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 Posted: Sat Jul 19, 2008 9:44 am Subject: debt settlement |
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What really happens during debt settlement? Do they really work?
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pickdeb
Joined: 21 May 2008
Posts: 4
Debtcc Points: 78
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| Posted: Sat Jul 19, 2008 12:44 pm Subject: |
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The first thing that will happen during debt settlement is that you will probably have to stop paying your bill. Many creditors will not settle if you are current. Then once you have become late (usually at least 3 months or more) you contact the creditor and offer a percentage of what you owe. The only way settlement will work is if you have a lump sum to pay in full. They may let you pay over 4 payments but usually want it all. What percentage you ask for is up to you but most people can settle for around 30 to 50 percent.
Just remember that you get the settled amount in writing before you pay anything. I would hate to see them come back and say you owe them more money down the road.
I hope this helps and good luck.
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spatterson_40
Joined: 04 Jan 2008
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mobile0311
Joined: 05 May 2008
Posts: 1200
Debtcc Points: 6399
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| Posted: Sat Jul 19, 2008 4:57 pm Subject: |
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I started a debt settlement program in January, and they have already settled my second-largest account of 16,000 at 30%. The collection agencies are like buzzards after raw meat, and like to intimidate and threaten, but I have found that most of what they say is either misleading or downright lies. The settlement company is expert in handling them, so have been a great support and encourager as well. I have a great company that is ALWAYS there to talk, listen, or give advice. It's slow going, but I'm halfway through my first year, of a three-year program and I know there is a light at the end of the tunnel now. Knowing I will be completely debt-free in less than three years, and on my way to recovering from a bad situation, is priceless and I am finally able to sleep at night.
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SusieQ
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