Anyone have experience with DebtSettlementUSA

i disagree. forgetadebt.com is not a member of TASC (The Association Of Settlement Companies ) or USOBA ( United States Organization Of Settlement Alternatives ). TASC and USOBA set the standards for the industry and if they are not members with either its because they don`t want to abide by these standards.If a settlement company is not a member of either I would not do bussiness with them. DebtSettlement USA is a member of TASC and are a reputable company. Another reputable company is Fidelity Reserves. You may want to at least get a quote from them. They are members of USOBA and they have trained financial counselors as well as debt arbitrators. That is unusual in the settlement industry. Usually you only see trained Financial Counselors in credit counseling companies. Anyways, check them out fidelityreserves.com. It never hurts to at least shop around and see you options and what different companies can offer you. But the answer to your question is if you choose debt settlement USA you will be OK.I wish you the best of luck with your financial endeavors.

Thanks for the response guys. I'm thinking about going with debtsettlementusa. I have spoken with them. Right now, my debts are current as of now. The consultant told me to default payments with my credit cards so that way they would have a leverage to bargain with them. I owe $46k to 7 different creditors. I already ask the consultant but i want to ask you someone here about this. I have a house under my name, will the creditors have the right to go after my properties when i stop payment to them? Keep in mind, these are only credit card debts.

Thanks,
David

Hello David,
I wondering the same thing, I have about came to the conclusion to talk to a attorney after hearing everything they have to say, I think it would be worth, paying a hourly fee, I found the below and this scares me, read below about the IRS and the 1099-R, if this true then we owe IRS a large chunk and makes it come out to what you originally owe...
The other method is to work through a company that specializes in debt settlement. These companies, however, usually charge high fees and frequently take months, if not years, to settle your debts. Typically, you will make scheduled payments to the company until adequate funds are collected to settle a debt with one or more of the creditors. In the meantime, your credit report is still reflecting the unpaid debt.

There are several negative consequences to consider once a debt is settled. The creditor will report the debt with a zero balance, but will also indicate that the debt was settled. This is a red flag when applying for future credit, as it indicates that you did not repay all of the money you borrowed. The negative information will stay on your credit report for 7 years. Additionally, the creditor will be required to send you a 1099-R For any amount of the credit forgiven and you will have to claim that amount as income on your income taxes.

IF ANYONE KNOWS IF THEY CAN COME AFTER YOUR HOME OR ANYTHING ELSE AND IF THE 1099-R IS VALID IN ALL STATES, PLEASE REPLY THANKS
DM

Credit cards are unsecured loans. That means that they can not take your home. With that said, you need to be aware that if a credit card company does take you to court, they can put a lein on your house in some states. That means they can't take the house but if you sell your house before the debt is paid off, you will have to give them the money you owe them.

Hello, spatterson_40
Thanks for the input, with that said, what do you think about the debt settlement Relief Agencies? A 1099R for the IRS wasn't mentioned to me, so it makes me feel extremely concerned to trust anyone therefore, you feel like your in a catch 22. ANY INPUT FROM YOU OR ANYONE, WOULD BE APPRECIATED.
THANKS!

I went with Credit Solutions for my settlement and my experience was not a good one. I can not speak on any other companies though. I would just suggest that you research any company that you are thinking of going with, makesure you read everything and understand before signing on. Search the company here, check with the BBB and ask the company questions.

I can tell you that I did stop paying on 4 credit cards, one was settled immediately, one went to collections and the collections agency refused to work with my debt settlement company, and the other 2 went to court. It has since worked out OK and I am on the road to recovery but my credit score did take a huge hit. My score is around 615 because of charge offs. I hope this helps.

Oh and as far as the 1099. For the one debt that I settled I did not receive a 1099 yet for it. I have read were sometimes they don't send them and sometimes they don't come until the following year. So I guess I will see. Sorry I couldn't be more help here.

I just replied to another post with the same answer. I listen to Dave Ramsey almost every day. These programs do nothing other than get you into deeper debt and shatter your credit. Dave's baby steps are the way to go.

I also found a site offering free debt programs that are actually the same as the ones others charge for. They actually have all sorts of financial calculators etc. and interesting articles. Go to masteringmydebt.com

Good luck

Jess

Thanks Spatterson 40 and Jess2, I appreciate your insight and replys very much. I'm currently current my Credit Cards, so I have alittle time to look at other sites, if you guys or anyone else, thinks of anything else, PLEASE REPLY. YOUR RESPONSES ARE DEEPLY APPRECIATED!!!
Thanks Again,
Damon

Ever wonder why some companies refuse to post a physical address on there website.......is it because they don't want to be found........masteringmydebt.com
no address information - no telephone number - no BBB report - can't even tell what state they are in... and most of their website is advertising for other companies.....and as for Mr. Ramsey, whats the difference between him charging you for all of the "information" on his website and the banks charging you an interest rate..... there is no difference......he is in business to make money..... that is the point of being in business......he's charging you for information that you can pick up from friends, family members, a personal financial coach, or financial advisor.....so i'm curious, what's the difference? None. Zilch. Zero. Nada. No Difference.

You can get alot of Dave Ramsey information for free. You can pick up his books in the library, listen to his shows, and just by reading info on the internet. I have not paid one cent for Dave's info and I feel that he has helped me get to where I am now. I am not saying that he is not in it for the money. He definately is making big money from his books and websites. What makes him different is that he is trying to help people become debt free and save for retirement. Show me a bank that is willing to help you become debt free? Finaancial coaches and advisors don't do it for free either. They normally charge a fee.

Just my 2 cents...

Well masteringmydebt.com, won't work in my current situation, I can't afford to more on one, then the other, if I did, one would go unpaid, hence, I'm in over my head. All the Credit Debt Agencies tell you it's the honerable way to go, basically a guilt trip, but things happen in your life. If going through debt settlement and having to pay and IRS 1099-r and having to pay and having your credit score wrecked no matter what, I can't see a reason not to just file Bankruptcy(Starting Fresh) as they call it here, because the out come is basically the same, except by not filing bankruptcy, your paying the Credit Debt a chuck and then your paying IRS on whats wrote off, so how much are you really saving? No matter what in either case, your Credit is basically wrecked, why not start fresh?

They are a scam !!! They took me out of my money. I am filing complaints with the attorney general

we are using debt settlement usa right now. no complaints so far. they are very upfront about what they can do. I am glad to see that others feel they are reputable too.