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Posted: Thu Nov 09, 2006 1:05 pm Subject: first experience at debt consolidation

The company that contacted me led me down a very comforting path to debt relief. That was until the paper work arrived and I could review the 'deal' at my convenience. I discovered that 1. There was no guarantee my credit wouldn't go from bad to worse.
2. There is no guarantee on the way a settlement will be reported to credit bureaus.
3. Creditors may not be contacted until several months after enrollment.
4. After settlement, my credit report may be affected adversely.
5. No claim is made to prevent phone calls, letters, wage garnishments, charging off the account, sending accounts to collection, lawsuits during enrollment and negotiations.
6. All this for 12% of my debt, in 10 equal installments, paid during the initial 10 months of enrollment.
7. I might have been born at night but...[/i]

Posted: Thu Nov 09, 2006 1:20 pm Subject:

It looks that the settlement company made you aware of every consequences in the settlement program. They didn't hide anything from you. Don't confuse consolidation with a settlement program (as your subject line says) Each program has a different approach of eliminating the debts.

If you think settlement is going to affect your credit, you'll also consider that your accounts will be paid in the program if compared now that are in delinquent state (or about to be) You are taking the right decision of paying your debts through one debt management program.

Your settlement company will try to protect you from serious things a creditor can do. Though there are risks, but you have to take chances. A good settlement company can deliver better results. I think your settlement company seems to be reputed. Which one is this?

I find this article informative. It will give you better understanding about the program http://www.debtconsolidationcare.com/debt-settlement.html if you have queries, please ask

Posted: Thu Nov 09, 2006 2:14 pm Subject: thanks for the info

The company's name is

debt settlement USA. The risk is always greatest for those of us in the greatest need. Or so it seems

Posted: Thu Nov 09, 2006 2:19 pm Subject:

I would first like to know what they are charging you for their services. Are they charging you an extraordinary fee? Have you considered contacting the creditors themselves and working out a payment arrangement? Have you considered other debt consolidation companies?

You will be surprised what happens when you settle your own debts by yourself.

Posted: Thu Nov 09, 2006 2:33 pm Subject:

Whatever option you decide, remember to have all the terms and conditions in writing. Read the fine prints very carefully before you sign it. This will be an important proof in case a dispute happens later.

mack73 · Posted: Wed Apr 02, 2008 12:50 pm Subject: debt settlement usa

We are dealing with them right now. So far no problems and they were very upfront about what they could do. Our accounts were not delinquent yet when we enrolled, but were told they had to be before they could negotiate. We received phone calls for about 1 month from the cc companies, once they all got turned over to collections then they stopped. We like debt settlement usa because we put the money in to our own account which we control. They take a portion each month for 10 months. The only snag we have had so far is that jpmorgan chase has filed a lawsuit against us. Just got served Monday. Debt settlement is telling us how to answer and that they can still negotiate. Hope this is true.

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