Internet's first get-out-of-debt community - 122,000 members

AlexK

Is there a consensus on this forum on which company is safe to go with?

Guest · Posted: Fri May 09, 2008 1:03 pm Subject:

I am not endorsing them but I know New Beginnings debt settlement llc has a 55 % settlement money back guarantee. I also looked them up on the BBB and they have a good rating. However I would suggest you shop around and compare. Just be sure you look them up with the Better Business Bureau.

Posted: Fri May 09, 2008 7:44 pm Subject:

I have actually heard good things about them as well. I would suggest you shop around and make your own decision but I have never heard any negative things about them.

Posted: Fri May 09, 2008 8:45 pm Subject:

consensus

huh, its difficult, if not impossible, to arrive at a consensus regarding any particular company. I'm afraid that you'll get diverse opinion from the community. However, you may keep the following in mind while shopping around for the management company..

Are they co-operative with you? ie are they explaining you all the pros and cons of joining this program or just trying to drag you into it?
Are they telling you the ins-and-outs of their fee structure? are you comfortable paying that amount?
Are they offering any quick-fix for your credit? or claiming to eliminate your debts overnight? if so then beware!! debt management programs may take four to five years, depending upon your performance and amount of debt, to repay all your unpaid debts.
Have you being directed to a new CSR, everytime you call-up and have to explain your situation to them over and over?
Are you required to pay a lump-sum amount as fees when you're signing-up with them? if so then it would be wise to look for another management company.

Hope the inputs help.

Freeing Myself of Debt · Posted: Sat May 10, 2008 5:15 am Subject: Debt Settlement

I have been struggling since last October to get rid of my unsecured debt. Most creditors will not settle with you until you are 120 days delinquent - then if you have a lump sum they will usually settle at about 40-50% or sometimes even better. I have settled so far with BOA at 38%, Chase 45% and Citi at 38% - if you are having a true hardship they will work with you. I had to borrow and save money to make it happen and now I have just two creditors left. I have settled $106,000 in debt so far with $37,000 to go and I did it myself. I know not everyone is comfortable settling their own debt and need assistance.

Posted: Sat May 10, 2008 10:23 am Subject:

Nice work tweety... Wink

Posted: Sat May 10, 2008 10:06 pm Subject:

excellent advice tweetyturner .

Posted: Mon May 12, 2008 11:33 am Subject:

I am currently using Credit Consultants. They are easy to work with, but be aware, if your creditors do not want to work with them, it is tough. I have been with them for one year. Have settled on one card and working on another one. However, MBNA did not want to work with Credit Consultants. I received a summons and have had to set up a payment arrangement with them. However, Credit Consultants reduced the payment amounts I was making to them for the payment plan amount I set up with on the summons. So I kinda did their work for them.....but all in all, they have helped me out every time I have called. I cannot believe I got myself in this mess. But I am doing my best to try and pay back all I owe.

Posted: Mon May 12, 2008 1:18 pm Subject:

MBNA is now Bank of America and they are a pain in the butt. Them and Discover and the worst. They usually will send it to a lawyer to collect when you let them know you are in a settlement program. Thats why its so important only people are in a hardship are enrolling in settlement. The settlement company's we work with require a budget to show they are broke so that even if an account goes legal we can negotiate with the attorney and show them why suing would be a waste of time. Most of the time the lawyer representing Bank of America will work with us and settle because they see it is not cost effective to sue.

Guest · Posted: Mon May 12, 2008 4:38 pm Subject:

Yeah I've been working with National Financial Relief Center in St Petersburg, Fl they are great and have settled almost all my accounts they are professional courtious and a pleasure to work with. You can call them at 1-888-563-6372.

Posted: Mon May 12, 2008 4:44 pm Subject:

Please ignore anyone pitching a company who is only a guest. Its obvious this is one of their employees. National Financial Relief Center just opened in 2008. I doubt they have settled almosts all of your accounts already being that they haven't even been in business for 6 months.I can`t find them on the BBB , but then again they probably are not aware they even exist yet.

Posted: Mon May 12, 2008 11:29 pm Subject:

Yeah i agree with mobile...ignore the posts of guests suggesting you a specific company....it`s fishy...

AlexK · Posted: Wed May 21, 2008 1:24 am Subject:

The suggestion of shopping around confuses me. It's not the fees that I care about (I'll read the contracts thoroughly), but how well the companies negotiate. How is it possible to find out how good a company is unless it's recommended? It's not like I can try a bunch of companies.

Posted: Wed May 21, 2008 2:51 am Subject:

I agree, shopping around isn't always very easy. It requires you knowledge, time etc. If you're confident with their contract paper, go ahead. Normally, the fees come into play when your financial position is weak and you can't make big payments towards the settlement process. The company will charge you for setting and managing an account for you.

You can check up with the BBB site to know about the company's performance. Normally, a company with higher number of satisfied clientele ranks high in the BBB. It may help you in making decision.

Its always better to do your bit of research rather than depending on one's recommendation blindly.

Posted: Wed May 28, 2008 5:16 am Subject:

I recommend Sifxpert. You can find differing opinions on this forum about him. We started with him back in September or October and have settled 4 of nine cards. He, unlike a lot of companies, is paid on what he saves you and doesn't start taking fees from day one. He understands the money you start saving has to be used for settlement. We will be done soon and am looking forward to having this mess out of my hair.

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