Debt Settlement or not?
Date: Fri, 05/16/2008 - 09:24
Both settlement company's have solid reputations and are members
Both settlement company's have solid reputations and are members of the BBB and have a great track record so if you are going to do the debt settlement route they are two good choices. I would suggest you consider speaking with some consumer credit counseling company's first for several reasons. They can get you into a debt management Plan or "dmp" and you will have one payment with much lower interest rates" usually around 6-10 %".#2 No harassing phone calls from creditors wanting money. #3 it won`t hurt your fico score so if you have a good credit score that it won`t be affected. If you can afford the payments for a DMP you should go that route first. Debt settlement should be you last option.However if you are overextended than debt settlement might be right up your alley. Its best for people in a hardship 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. It will get you out of debt in about half the time as a DMP and the payment will be about half of what you are probably paying now on your minimums but be aware it will have a major negative affect on your score which shouldn't be a concern if you are a good candidate for settlement because most likely your bills are already falling behind or about to anyways.I always suggest that you check out any other company you may be considering on the BBB as well. I hope this info will help you make an informed decision and I wish you and your wife the best of luck.
great job mobile...u are helping a lot of people here....
great job mobile...u are helping a lot of people here....
Time
If I am looking at paying hard for the next 7-10 years while my FICO suffers, wouldn't it be wise to get this monkey off my back in 3-4 then start rebuilding my credit? Thanks mobile, I appreciate your time and help..
If your budget is really tight and you kinda foresee not being a
If your budget is really tight and you kinda foresee not being about to stick it out in a dmp than there is no point of doing a DMP and you should do settlement. But just a heads up a DMP would more likely be like 5 years ."7 at the most". Also be aware if you do a settlement program I don`t suggest you DO NOT go out more than 36 months if you can afford not to . Whenever you do go in programs longer than 36 months your risks are higher of judgments. A honest settlement company will tell you that up front. I hope this also helps. Please don`t hesitate to ask if you have any more questions.