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Posted: Mon Aug 06, 2007 1:03 pm Subject: Debt Settlement Dilemma

I am working on coming up with a lump sum to settle my debts, which would be a HUGE relief. My dilemma is whether or not to continue working with a debt settlement company that I signed on with a few months ago.

Having already been burned by HK, I am extremely hesitant. This company is different in that they negotiate settlement of the debt, and once you agree to the settlement figure, you actually send a check to creditor or CA to pay off the debt. This makes me feel better, since I know I am not handing over a huge sum of money to the settlement company. But, they still charge a fee of just over $3,000 for their services.

I am just worried that I'm going to pay their fee, then find they're doing nothing and have over $3,000 of my money and I have nothing to show for it.

I have checked the company out with the BBB and they have a satisfactory record, but after past experience, I don't trust anyone when it comes to debt settlement.

I know that there are those people who suggest settling the debt yourself, but just how successful am I likely to be in doing this? Settling for $1,000 less on a $10,000 debt isn't going to help much, and these settlement companies claim to settle for pennies on the dollar.

Also, this company boasts of a credit repair program that is part of their settlement services. When a client has all of their debts settled, the credit repair program will supposedly get clients credit score to 700 points, or very close to it.

That's nice, but my main thing is settling the debts. Just to get them paid off and know that it's done is my main goal right now.

Any thoughts?

Posted: Mon Aug 06, 2007 1:22 pm Subject:

I don't know Tiffany.No company can guarantee a credit repair and just the fact that the service is published may get them in trouble under the Cro act.Credit Repair Organization.I am not saying it is impossible because all they will be doing is either pay for delete settlement or removing negative history from original creditor accounts. Do your research and go with your instinct is about all I can add to this.

Posted: Mon Aug 06, 2007 1:34 pm Subject:

Kind of what I thought. I've given them them the 3rd degree and then some, and they've been patient, complied with my requests, etc., which is much more than any other company I've talked to. Still leery with anyone, though.

Posted: Mon Aug 06, 2007 1:48 pm Subject:

Tiffany pm me a email address so I can send my notes to you once I am finished.

Posted: Mon Aug 06, 2007 4:53 pm Subject:

You are paying a high service fee for the program. There's no 100% guarantee that they will get you the result as you have expected. But you have to put your trust on someone if your negotiations are getting no results. In my opinion, the reason of why I will stick to this company is just because they have a good BBB feedback and the terms they have put to you goes in your favor. But you may ask the company to show you some success results of their negotiations with other companies.

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