they will mark your account as settled for less than owed on your credit report and your credit will suffer.
Naturally they prefer to be paid in full and don't let people off the hook very often.
2006-11-10 13:38:23 · answer #2 · answered by Phil O' Brien 3 · 0⤊ 0⤋
Exactly, it will be marked on your credit report, "not paid as agreed" and in addition the difference that you did not pay could be an amount that you could be responsible to pay taxes on because the goverment considers it income.
2006-11-10 20:27:33 · answer #3 · answered by LYRICSORUS 2 · 0⤊ 0⤋