Debt Settlement and credit
Date: Fri, 09/25/2009 - 13:04
Thanks
If you can afford to pay your minimums you should look into a de
If you can afford to pay your minimums you should look into a debt management plan , not settlement. Typically people who are good candidates for a debt settlement program are overextended and their bills are already delinquent or about to be anyways. So the fact it would hurt your credit is irrelevant since their credit would have been affected anyways. Yes your credit can be in good standing again but it will take time.
While it is possible for debt settlement companies to preserve y
While it is possible for debt settlement companies to preserve your credit rating as part of the debt settlement process (at least in some cases), as mobile0311 mentioned, most of the time there has already been damage done.
debt Management, Debt consolidation and debt settlement all have their place, it really depends where in the debt cycle you are as to which would suit you best. There are plenty of dodgy operators out there, but some good ones too.
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My DMP lowered my interest rates but the monthly payments were h
My DMP lowered my interest rates but the monthly payments were higher than the minimum. I managed to pay off $20,000 on the DMP but can no longer do it. I am opting to do settlement. I just settled with HSBC for half of what I owed in 6 installments. That was a small one, but it's a start. The biggies are BOA & CitiBank - I owe them a combined $26,000. Chase is a small one that I can manage and possibly Discover. I am so PO'd with Capital One that even though I can afford the monthly $52 - I feel like telling them to piss in the wind.
Ohhhh, woe is me....
Capital One is one of the harder banks to settle with. They have
Capital One is one of the harder banks to settle with. They have a reputation for suing you for smaller balance account within a year of being delinquent. Hang tight though ,they will eventuality settle or they will send the account to a 3rd party and you can just settle with them.
I was just reading someplace else that if you continue to pay ev
I was just reading someplace else that if you continue to pay even $10 per month on a bill while saving for settlement that a company will not send you to collections. Is this true? It doesn't sound right to me.
