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Guest · Posted: Mon May 05, 2008 10:22 am Subject: Debt Settlement?

I am contemplating doing debt settlement, I was just wondering how much can your score go down? And also is it possible for it to go back up?

thanks.

Posted: Mon May 05, 2008 12:55 pm Subject:

It’s hard to say how low it will go. It depends on the arrangements that are made with your creditors.
I will certainly go up once your have paid off your debts and as long as you make on time payments. It all takes time so if you choose to go with the settlement just plan ahead.
Are you going to do this yourself or signing up with an agency?

Guest · Posted: Mon May 05, 2008 1:22 pm Subject:

An agency, a place called Atlas. They promised me that my score will go up towards the end. I just wanted to make sure they are not pulling my leg.

dave2468 · Posted: Mon May 05, 2008 1:44 pm Subject:

DO NOT USE THEM. That is a waring sign . Any settlement company that tells you your score will go up is lying. If you are overextended and can`t afford the minimums than debt settlement is a good options. If you can afford to pay the bills and perhaps just need your APRs lowered than look into credit counseling. I work for a company that refers client to both credit counseling and settlement depending on the clients situation. Debt settlement is not going to improve your score. Its designed to get you out of debt fast so you will be in a prime position to reestablish your credit.

Posted: Mon May 05, 2008 1:49 pm Subject:

Debt consolidation is a better option then settlement. You are not paying off short so your credit will only be slightly affected in the beginning. Go to the ratings chart on this site to find a good company in your state.

Posted: Mon May 05, 2008 1:53 pm Subject:

Make sure that what ever you do, check out the agency with BBB and search this site for any comments fROM members.
You may even want to check out the “do it yourself” section. There is a link above.

dave2468 · Posted: Mon May 05, 2008 2:02 pm Subject:

I agree and disagree with frogpatch. Debt consolidation "aka. credit counseling " is a better option BUT only if you can afford the payment the Creditors will accept in DMP with the credit counseling agency. Usually if you are overextended and can`t afford the minimums than you won't be able to afford a payement for credit counseling because its ballpark around the same as what the combined minimums were. I hate it when i here people say one is better than the other. Any one who says that doesn`t know what they are talking about.

One is not better than the other. What might be an excellent choice for one person might be a bad option for another.

Credit Counseling is great if you are not overextended and simply need to high interest rates lowered and have one payment. On average the APRs will be lowered somewhere around 6-8 %.If you can afford the payment for a DMP with a Credit Counseling Company you should.

However if that payment is too much then you should consider a debt settlement program. Debt settlement is an aggressive program and best for consumers that don't qualify for debt management, can't continue paying minimum payments, can't borrow to pay off debts and don't want to file bankruptcy. With Debt Settlement you will pay back is typically between 40% and 50%.

Like mommontoya said be Sure when choosing either a Settlement company or Credit Counseling company you look them up on the BBB.
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Guest · Posted: Mon May 05, 2008 3:12 pm Subject:

Basically what I was told was that my score will drop a bit in the beginning and go back up towards the end. They have been very straight forward so it's not that I don't believe them, I just want to make sure. I am in a position where as long as my score just drop under 500 I am ok with that.

Also I haven't checked for them at the BBB but they work with Global Client Solutions, that is a legit compnay from what I've heard. I don't have any complaints so far, yet.

Guest · Posted: Mon May 05, 2008 3:23 pm Subject:

Does not drop* under 500.

dave2468 · Posted: Mon May 05, 2008 3:29 pm Subject:

I can`t find anything on the BBB about them , good or bad. I warn you to search around with other companys. I went to their web site atlassettlementinc(dot)com and they don`t even list their physical address. DANGER WILL ROBINSON !!, DANGER !! Your score will drop more than a bit , A LOT. It doesn`t just go up when you complete the settlement program. It doesn`t work like that. debt settlement is not going to improve your score. Its designed to get you out of debt fast so you will be in a prime position to reestablish your credit.

Posted: Tue May 06, 2008 2:56 am Subject:

Their website looking very spamy. When I open atlassettlementinc.com then it was redirected to atlassettlementinc.com/page/page/5777264.htm, I cant open their home page. So beware from this kind of company.

Posted: Tue May 06, 2008 5:30 am Subject:

Wow. That company looks flat out dangerous. DO NOT GO THERE! Try one of the companies recommended by people here as being worthy.

Guest · Posted: Tue May 06, 2008 1:03 pm Subject:

I've already signed the papers. My payment is due on the 25th this month to Global Client Solutions, supposedly the subsididary (sp?) of Atlas. The website does look a little shady, I hope I haven't gotten into anything I will regret later. I'll update you guys.

Posted: Tue May 06, 2008 1:27 pm Subject:

CANCEL , YOU WILL BE SORRY IF YOU DON`T. If it looks like a dog , wags its tail like a dog , and smells like a dog. Its probably a dog.

Guest · Posted: Tue May 06, 2008 1:57 pm Subject:

I was refered to them through a family member that has done it already with them and gave me nothing but praise. As I was told they are a new company that works with Global Client Solutions & they just started about a year ago. We'll see, I'm being optimisitc about it.

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