Researching a debt settlement company

I promise you settlement is not fun. but in some cases such as mine, necessary. Be sure that you check the bbb (not the letter rating but be sure all complaints are resolved) remember that settlement tends to draw alot of complaints because people dont know the facts about settlement.

google the company in many different ways, check out forums and look around to see who had luck with such company, and who did not, be sure the company answers you honestly with questions you ask.

know the facts about settlement.

try to take a plan that is 36 months or less to avoid the possibility of getting sued. I chose a 2 year program wich is pretty good.

That is what my husband and I are hopeful to accomplish - a plan under 36 months. Is it true that you are more susceptable for litigation after 36 months?

yes, very true. You can have a lawsuit at anytime(just unlikely within the first year usually after the second year it may start occurring but can happen at anytime), but the more time goes on the more likelyhood of getting sued.

I was sued twice while in a settlement program once about 6 months after I stopped paying and another a month later. So some creditors can be very aggressive and being in a settlement program won't help you.

I withdrew from the settlement program after 8 months in order to put the 11 months more in fees I would have paid towards my debt. I wish I would have just done it on my own from the beginning! I would have been able settle one and possibly both of my remaining accounts with the fees I paid during those 8 months.

you can settle your debts on your own, many people do it and have many tips on how to go about it on your own. But this option is not for everyone. It was worth it to me to pay the fees to let someone else deal with the stress and i felt better about that they do it everyday and know how to get the best settlements when i really knew nothing about it nor the laws, and frankly with the do it yourself you really need to research, and know the laws and know what they can and cant do. I personally was better off with a company, but it is surely cheaper to do it yourself. but its all in what you are comfortable with.

Can you tell what company you are with and also how long you have been in it.

no, im not allowed to mention this because this opens the doors to advertising which we do not want here. even though we get a lot of it. be careful when someone here tells you to use a certain company because we are not allowed wich means that they may work for that company and dont want to follow the rules. they are usually here to make money. not to help.

I have been out of the program for about 3 years now (5 years scince i had signed up, 2 year program). but even though it was far from easy it was worth it and necessary. the company i used did as promised and worked hard to make me good settlements thier payment depended on it scince they got a % of what was saved. you can check out my settlement story if you like on my blog. lots of great ideas to help save.

If you have anymore questions feel free to ask. I love this community and wish i would have found it when i was dealing with my debt. everyone here is great and have great information that they have to share.