Debt Mgmt. Plan VS Debt Settlement

If you have a large sum of money to work with I would definitely go for settlement. There are lot's and lot's of sample letters on this site on debt settlement for a reference.

if you are putting away 518 every two weeks on 35,000 worth of debt i think you are the perfect canidate for settlement. but be sure you read up on all the facts about settlement so you know what your getting into and what could happen. good luck to you. i know settlement was the answer to my prayers! i only wish i wouldnt have gotten into that mess to begin with!

Recently a top news show had a segment on credit card companies. The jist of the program was that credit card companies are raising rates to such astronomical amounts that they are as bad as "loan sharks". They are doing everything they can to raise rates before new legislation is passed, hurting millions of people. Credit card companies are forcing people to look for ways to settle their debt. I would definitely look into debt settlement. It is not something that everyone should do, but if you are having problems keeping up with the payments due to a personal hardship, then you have the right to seek the help you need. Just make sure you look for a reputable company that has attorneys who oversee your case. You also want to make sure that your money goes towards settling your debts from day one and not just the fee.

honestly i dont ever want to have to go through it again but as i mentioned above the few cards that i do have (that i got to rebuild credit) is now killing me with their crazy fees and %. now i feel like im back to square one thinking of what i need to do that i have considered doing a diy settlement again. Its sad that i followed the rules and now they are once again forcing me to bend over and grab my ankles. lucky for me i dont have much cc debt im guessing around 6,000 but it has been this way for the last 2 years and i was on top of it but now with the crazy fees and sort im not making a dent. they are worse than loan sharks. the legislation was put out to help people but now they are socking you horribly before it goes into place.

I can't afford to pay anyone to settle for me, nor do I wish to - I'd rather that money go toward my debt. Out of the blue after I missed 2 payments on my DMP, HouseHold Bank called me and offered me a settlement. $318 for six months to settle for half of what I owed. So in February this debt will be gone. Capital One dropped me and are now starting to call me. I only owe them $1,433. The others accepted revised proposals and are still in the plan.

I'm thinking if I stop my DMP payments I can save that $$ toward settlement offers. God knows I've tried with the DMP but given my family circumstances........ I work a full time and part time job (am 62 years old) and need to get this debt behind me ASAP.

I am stretched thinner than a strand of hair - with no money for emergencies/car repairs, etc.

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