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 Posted: Wed Aug 27, 2008 12:01 pm Subject: Debt Settlement |
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When I hear people speak of settling at 30-50% of the balance, is that the original balance -- or the balance after all the added interest/fees/etc...?
Thank you
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david8381
Joined: 27 Aug 2008
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| Posted: Wed Aug 27, 2008 1:31 pm Subject: |
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| Quote: | | When I hear people speak of settling at 30-50% of the balance, is that the original balance -- or the balance after all the added interest/fees/etc...? |
Its after added interest fees etc. No settlement company can stop accruing interest. However the saving still far out weighs the accrued interest as long as you do a 36 month program or less.
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mobile0311
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| Posted: Wed Aug 27, 2008 1:40 pm Subject: |
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Don't the balances usually nearly double after CA's add all their fees and such?
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david8381
Joined: 27 Aug 2008
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| Posted: Wed Aug 27, 2008 2:45 pm Subject: |
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No they wouldn't double. It really depends on the size of the balances. How large are the balances of your cards ?
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mobile0311
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| Posted: Thu Aug 28, 2008 5:50 am Subject: |
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When I hear people talk about the interest, fees and such the only time anyone should be discussing that, of course this is my own opinion, is if they are not going to see the program they are entering through to the end. Of course that should be a concern. However if you plan to see the program through to the end they should it matter? If you are going at it on your own then you'll be paying the interest anyway. Plus if you are forseeing going late, like my situation was, then it should not matter because those things are going to happen if you are in a program or not. Being new to this board it really does have me concern that many are not looking at the bigger picture. YOU are done with your debt in 3 years maybe even less, like myself, and the balances are negotiated. If you continue on your own I guess for myself it would have taken me 30 years to pay it off with tens of thousands of dollars in interest. My savings and shortening of time is far better then being worried about accuring interest and penalties.
I signed up with Superior Debt for 3 years but because my settlements came in really good I'm almost done it is has only been a little over 2 years with only 3 accounts to go. These accounts are little they are very big so i'm hoping to be done in maybe another 6 months. So for me, they saved me a whole lot of time (plus 6 months of their own projection of 3 years) and the money that I have saved (no other word but) amazing!
I am a huge fan of debt settlement especially Superior Debt, after my rocky beginning with another company that did not serve me well.
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melben1
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