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I am consider a company call Renaissance debt solutions but I don't know if this is the best way to handle my debts. I have three credit cards total $6,000 and would like to pay them off to get it off my credit report. This company will help but of course I have to pay a initial set up fee of $349.00.
This accounts are now list as charge-off on my credit report.

Posted: Tue Jul 17, 2007 9:03 am Subject:

Is Renaissance offering you debt settlement services to negotiate a lower payoff, or is it some type of consolidation program? Most debt settlement companies charge a percentage of your total debt as their fees, and this usually ranges from 12%-15%.

Have you checked this company out with the BBB? If you have any doubts or feel that something is not right, trust your instincts.

Posted: Wed Jul 18, 2007 10:48 am Subject:

Yes they are with the BBB but I will investigate some more before I make a decision.

Posted: Wed Jul 18, 2007 12:56 pm Subject:

If they are charged off on your credit report that means they have been on there for a long time. I would not bother with a settlement company and would just settle the debt on your own. You can probably settle the debt for as little as 10% up to 50% of the amount charged off. If you settled for 10% you almost have all the money if you count the $350 fee you are saving. Make sure you get a settled in full letter before you send them any money and only pay with a check. Keep both documents forever.

Guest · Posted: Wed Jul 18, 2007 1:10 pm Subject:

Thank You. I will look into this.
Is there a template for a settlement letter on this site.

Posted: Wed Jul 18, 2007 3:31 pm Subject:

karens · Posted: Tue Jul 31, 2007 8:10 pm Subject: do it really work

hi have threee credit card as charge off or sent to collection agencys. but the credit report has it as charge offs. so does the letter really work. and how do you deal with the collection agency after that? cause they brought the debt from the credit card company and then the credit card company gets paid for insurance on that card. is what ihave been told . so what is the truth.

Posted: Fri Aug 03, 2007 10:10 am Subject:

I'm not sure about that, but you can try contacting the creditor and make a settlement offer to see if they will deal with you. If so, then you need to provide the written correspondence from the creditor agreeing to your proposal to the collection agency and then request that they remove their items from your credit reports since you are dealing with the creditor.

Also, if the creditor agrees to your proposal, you can try getting them to agree to mark the account with "paid as agreed" instead of "settled for less than full balance". "Paid as agreed" looks much better on your credit reports. If they do agree to to do this, make sure you get them to state it in writing, and then check your credit report to make sure they followed through. If not, you have written proof of what they said they would do.

If the creditor tells you that they sold the account off and no longer have anything to do with it, then you do have to try and get the collection agency to work with you. The above advice for working with the creditor still applies. You can try the same tactics with the collection agency as far as how to mark your account on your credit reports, and getting everything in writing.

Keep us updated on how you get along.

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