Internet's first get-out-of-debt community - 135,000 members

I recently got the info. from superior debt services. Everythign sounds fine and dandy. But im curious to what everyone has to say about the program. If you could list some pros and cons to going throught with a program like this.

Some ?s
1. Dont the companies care about losing that much money; when they could keep charging you interest and late fees?
2. What do the compaines get out of their services?
3. How do they knock off all the service fees and late fees?
4. Wont your credit score be ruined for a long time if you do a program like this?

Thanks, Bill

Posted: Tue Jan 03, 2006 7:45 pm Subject:

Hi Bill

Let me give you an overall summary of this program. The lenders were not receiving money from you and there might be a chance that this account will be sold to the collection agency. If they are also unable to recover money from you, the account will appear as bad debt in their books. At this point, they will be happy to receive money from you. Let it be through debt consolidation company only. Also, if you pay towards your debt account, you are improving your credit worthiness. So, paying off your debt accounts improves your credit ratings and their chances of getting back the money.

At this situation, it is the active negotiation of your consultant who manages to reduce the total amount of debt from the whole amount. Creditors add extra charges to your debt account if you fail to pay them their money and they won't mind wiping it off if you have agreed to pay it later.

Your credit scores are already ruined at the present stage showing the incomplete payments or other negative remarks. At this point, if you contribute towards your debt account, your credit ratings will only improve from now onwards. So, take steps to improve your credit and show your financial worthiness to your future lenders. I hope I have been able to clear most of your queries.

Posted: Tue Jan 03, 2006 7:52 pm Subject:

thanks, i take it you work for one of the companies, with u being so knowledgeable. i havent missed many payments on my card but im just not getting anywhere on them. thats the reason why i want to do this. i want to know that im not throwing away any more money. im just worried that when its time for the companies to wave to fees that they wont and that they take me to court. ive been threatened lately about them taking me to court for a cell phone bill. i know its a scare tactic. but im just worried that somehow it wont work out in the future,

Posted: Tue Jan 03, 2006 7:56 pm Subject:

Explain everything to your consultant so that he can negotiate with your creditors accordingly. Besides, the consultant will put all the terms and conditions in writing in front of you. You will be sure of your money going to the right place and at the right time.

Posted: Tue Jan 03, 2006 8:37 pm Subject:

i went to the BBB and researched the Co. and this is what it says http://data.fortcollins.bbb.org/commonreport.html?bid=46004191
what would u make of this. 11 compaints in 36 months. it doesnt go into detail about them.

Posted: Wed Jan 04, 2006 11:02 am Subject:

billyh072883, those 11 complaints have been resolved by Superior Debt Services. There might be some specific situations when the customer involves BBB to investigate the matter with the company. At such times, BBB records the number of the complaints in their database and their results. So, there are no pending complaints by this company at present.

Moreover, these are the companies that have worked with the other members and have given satisfactory results. Based on the consumers' feedback, they have been chosen to work with you. Superior Debt Services is a member of the BBB. They are not those types of companies that will do fraudulent activities in your checking account. I think you should have one more discussion with the consultant and clear all your doubts. After you feel satisfied, give your consent to start up the program.

Regards
Roxette

Posted: Wed Jan 04, 2006 1:57 pm Subject:

bill,

Have you noticed that despite of having 11 complaints, the company still holds a satisfactory customer experience? Actually the number of complaints is not the yardstick to judge the reliability of one business. You should verify how much alert are they towards customer satisfaction.

You were talking about pros and cons of the program. Please go through the link below, to know some more truths about consolidation program, best of luck-

http://www.debtconsolidationcare.com/forums/pros-cons.html

Posted: Wed Jan 04, 2006 2:57 pm Subject:

Hi Bryan & Roxette,

Maybe you can answer something for me. I got a call from Superior Debt Services two weeks ago after signing up with this forum. I haven't signed anything yet but I'm a little confused. It seems they are more of a debt settlement company? Is this correct?

