Too Good to Be True?

debt settlement has a major negative impact on your credit rating so if they told you that it doesn't hurt your credit that is a big fat lie. They also have only been in business since Jan 2008 and have an F rating with the BBB.

Yes, I was just going to say, if it takes you 3?? years to pay off some accounts, you'd better believe your credit score will be affected. Any settlements, whether with a company or done on your own, will hurt your credit rating. Good thing is, once you're finished, it can bounce back pretty well if you have learned your lessons and build your good credit back up again. But this company doesn't sound very good, if they lie like that. Keep looking. You can even settle on your own without a company, if you feel you can handle it. A lot of people do!

Thanks for info you guys.I appreciate it. By the way,I hope this isnt too dumb of a question,but how exactly to I do this on my own? All I basically want to do is pay one bill instead of 5 or 6.Im thinking I would be better off just paying them down myself because most of these programs are scams anyway. thx,brad.

A lot of them ARE scams, and new companies are popping up all over the place. To find a good one takes a lot of research time on the internet, including this site, and once you narrow it down you should even call a few and talk to them with a list of questions. Fully research the entire process, including the pitfalls. BUT, in order to settle, you do have to let the account go delinquent for a few months. No creditor will settle if you are current. They feel if you are current, you can pay. I have also read on this site in a few threads, where people call the credit card company to ask for a lower rate or hardship program, and have their accounts closed. So you have to watch out for that, too. It seems no matter what we do, we're either being scammed by debt relief companies, or screwed by the credit card companies. You might look into Debt Consolidation or debt management companies. Type those words into the search box above and see what links come up. Also, Mobile0311, who posted above, recently answered a similar question for another person and provided a link for information on Debt Management. Maybe he can either repost that here? or you can find it in a recent thread.

Thx for info...again. Regarding debt cosolidation,I did research on them with the BBB,and found that they really dont help and end up paying more in the long run.They basically lower the rate but charge fees,etc.,so you are right back where you started. Im just going to try and pay down what I owe because it would be a miracle from God if there were a legit company on the face of this planet! thx again, Brad.

Hi,I've just joined the resqdebt and would like to cancel it.I've talk to them but didn't want to cancel my account with them.I'm thinking about closing my bank account and get a new one.Can anyone please help me what to do.This company is so stressing me out..I appreciate the help.Thank you

I am too with them, and am not thrilled. I feel I was looking for a quick fix for my situation, and this seemed the best route to take. Now that I have learned more, I am wishing I didn't join.

Yes, I do work for the company, and yes our company saves people thousands of dollars. It is a commitment, if you do not finish the program, then there is not much benefit to join. Go to our website and then to Who We Are. Look at the ones who have already completed the program. And in a shorter time than estimated. Also, EVERY call here is recorded. Anyone lies, even once, they are fired. On the spot. No questions asked. And yes, everything you do will affect your credit. But, within 6 months of being done with this program your credit should be as good, IF NOT BETTER than it is now as long as you pay everything owe on time( your DTI drops, and you have a zero balance on the accounts enrolled). As far as BBB? We have thousands of clients, and a few unhappy? Did anyone notice that they are all resolved? Oh, and one misunderstood something, apologized to us and now is one of our biggest referral sources. This company will get you out in 3 months if you have half of what you owe. But we know not everyone can do that, so we set up a plan to make it easier for you. And to everyone that is already enrolled, if you EVER have any questions, at all, call your debt relief counselor. They are here to help you. If there is something you dont understand, call them. The ONLY intention here is to help. Yes there are a lot of scams. We are not. Im sorry for ranting it just makes me mad when someone writes something they dont know much about. If you have questions, just ask.

i must say that i do have to agree with the post above. Settlement is far from fun or a easy route but once you take that leap it is pretty counter productive to quit in 5 months or so just when things are starting to get tough at about a year you should be seeing results

know what settlement is people. know the facts its not easy and if any settlement company lies to you you better run. They cant promise you anything except to do thier best.

Dont be descuraged about finding a company there are some good ones out there. dont let the bad seeds scare you from something that could be so benificial to you!!

I am trying to cancel the agreent with resqdebt and stop them from continuing to withraw money from my bank account. Anyone know how I can do this?

for starters you could close the account and open a different bank account preferably through a different bank.?? Then fight with them later, atleast your money is safe for now.