Debt Settlement?

It????????s hard to say how low it will go. It depends on the arrangements that are made with your creditors.
I will certainly go up once your have paid off your debts and as long as you make on time payments. It all takes time so if you choose to go with the settlement just plan ahead.
Are you going to do this yourself or signing up with an agency?

An agency, a place called Atlas. They promised me that my score will go up towards the end. I just wanted to make sure they are not pulling my leg.

DO NOT USE THEM. That is a waring sign . Any settlement company that tells you your score will go up is lying. If you are overextended and can`t afford the minimums than debt settlement is a good options. If you can afford to pay the bills and perhaps just need your APRs lowered than look into credit counseling. I work for a company that refers client to both credit counseling and settlement depending on the clients situation. Debt settlement is not going to improve your score. Its designed to get you out of debt fast so you will be in a prime position to reestablish your credit.

debt consolidation is a better option then settlement. You are not paying off short so your credit will only be slightly affected in the beginning. Go to the ratings chart on this site to find a good company in your state.

Make sure that what ever you do, check out the agency with BBB and search this site for any comments fROM members.
You may even want to check out the ???????do it yourself??????? section. There is a link above.

I agree and disagree with frogpatch. debt consolidation "aka. credit counseling " is a better option BUT only if you can afford the payment the Creditors will accept in dmp with the credit counseling agency. Usually if you are overextended and can`t afford the minimums than you won't be able to afford a payement for credit counseling because its ballpark around the same as what the combined minimums were. I hate it when i here people say one is better than the other. Any one who says that doesn`t know what they are talking about.

One is not better than the other. What might be an excellent choice for one person might be a bad option for another.

Credit Counseling is great if you are not overextended and simply need to high interest rates lowered and have one payment. On average the APRs will be lowered somewhere around 6-8 %.If you can afford the payment for a DMP with a Credit Counseling Company you should.

However if that payment is too much then you should consider a debt settlement program. Debt settlement is an aggressive program and best for consumers 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. With Debt Settlement you will pay back is typically between 40% and 50%.

Like mommontoya said be Sure when choosing either a Settlement company or Credit Counseling company you look them up on the BBB.
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Basically what I was told was that my score will drop a bit in the beginning and go back up towards the end. They have been very straight forward so it's not that I don't believe them, I just want to make sure. I am in a position where as long as my score just drop under 500 I am ok with that.

Also I haven't checked for them at the BBB but they work with Global Client Solutions, that is a legit compnay from what I've heard. I don't have any complaints so far, yet.

Does not drop* under 500.

I can`t find anything on the BBB about them , good or bad. I warn you to search around with other companys. I went to their web site atlassettlementinc(dot)com and they don`t even list their physical address. DANGER WILL ROBINSON !!, DANGER !! Your score will drop more than a bit , A LOT. It doesn`t just go up when you complete the settlement program. It doesn`t work like that. debt settlement is not going to improve your score. Its designed to get you out of debt fast so you will be in a prime position to reestablish your credit.

Their website looking very spamy. When I open atlassettlementinc.com then it was redirected to atlassettlementinc.com/page/page/5777264.htm, I cant open their home page. So beware from this kind of company.

Wow. That company looks flat out dangerous. DO NOT GO THERE! Try one of the companies recommended by people here as being worthy.

I've already signed the papers. My payment is due on the 25th this month to Global Client Solutions, supposedly the subsididary (sp?) of Atlas. The website does look a little shady, I hope I haven't gotten into anything I will regret later. I'll update you guys.

CANCEL , YOU WILL BE SORRY IF YOU DON`T. If it looks like a dog , wags its tail like a dog , and smells like a dog. Its probably a dog.

I was refered to them through a family member that has done it already with them and gave me nothing but praise. As I was told they are a new company that works with Global Client Solutions & they just started about a year ago. We'll see, I'm being optimisitc about it.

good luck , but don`t say we didn`t warn you

Dear Guest,

Quote:

250 points!!??!!?? No wonder the debt settlement companies I talk to won't give me a straight answer when I ask about this. Holy sh!t. It would be IMPOSSIBLE for me to get a new apartment with a credit score that obliterated (I'm in NYC and have to leave my apt when the lease is up because the building is just horrible beyond reason. You have to have a decent credit score here to get into a decent place).

debt settlement is a program for people who are in a hardship. If you can afford to do a credit counseling program you should.If not and ONLY if you can`t afford a dmp than you should consider Settlement. Debt settlement is an aggressive program and best for consumers 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. Basically Debt Settlement is for people who are overextended and credit is basically already shot. I work with a company that offers both Credit Counseling and Settlement. We always do a budget first before we even suggest any type program. We would NEVER enroll someone into a settlement program who can afford to pay there bills , instead we would suggest a DMP with a Credit Counseling Company. Unfortunately most company's only offer one option or the other and they put their spin on why that potential client needs to do their program and not the other. Heck , most company's don`t even do a budget first before they enroll them.They are just worried about getting the first payment and who cares if they drop out of the program later. Now how in the world can someone suggest a monthly payment you can afford when they don`t even know what your other expenses are !!!! Please be careful when looking into any company and look them up on the BBB to make sure they have a good track record.

Hello Matt,

From your post it seems to me that you are in a severe debt problem. Is it so? What is your credit score now?

Are you planning to go for a debt settlement program? If so, then please give a second thought to it because Debt Settlement is a program meant for avoiding bankruptcy and its severely negative consequences.

Try to consider a debt management Plan or go for a credit counseling Session even before thinking about Debt Settlement (as rightly mentioned by MOBILE in the previous post).

Regards,
Phoenix

Dear Mobile,

Your comments and suggestions are really informative and helpful. Looking forward to more such useful suggestions.

Thanks and Regards,
Phoenix

I own a debt settlement company and just a heads up any company that tells you that your credit will be improved is a lye. Also any company that tells you on there website what they can reduce your debts by is also a lye. We have been working with our attorney closley to taylor our business model towards the Universal debt management Services Act (UDMSA). Be careful of any company just selling info or education materials.

It depends on what your credit looks like now. If you have good credit it will drop your score. 250 points I dont know about that but it will drop it. If you have bad credit now it may not lower it as far as if you had good credit. Also it's not debt settlement that hurts your credit it's the fact that you don't make monthly payments is what hurts your credit. Also it doesn't stay on your credit for 7 years thats credit counseling.

Thanks Phoenix for the compliment. You should become a member here as well to help provide your knowledge to help others as well.