Posted: Wed Jan 04, 2006 3:08 pm Subject:

Hi msmishele30

Superior Debt Services offers all types of debt management programs including debt settlement. They mainly work on debt settlements but if you insist, they can work on the consolidation program also.

Your ultimate goal should be to see your accounts shown as 'paid' or 'paid in full' in your credit report. Don't go for the status 'settled' because it will hurt your credit worthiness.

Talk to the counselor and explain your requirements. I am sure he will be able to arrange something suitable for you.

Regards
Roxette

Posted: Wed Jan 04, 2006 3:56 pm Subject:

my consultant talked to me about cross coliteralization. the thing is my CC which has 3k on it is through my bank where my decit card is. now if i stop paying will they just take money out of that. i looked online like he told me and i couldnt find anything on Cross/col. and i dont want to call the bank and ask them. itll wave a red flag. Right now im real screwed and broke, and my job isnt cutting it for me. advice on cross/col. thanks

Posted: Wed Jan 04, 2006 5:05 pm Subject:

billyh072883, the actual meaning of cross-collateralization is that particular collateral can be used for different loans. If you are unable to make your credit card payments, bank will take money from the account where your debit card is.

You need to talk to your bank and explain them that you will be making your payments through easy monthly installments. If you inform them about your actions, they won't debit money from your account.

If you are planning to make payments through the consolidation program, talk to your consultant and request him to negotiate with your bank. Your bank might be willing to set some payment arrangements for you so that you can pay the debt off.

Posted: Wed Jan 04, 2006 5:14 pm Subject:

my car loan is also taken out of the same bank (commerce bank). now im looking strongly into debt consolidation but dont want them to repo my car of start taking money out of my checking account. i just missed my first payment today, not a big deal i know, but i hate the fact of doing this.

Posted: Wed Jan 04, 2006 5:27 pm Subject:

If you keep missing your payments regularly, bank will be forced to take legal actions against you. You will be forced to pay an amount set by the court and that will be quite tough. Take a consolidation program and let the consultant do the required negotiations with your lenders. He will be able to arrange a lower monthly payment plan and all the financial charges, late fees will be wiped off from the total.

This program will be quite beneficial to you from now onwards otherwise, you might be at the risk of missing your payments regularly. When you have taken the program, be sure not to miss the monthly payments. Be dedicated and slowly pay it off. Your lender will update your account with the bureaus once the debt has been paid in full. Your credit worthiness will be renewed and there will also be an increase in your credit scores.

Posted: Wed Jan 04, 2006 5:35 pm Subject:

i just spoke to andy marks, and he told me since my auto loan and debit card are through the same bank as my CC that the bank will take my car or take the amount out of my account. so now im forced to find a place the can give me the same interest rate or same payment. so right now it looks like i wont be able to inroll in the program but hopefully i find a place tonight or tomorrow to take my auto loan.

Posted: Wed Jan 04, 2006 6:41 pm Subject:

Thanks for the info, Roxette. It seemed more like a debt settlement proposed to us and we are very leary about that right now. I can see how it could be beneficial it would be able to throw a lot of money at it. I've contacted T & C about adding our other debts and it looks very promising. It would be an affordable payment and we would be debt free in a little over two years. It would save a lot of money on interest, that's for sure Smile

Posted: Thu Jan 05, 2006 9:04 am Subject:

billy, the credit card companies just want to get paid and you can try and talk to them and have them wave fees yourself, but for some reason they trust if you commit yourself to a debt consolidation company instead. I called my credit card company and asked if they could help me out and they said they couldn't because I didn't lose my job & the charges on my account weren't for necessities...blah blah blah. Then I sign up with a debt consolidation company and they got all late fees taken off and my apr went down like 20%+. So I think the companies feel if you are committing yourself to a debt program that you will actually start paying and budget etc. That's just what I think.

I got a debt cosol company through this website and it was the best thing I did because money comes out of my account weekly and I don't have to worry anymore. Plus the company is very helpful and teaches you a lot. I get things in the mail from them all the time on how to budget and how to prove to credit reporting companies that you are working on your debt. It's been a good experience for me.

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