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 Posted: Thu Aug 28, 2008 12:48 pm Subject: What are the first steps? PLease any "Guru" here? |
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I live in New York City. I have a debt about 25k.
Capitalone 5k
Capitalone $800
Capitalone Loan $7k
Citi card $2100.00
HSBC $700.00
Discovercard $3400
Shopnbc $4500
HSBC $2800.00
I have no late payment on them, but they are too much for me right now. I will start to default them this month.
I contacted a debt consolidation Agency called ' Fidelity Debt Solution. They told me they could help me settle these account for about 14,500.00, whick include their fees. They told me that I would have to pay $670.00 for the two months for them first, and after that I would pay $430.00 for 30 months. They would set a trust fund account for me that it would charge me a $9.99 monthly maintance fee, plus $25 dollars for each settlement that the trust fund would transfer to pay the creditor.
Questions;
Do they have any success, and can I trust this company?
Can I do it myself, and save money? How and where do I start?
I went in the program, but I had second thought and called back 2 days later to cancel before they went ahead with the charges. The assistance Lisa, who would handle my account, told me that it was not wise to try myself, because companies would not deal with me directly. Is this true? Am I unble to negociate with them.
I did something simular with my credit score. I did it myself and was able to rise my score to 700. Can I do the same with my debt. What are the steps that I need to take to go ahead and do this?
I already started by opening a saving account online with WAMU with interest rate of 3.75 APY. I will deposite for the first 2 months $700.00 dollars and after that I will deposit $500.00. What are the other steps for me to go on here? As letters and negociation. When should I settle?
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OHlord
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Debtcc Points: 100
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| Posted: Thu Aug 28, 2008 1:32 pm Subject: |
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| Quote: | | Do they have any success, and can I trust this company? |
They are NOT members of the BBB but they do have a satisfactory record.
| Quote: | The assistance Lisa, who would handle my account, told me that it was not wise to try myself, because companies would not deal with me directly. Is this true? Am I unable to negociate with them.
Can I do it myself, and save money? How and where do I start?
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No that is not true. Yes you can settle on your own if you have the time and patience. You will save money in fees. If you chooses to shop around I would shop with other settlement companies and compare. make sure you check them out with the BBB.
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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