Debt Settlement or Save is all yourself?
Date: Mon, 05/21/2007 - 15:25
From my understanding or misunderstanding...a debt settlement company negotiates your bills and then you pay into a fund which is disbursed once enough money is in there to pay a debt. So, your cards are untouched until the company recieves enough money to pay it off. If that is the case than why can't I just save the money myself and negociate with my creditors. I already have several offering settlements. How are phone calls stopped if no payments are made on debts through a debt settlement company? I am a bit confused as you see. I would just think that instead of paying a company, I could just do it myself. Afterall, until I put in enough funds to pay off the debt it is still lingering and destroying my credit, right?
What about debt consolidation loans? Can someone with debts in collections get one? Can you advise me to a good company for that?
Hello! I do not know much about your situation but wanted to wel
Hello! I do not know much about your situation but wanted to welcome you to the forums. Someone should come along with some information to help you out!
If you register with this site you can have a credit counselor c
If you register with this site you can have a credit counselor contact you. There are different options, credit counselors negotiate with your creditors and usually you pay the credit counselor service who disperses all of your payments to the creditors. debt settlement is pretty much like you explained it and yes you may be able to do that yourself, however the calls may not stop. With debt settlement they act on your behalf and once enrolled with a company(either credit counseling or debt settlement) the creditors usually contact the company representing you, it is in the terms of the agreement that the creditors agree to when accepting a negotiation. Sometimes you will still get contacted which is a good thing, if your company is behind on payments or something else is going on you wouldn't know if the creditor didn't call.
Pretty hard to get a decent loan with mediocre and below credit.
Pretty hard to get a decent loan with mediocre and below credit. Also pretty hard to get a good sized loan when you're already saddled with debt.
Yes, you can do it yourself. Check out the DIY stuff on the side of the page.
IMO, debt settlement is the last step before bankruptcy...have you considered a consolidation company? They'll negotiate for you to lower interest rates, and maybe knock off some late fees and whatnot. I think you'd then just make a single monthly payment to them. It's at least worth checking out. Register on this site and give your phone number...take the free counseling call. If you have any company help you out, no matter who it is, research them before signing anything.
MorningStar is right be sure to research any company that you ch
MorningStar is right be sure to research any company that you choose to help you with this process, as a matter of fact talk to a couple different companies and compare the fees, services, customer service hours etc.