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 Posted: Thu Feb 07, 2008 11:56 am Subject: Consolidation vs Settlement |
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Can someone actually explain the difference between these to me? I know the basics (consolidation pays off in full, settlement a percentage), but what about as far as effect on your credit, will i be able to get say a car loan within a year or so on the program (one of my definite goals), etc?
I read so much about what these things are and they always seem to conflict with one another
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mppsu2003
Joined: 29 Jan 2008
Posts: 77
Debtcc Points: 1319
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| Posted: Thu Feb 07, 2008 12:03 pm Subject: |
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Settlement will have a long term adverse effedt on your credit rating where consolidation wil have a short term effect that is minimal. Settlement will also raise red flags to certain creditors who would prefer to sue you rather than get in a settlement line.
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frogpatch
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Joined: 09 Apr 2007
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| Posted: Thu Feb 07, 2008 12:27 pm Subject: |
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yeah the guy said settlement was similar to bankruptcy effect wise.
so would you say this is worthwhile to look in to, assuming you can commit to payments....consolidation taht is?
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mppsu2003
Joined: 29 Jan 2008
Posts: 77
Debtcc Points: 1319
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