Their brochure mentions "customized savings plan" and says generally they have average settlement of approx. 35% of balances owed. This outfit has an "Inc." and does charge fee according to debt amount. About how much? Anyone know??? If someone could better explain this I'd know whether or not this is my best way of getting out of debt. I've posted b4, saying I've very good credit. How would a "settlement" process affect my good credit? Would it lower my score (735)? I'm a renter with 4 ccards-three of which carry High APRs. I'm thinking about using my credit union for a lower interest loan to pay off these cards. Anybody have suggestions. I'm a disabled senior living on m'socialsec and want to get my debt down or gone. Anybody??? I don't quite understand this "savings plan"...Would I save in my own personal account and not with them? I don't think I'd be comfortable sending them money to save for me. Who has had any experience with this type outfit??? Thanks in advance; you're all gr8
2007-02-02 17:58:53 · 1 answers · asked by MJ D 3 in Business & Finance ➔ Credit
Stay away. Stay very away.
Yes, they will murder your credit.
They will let your accounts go seriously delinquent until they are charged off, then they will negotiate with the collectors who bought the loans from the original creditors. Since the collectors bought the loans for pennies on the dollar, of course they'll settle for less from your "arbitrator".
Meanwhile your credit will be totally in the toilet.
2007-02-02 20:01:44 · answer #1 · answered by clawedlemew 3 · 0⤊ 0⤋