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settling CC debts on your own

Date: Wed, 01/07/2009 - 20:03

Submitted by anonymous
on Wed, 01/07/2009 - 20:03

Posts: 202330 Credits: [Donate]

Total Replies: 12


I have spent so much time reading good and bad (mostly bad) about debt settlement companies. thought I would just share my experience with some of you. I never made up my mind to go with a company. I haven't paid on most of these cards for over a year and I was getting calls all day long. I have begun to settle with them one by and one. first discover card, then Capitol One and HSBC. I just tell them my situation, and how I can't afford to pay much, but I definately do want to work it out. The good is that they will settle, the bad is that yes it does affect my credit rating. It was pretty much in the toliet anyway. Those that I could not settle with, for lack of enough money have been willing to work with me on some type of payment plan. All the phone calls have stopped. One more thing, I did have one card serve me papers and get a judgement against me. I don't know how that will come out yet, I plan to call them and try to make some arrangements with them. In the mean time they are trying to garnish any tax refunds I might receive. However, all my tax refunds if any are already being taken by the IRS. I am stretched for money and it has been very hard, but at least I am seeing some progress. I think its best to save the fees the settlement company's charge and use that money towards your debt.


I whole heartedly agree that you CAN settle your own debt issues. It takes some discipline and commitment and often times a bit of research but at least you are able to make every dollar you have work for your benefit and not for the benefit of a settlement company that may or may not do yourany favors. There is a FREE ebook on takecontrolbedebtfree-dot-com that you may want to check out. It gives some good common sense advice.


lrhall41

Submitted by on Wed, 01/14/2009 - 21:34

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i do agree it saves you money on things that you could do your self, but i wouldnt recommend it. I tried it and the companies can be very threatning, and use scare tactics. I found out later alot of these companies were breaking the law most of the time when they contacted me more times than not. I signed on with a great settlement company and was happy to pay them the fees for me to not have to deal with them. they only took a fee when a account was settled and it was a % of the settlement.


lrhall41

Submitted by love_my_things on Thu, 01/15/2009 - 07:25

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it is your option to go with a firm love my things,but stop shoving it down everyone's throat.you have been on a bunch of threads with this opinion.that is all it is an opinion.forums like this exist to educate people of there rights.i know a lot of people not on this forum,but educated by this forum that did this on there own.i also know of a few that have gone with places to get this done.it is a choice that each person must make for themselves.do not base your choice on what the creditors might do or say.truth be told that almost sounds like what someone who works for a scam place would say.be afraid,be very afraid of the bad creditors.i will be watching you from now on love my things.


lrhall41

Submitted by paulmergel on Thu, 01/15/2009 - 08:14

( Posts: 15514 | Credits: )


thats fine i opologize you are more than welcome to watch me. I am not making anthing or getting anything in return by doing this. I am just happy and proud of the company that worked for me. I know the feeling of debt and dread and dont wish that on anyone. I researched and researched all the options that there was out there and for me this was the best option. I agree and strongly recommend that everyone does their own research and that to be strongly informed so they can make a comfortable decision about what they wish to do. Mine is just mearly a suggestion as to what worked for me, and kuddos to who can do it alone on thier own. I have said before it is better if you can do it on your own. It will save you alot of money if you do it this way. I myself did not want to be bothered with it.


lrhall41

Submitted by love_my_things on Thu, 01/15/2009 - 09:42

( Posts: 1434 | Credits: )


I would pursue remedies on your own, yes - but do it BEFORE they get sold off. You benefit much more by dealing with the accts while they're still active, as i experienced


lrhall41

Submitted by mister_rodger on Thu, 01/15/2009 - 13:49

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I just settled with Chase - 35% of the balance - after only three months of missed payments - no settlement companies - over $15,000 in reduction on my debt. You can do it by yourself - it's scary - but it's possible. I also changed my phone numbers to my fax machine before I stopped paying -- no calls.


lrhall41

Submitted by on Thu, 01/15/2009 - 13:53

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