Debt Settlement Good and the Bad...Advice needed desperately
Date: Sun, 01/18/2009 - 10:50
I have 50k in debt and want to loan consolidate but that would mean I would have to pay everything back for years plus at a monthly payment that is the same at what i'm paying now. I'm basically living paycheck to paycheck and can't catch up at all.
So I am considering bankruptcy and was actually starting to research about it and the effects its going to make on my credit and what not and stumbled upon debt settlement.
What i'm looking for in debt settlement, do you guys recommend this over bankruptcy and loan consolidation?
Anyone know of any good companies that can work with me to get my debt down the fastest way possible and also one that can help clean up my credit afterwards?
How do these programs work and why are some for mths and others last years? If a company tells me in 2 years i'm all settled, how can I speed it up and make it mths instead like i've seen some people say they have done?
I also would like the following:
1. Payment arrangements on the negotiated settlements
2. "Paid" or "Paid as agreed" on my reports instead of "Settled" or "Settled for Less"
3. Late fees and interest to stop and be strictened from my reports as well
4. I want all of this in writing and know I should send letters instead of speaking so I don't stumble on this.
5. Try to negotiate 50% at least
6. And ask for my score to be upped a bit when negotiated amounts are settled
Are these things possible as people say?
What else should I be asking and do you think I should do this on my own?
If I do this on my own should I stop paying and wait for them to ask why or send letters and stop paying so they understand what's going on? I want this to be as quick as possible so I can finish and work on my credit reports.
Superior Debt Services called me and I spoke with a woman name Theresa but I started to ask her some questions and she became combative and asked if I knew so much why don't I do this on my own and why am I asking for her help? I was taken back by that. Just because I'm educating myself she felt threatened? I asked for a balance and she had nothing for me and almost every question I asked of her she kept saying well that depends. Wouldn't even give me an average or common scenario.
I also spoke with a guy named Tim at the credit exchange. He was very helpful and answered all of my questions and told me my 55K can be settled for 27k, 7k being his fees. Did anyone work with this company?
I need to be out of debt yesterday...advice on who, and how would be greatly appreciated.
Also if I could do this myself, can someone advise who did this by themselves step by step on how to do it. My email is *** if you want to reach out sooner.
Thank you all in advance
***Personal information deleted as per TOS
If you're living paycheck to paycheck then bankruptcy may be a b
If you're living paycheck to paycheck then bankruptcy may be a better option than debt settlement.
But let me tell you that debt settlement is a good option to avoid bankruptcy. Debt settlement can generally decrease your debt by 40 to 60%. To know more on Debt Settlement please go through the article: -
Debt settlement - How to get rid of debt without bankruptcy
You can settle debt by yourself by following the steps mentioned in the following page: -
Step by Step Guide for settling your debts
If you're interested for settling your debt through a debt settlement company then be cautious and shop around well to select. Check with the BBB site and search through the net to get consumer response. Also check the Ripoff Report o that company.
I've looked at the company "Creditexchange" in BBB and I found out that it doesn't have a good reputation. BBB has given it a "D" rating which means.
do your research only you know what is the right option for you.
do your research only you know what is the right option for you. there are many different types all wich are good. But will effect you in many different ways. my choice was debt settlement which i had a very good experience with if your interested in this company let me know. but you can do this by yourself and save a bundle but will have to read up, know the laws, be firm, and be able to deal with them when they are not being so nice. i myself did not want to deal with that settlement was best for me. bankruptcy was not something i was comfortable with, but it is the best options in some situations. read up on all of them and find what best suits yourself and what your comfortable with
I am thinking of debt settlement as the best choice for me becau
I am thinking of debt settlement as the best choice for me because I don't want my credit smeared for a longer period with bankruptcy then what's going to happen with debt settlement. I wish I had someone in a sense to hold my hand and give me advice all the way. This site is a good reference. What company did you use that worked out well for you? Should I just stop paying the bills now and send out letters if i'm doing this? Do I just say to pay back 50% in the letters and ask for payment arrangments on that less interest? At that time do I also ask for "Paid" on my report instead of "Collections" and "Settled"?
If I shouldn't do it on my own which companies are the best, less expensive and fastest?
Right now I am in a debt settlement of $25000 with Oakview Law G
Right now I am in a debt settlement of $25000 with Oakview Law Group. They have helped me a lot and still helping me to solve my burden. Their reputation is also good in the market and with BBB.
I have been very happy with FreeStar Financial and their debt re
I have been very happy with FreeStar Financial and their debt relief plan. No scam here, just honest, caring folks.
i had a excellent experience through provanta which you could re
i had a excellent experience through provanta which you could read my story on my blog. If you go through a company they will guide you through the ropes if they are a good one anyway. they will tell you were to go at this point and what you need to do and come up with a plan and budget that fits your needs. If you are to do it yourself there are many posts in this forum on were you need to go and what you need to do. It all boils down to what you are comfortable with. So my advice is to research the companies find the one you feel works the best for you and your situation, ask the questions that trouble you, maybe dabble in working it yourself to see if you are confident enough in yourself to do this on your own. unfortunately to start settlement, you usually need to stop paying them.