I am considering using a debt settlement company but am concerned about the details.
2007-10-22 16:54:30 · 5 answers · asked by postman2039 1 in Business & Finance ➔ Credit
Debt settlement/repair companies tend to take their fees up front and then trash your credit. Typical method is to stop paying your creditors for a couple months, then offer lowball settlement under threat of bankruptcy.
If you need help with your credit, check this site: http://www.nfcc.org/ . Consumer Credit Counseling Service (CCCS) offers free counseling. They also have a debt management program available, if you qualify, at no fee. They can review your finances and advise you how to proceed.
You can deal with your debt yourself. You have to make a strict budget. Eliminate all the extras -- eating out, cell phone, new clothes, etc. Put every penny you can squeeze out of that budget on the highest interest rate debt, while making minimum payments on the rest. When the highest interest rate debt is paid off, move to the next till they are all paid off.
If you work at it, you can get it all paid off in 2 or 3 years. You will then have a good payment history and a decent score.
2007-10-22 17:26:54 · answer #1 · answered by bdancer222 7 · 2⤊ 0⤋
Yes, I have. I was in debt at one point of my life that I just couldn't get out of. The bill (credit card_ people were calling me every day. I was ready to lose my mind. I checked with better business bureau and found a god debt consolidation company. The went over all my bills with me on the phone, called the credit card companies, arraigned for lower payments, with less interest. Every month I sent the debit settlement company a check, and they, paid the credit companies for me. I recall getting statements from them showing exactly where my money had been used.
2007-10-22 17:02:37 · answer #2 · answered by djc1175 6 · 0⤊ 0⤋
Yes. Go to this website below and read ALL of it. These guys know what they are talking about and have really good sponsored link referrals too. Referrals are not like ads, but are there to help those who want help and willinclude credit debt settlement companies.
This won't look great on your credit report, but it's a lot better than to many late payments and charge-off's!!
I used the information and a couple of sponsors from this site and made my credit score go from 480 to 709 in one year, so I highly recommend them! Don't forget a little discipline on your part and it will happen! I did it and you can too!
2007-10-22 19:53:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i used one it made it worse
read thru creditinfocenter com
2007-10-23 02:55:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes. i am a debt collector. i love my job. i enjoy making people cry about their brokeness. just give me a call
1-800-deb-tman
2007-10-22 17:19:03 · answer #5 · answered by Anonymous · 0⤊ 3⤋