Sub: #17
Replied on 10-08-2008, 01:42 PM
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15% is pretty standard for a settlement company. But if you can get settlements for 40%, you're still only paying 55% of your total debt, which isn't bad. And often, as in my case, the settlements have been less than the 40% so far. By the time I'm done, though, they could average that. And my monthly payment is about $1000 less per month than paying on the credit cards would be. BUT, a lot of people do settlements on their own, thereby saving that extra fee. It's not a walk in the park, but it can save you a lot.

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Sub: #18
Replied on 10-08-2008, 05:37 PM
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and some companies won't apply benefits of lower interest rates/etc for 6 months after being on a program. no guarantee of a lower payment. didn't realize that when I signed up. however, companies can't promise what cc companies will do.

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Sub: #19
Replied on 10-09-2008, 08:59 AM
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Does it pretty much boil down to stop paying CC's for now just to "force" them to negotiate?

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Sub: #20
Replied on 10-09-2008, 09:02 AM
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I used a calculator that was provided on ACCC site; it seems like the monthly payment will increase a little, but the number of payments will decrease by about 8 years or so. Does this make sense? I am hoping to be able to reduce the monthly payments if I can. Am I too optimistic?




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* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
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