Debt Settelment

Date: Fri, 03/23/2007 - 11:06

Submitted by anonymous
on Fri, 03/23/2007 - 11:06

Posts: 202330 Credits: [Donate]

Total Replies: 9

I just recently signed up for debt settlement to help me pay off my school loand at the same time. I just graduated college and my school loans are due and with ym credit cards I can not afford to pay everything. Theerfore I put my credit cards into a debt settlement program. Did I make a huge mistake? I am only 23 and I asked and researched the program and whether it is a good idea or not. I know that it will hit my credit but i am still young and i have a good job now that I can make it after my debt is paid off. I hope I made the right decision. Can you tell if I did and if not what will happen?

Your decision isn't bad if that's the only way to pay the debts.

Your decision isn't bad if that's the only way to pay the debts. Since you can't afford to pay on your own, a professional help is needed to take care of the debts instead of leaving them delinquent.

The company that you signed with matters the most. If they are reputed, they should be able to settle the accounts with your creditors within the allotted time. Which company are you working with?

lrhall41

Submitted by Bony on Fri, 03/23/2007 - 12:27

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debt settelment

I am wondering if a patricular company is legitmate ... startover today .com or credit soultions.com

lrhall41

Submitted by on Tue, 10/07/2008 - 05:04

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if you go to the ftc . gov website and click on the consumer pro

if you go to the ftc . gov website and click on the consumer protection tab - then on the lower left hand side you will see a place to click that says credit counseling... sorry it would not just let me copy and past the link

I am not sure why individuals choose debt settlement companies. All they do is let your accounts get in crappy enough shape that the companies start offering or become willing to negotiate settlements. I can tell you from years of being in the industry, once you hit a certain delinquency, the settlement offers will start coming. There is no reason you need to pay an outside company to send cease & desist letters for you and keep a good chunk of your money - especially if you are already struggling. You could easily set that money aside for yourself every month, let your accounts go 9 months past due and then when you have the funds - offer the settlements yourself without paying someone else. Most companies will not stop calling you just because a debt settlement company tells them to. The laws don't exactly work that way.

lrhall41

Submitted by on Tue, 10/07/2008 - 09:33

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