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Posted: Tue May 20, 2008 3:14 pm Subject: Settlement company opinions

Debt-professor,care one,and superior debt services. I am in bad shape .Are these co's legit?Does settlement work? Im really not worried about credit rating anymore,just relief and hope. thanks

Posted: Tue May 20, 2008 3:19 pm Subject:

You need to check with the BBB before you hire any company to make sure they have good feedback from individuals that have you used them.

There are alot of people on this board who will give you advice and also try to do a search in the search box to read about if anyone has used any of those co's and what their opinions are. Good luck

Posted: Tue May 20, 2008 3:29 pm Subject:

I would stay away from any debt settlement companies. I know some people have had good experiences with a few companies, I feel most of them are nothing but con artists in disguse. You are far better off using the money you will use to pay these companies and apply it to your debt. There is nothing that these companies do that you can't do yourself. Also, keep in mind that these companies do not usually help you when you are being sued.

Posted: Tue May 20, 2008 4:08 pm Subject:

Yes settlement programs do work. I respectfully disagree with spatterson_40. There are some bad company's out there but there are some good ones out there as well. I suggest you look any company up you are considering on the BBB. Superior Debt Services Inc is a legit company that has a good rep . I would also shop with Century Negotiations and New Beginnings debt settlement LLC. These are a few legit debt settlement company's I know of. I would stay away from Debt-professor.I couldn`t find them on the BBB. As far as Care One they are Consumer credit counseling , not debt settlement.

Debt settlement is an a hardship program and best for people that don't qualify for debt management, can't continue paying minimum payments, can't borrow to pay off debts and don't want to file bankruptcy. Debt Settlement does hurt your credit because your bills have to be behind in order for the creditors to be willing to settle , however if you are a good candidate for settlement than your bills are likely already late or about to be anyways. Credit Counseling and Debt settlement is not designed to improve your credit. Simply explained Debt Settlement program is designed to get you out of debt fast to put you in a prime position to reestablish your credit.
I hope this helped answer some of your questions and concerns. Have a great day. Very Happy

Guest · Posted: Wed May 21, 2008 7:37 am Subject:

The key is to do what you are doing, a little research to find legit companies.

Posted: Wed May 21, 2008 7:40 am Subject:

There are a few good companies. But make sure you interview them thorouhly before siging up with them. Don't fall for offers that sound to good to be true.

Posted: Wed May 21, 2008 6:26 pm Subject:

When choosing a company just make sure that they are not collecing the majority of their fees within the first year or even 18 months.

I see it all the time where consumers join a settlement program and pay the typical 15% of the total debt fee, plue the monthly fee of $20-$50...when it's all said and done you will end up typically with a 20-30% savings.

Also realize that the portion of debt that is not forgiven is deemed as income to you by the IRS. So let's say that the company settles an account for you with an original balance of $10k for $5k...the IRS will then 1099 you on the other $5k. When you add in the taxes that need to be paid you could end not saving much at all.

Posted: Wed May 21, 2008 8:23 pm Subject:

However , not all creditors send a 1099 . Plus if your net worth is negative or very little a good cpa will be able to get alot of that canceled out.

Posted: Thu May 22, 2008 7:29 am Subject:

need to know who i can contact in south carolina for debt settlement. please reply or email to xxx and label response to question Email removed for your safety..Bossy4455

Posted: Thu May 22, 2008 10:34 am Subject:

debt settlement is banned in South Carolina right now because too many consumers were ripped off by places like Credit Solutions and other rip off settlement company's which is a real shame. Because of a ton of bad apples these few good ones can`t help you now. However all is not lost.The only place that can get around that and do it legally in SC would be a lawyer who is licensed to practice law in SC .I will do some research and see if i can find a law firm that might could help.

Posted: Thu May 22, 2008 11:11 am Subject:

I found a web site debtsettlementlawyers.com where you can search and find an attorney in your state that can help. Either that or try your phone book. There are bankruptcy attorneys that do both settlement and bankruptcy and thus you can call bankruptcy lawyers in your area and see if they also offer settlement.

Posted: Wed May 28, 2008 5:11 am Subject:

I would recommend getting in touch with Sifxpert. He has a website that will answer a lot of questions. If you don't have a lot of debt or a lot of cards, it is possible that you can do this on your own. And if you need help, he's awesome.

chsocer18 · Posted: Wed May 28, 2008 5:31 am Subject: Credit solutions

credit solutions is a rip off??? i was wondering because i spoke with them one time and they will not leave me alone ever since....i almost went with them and actually was still thinking about it Mobile what do you know about them

Posted: Sat May 31, 2008 1:57 am Subject:

Do a search here in the forums on Credit Solutions. You will find many people that have used this company.

I personally have used them and it was the biggest mistake I could have made. All they were interested in was my money. I ended up being sued on 2 accounts and when I wanted a refund for the money I paid them I these accounts, they tried to rip me off saying I needed to pay more.

Stay away from Credit Solutions.

Posted: Sat May 31, 2008 11:02 pm Subject:

Credit Solutions has the worst reputation in the debt settlement industry. They have over 1200 complaints with the BBB. Cancel with them ASAP please.

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