Anyone in a settlement program now or just finished?

But I used an attorney who specializes in Settlement. I changed my phone to a voicemail only line and got a new unlisted phone number to give to friends. I'd recommend that.

Changing phone numbers is a great idea. The use of an attorney assisted program doesn't give the program more or less weight; the best settlement companies have the best relationships with creditors and CA, and an experienced individual to negotiate your debts. Superior's a good company, you're in good hands.

Thanks Guest. I will use voice mail to ride out the calls. I've had my phone number for 20 years.

I started with my debt settlement co in Jan. I geot my first settlement last month and it was my biggest. Settled for 25%. As for the program, it takes nerves of steel and it is not for the weak. I have caller ID and you would not believe the calls. Even after changing phone number to settlement co. My mom has gotten 2 calls and I called collection co and told them not to call her again if they do it is a violation. If you can handle the stress I think this is the way to go. I wouln not have had the nerve to do this on my own and so that is why I chose the settlement co that I did. I did tons of research on the co, and asked a TON of ?'s before signing up. Good luck to you

Dear Guest,
Thank you for sharing. What I am trying to establish is what to expect. So far when people say it is not for the weak they seem to be referring to the calls. My mom lives out of state and has moved and changed her number and I therefore have no contact with her address or phone number that I know of.
Was your mother living out of state?
Other than the calls and call screening what else makes it hard? I guess I can't dive in unless I know what to expect. All I know is that I think of my debt first thing in the morning and every time I wake up at night. I am current on my cc's but I am about to lose 12% of my take home. This is the first month that I will fall behind on one card. I don't care about my fico score right now. I need to reverse this cycle. I am in the debt cycle and can't free myself.
I really appreciate you sharing your experience. It really helps me to hear what it is like for other people so that I can know what to expect. Thanks again.

Do you mind telling me which settlement company you signed up with? Are you saving yourself or is the company?
I really appreciate hearing from anyone who has done debt settlement or is in it now. It is putting my mind at ease that while it may be difficult and stressful it can work.

i did a debt settlement on my own without the help of any company..my credit score tanked..i paid what i could monthly, but the bulk was paid at income tax time we had the money to negotiate..i settled all my debt for about 25-30% on the dollar..but the creditors continued to call us until they were paid..it took several years and they never sued us as long as we made a one time payment every few years to string em along and restart sol..but i paid approximately $35,000 on a $105,000 debt! Its been two years since completed and my score now is up arounf 725-740 depending on the score beacon..but we did it ourselves..

If using a company be very careful...I signed up with Freedom Debt Relief about 10 months ago. So far they haven't done anything. Yesterday I received a court summons for discover card as they are taking me to court. I'm still trying to figure out what I am paying Freedom $300 a month for.

go into any settlement program with an open mind, even if you're doing it yourself. understand that there is a real possibility of being sued - what does this mean? it means you're forced into a settlement is all. there's no such as thing as credit card jail remember that. creditors sue for no rhyme or reason also.

I am using Superior Debt Services out of fort collins co. (be careful there are several superior debt services co's). What makes it so hard is that while i had been current until nov of last year, I lost some hrs at work and had to keep robbing peter to pay paul. I couldn't keep up any more and something had to give. I am very aware that I can be sued, I am aware that the phone will keep ringing. I also know that I will get a 1099 to declare on taxes next year I also know that I am insolvent at this point. What I also know is that I NEVER want to be in debt again. I also knew I could never have done this on my own. If I have to go to court I have only the truth to tell and that is I am a turnip and you can't get any blood from me. I also can show that I am trying to repay my debt it just isn't the full amount. As for my mom getting phone calls, she lives in the house I grew up in and has had the same phone number for ages she knows nothing about what is going on. As far as my credit score, Since my DIR is so low I really had no other choice and it will rebound. I have had trouble sleeping at night. That was before I signed up. Also I keep in touch with my personal cosultant about every oyther month unless I have a ?, and they always answer the phone, and always answer my ?'s.

I work in collections It's much better to try to settle on your own then with a settlement company. If you use a settlement company your paying a lot in fees that could go towards a settlement. Also they don't do any negotiations. They call and ask us what the balances are and what we'll accept. There's a certain percent we can settle for we normally tell them about 5% over what we can actually do and if you have enough in your account we do the settlement otherwise we just keep adding fees and calling you. For what you can expect collections will call and send letters to all of your family. We're leaning a lot more towards sueing if we find out your working with a settlement company and you don't have enough to settle when we first contact them.

Thank you Ft Collins. Your post was very helpful. Also, thanks to the collections guest. I appreciate your candor. I will consider what you said, however I can't really do this on my own and I can't keep going on the way I have been.
You have all helped so much.

Collections guest,
Can you give more information on how to approach doing the settlements on one's own? I am current, have never been late, but have a ton of debt (~$100k) and am at the breaking point also. I want to understand my choices, and would prefer to avoid bankruptcy. Can I simply call up my creditors and ask for a settlement? How does that work? Does it have to be a lump sum in a short time frame?
Thanks in advance - I would really appreciate hearing more on this.

Collections guest,
Can you give more information on how to approach doing the settlements on one's own? I am current, have never been late, but have a ton of debt (~$100k) and am at the breaking point also. I want to understand my choices, and would prefer to avoid bankruptcy. Can I simply call up my creditors and ask for a settlement? How does that work? Does it have to be a lump sum in a short time frame?
Thanks in advance - I would really appreciate hearing more on this.

I did it myself with the help and knowledge of zipdept.com. It was the best thing I ever did. I paid a one time fee for the course and his email support and saved thousands by not paying a company to do it for me. The course is very complete and offers the support you need when going thru this process. The constant calls are the worst part and sometimes getting hammered by the collectors when you do have to speak to them. I could tell what time it was in the morning by when the phone started ringing each day. If you contact and speak to your creditors every now and then (1-2 times a month) by telling them you are going thru a financial hardship right now and are unable to pay, and politely hang up then they won't be so inclinded to call relatives or neighbors looking for you, they do this when you ignor them and they can't get a hold of you for a long time. They will still constantly call you though.