what do you think about this company's that promise that can negotiate your credit card debt .?

Answer 1

First they trash your credit, then they negotiate a settlement. AND, they charge you a couple thousand to do it.

You can do it yourself - first, stop paying all the bills for six months, put that money in a seperate account, THEN, you negotiate a flat settlemetn, AND it didn't cost you $2,000!

Either way, your credit will be trashed.

Answer 2

My wife works for the collections department for one of the banks dealing with credit card collections.

They will not negotiate the amount of principal owing. They will however come up with a plan that allows the user to pay back over a longer amount of time.

First tier support at the credit card will not do these types of negotiations though, you need to ask for a manager to make a "payment arrangement"

Answer 3

Some credit counselors can do this. Beware, if the creditor accepts this, it may save you some cash in the short run, but have long term consequences. Even if it's paid off, your credit report will show "not paid as originally agreed" or some similar notation. It will also mark you as participating in a "hardship plan". Not only future creditors look at reports. Employers, landlords and insurance companies look at them to see if you are dependable.

Answer 4

actually, filing bankruptcy is MORE positive than using those agencies, because a BK is handled through the courts with a trustee, those companies do nothing but put your bills off, pay less and less and cost you more and more....IF your in a real jam consult a lawyer....its the only way, EVEN when you pay a collection it stays on your file and lowers your score....

Answer 5

If you use the services of one of these company's you will be viewed financially on the same level as someone who has filed Chapter 13 Bankruptcy.

Get your hands on Dave Ramsey's newest book.

Answer 6

creditinfocenter.com