DIY - can it help me out of debt?

Hi Brian

Welcome :)

you may go through http://www.debtconsolidationcare.com/diy/ to know more about DIY

Thanks for the answer Bakerjonz. It was a great article. But my question is - can it help me to get out of debt? Is it practically possible? I haven't read many successful DIY stories. That's why I'm apprehensive. Please share your views.

Hi Brian, this forum discussion will give you some idea about DIY experience of other members.

http://www.debtconsolidationcare.com/settlement/successful-diy.html

as for me, i have not tried it myself :)

My personal experience...I was in trouble but thought I could DIM, I mean how hard could it be? Let me tell you, it was impossible, gut wrenching and made me a nervous wreck. The phone calls got me transferred from one to another, it was all a game. I finally gave in and hired a professional co who used attorneys. Bingo, all of a sudden the creditors were receptive and now I am almost done and debt free. Call solicitation not allowed. Please read TOS - Jason

Brian,

Although Ed is soliciting business, he is on the right track. It is less stressful, and more time effective to use a consolidation company. One thing Ed didn???t mention is the cost factor. While Debt Mitigation companies charge fees in the payment program, it is many times much less than the customer is able to negotiate by themselves.

I like to use the analogy of walking in to a courtroom as a defendant without a defense attorney. The creditors know what you???ll settle for before you pick up the call and ask for mercy. On the other hand, the Debt Mitigation company knows what your creditor will settle for before they pick up the phone.

Keep in mind there???s also the ???lump sum??? payment vs. a repayment program. The creditors usually want the entire lump some of whatever is negotiated. Sometimes they???ll allow you to put forth a large percentage of the negotiated balance then work payments in thereafter. Debt Mitigation companies will set up a payment program for you where you never have to deliver a large lump some payment.

In summary, if you can negotiate terms with creditors where the overall cost is less and you are comfortable with the program, go for it. I would suggest that you Google some debt mitigation companies and call them to see what kind of programs they have to offer. Tell them that you are not making a decision today, you just wanted to hear about their programs. Get the information and compare it to what you were able to do yourself. From there choose the one that suits you best.

Hope this helps. If you have follow-up questions, please feel free to contact me using the buttons below.

you can absolutely do this your self and many people do it everyday! you will find some great posts on this site on how to go about it. My personal experience was it was very stressful for me so i ended up with a company and was grateful for thier services and gladly paid the % for each settlement was worth the agervation that I was going through. But if you are determined you can do this yourself. But going with a company make sure you do your research. They should be upfront and honest and like a open book about thier program. Also, in my experience, they always wanted the money in one lump sum. Can you save while you are negotiating terms and a amount? I needed someone to be accountable to. this is also something that you may have to consider.