Is this a good deal

If you can get that IN WRITING it would be great. Never heard of a debt settling that low over that period of time. ...normal settlement pay plans are 3-6 months max.

wow pretty amazing offer if they hold to it, i agree with soaplady get it in righting andit would be golden!

There is also an $85 maint fee. So that moves it closer to 10%. Is that the normal maint. fee amount?

Soaplady and love_my_things -- I think the OP means they have gone to a debt settlement agency, and the settlement co is telling the OP that they'll get the creditors to settle at 7.5%........ given the $85/mo maintenance fee, this seems more the case to me.

Sometimes these settlement companies make promises that they can't keep. Keep in mind, it is up to the creditor to accept a settlement, and creditors can refuse the settlement that your DMP tries to offer them. Some creditors may even file suit against you while you are paying the settlement company.

Personally, I'd say if it sounds too good to be true, than it probably is.

Quote:

so sorry sometimes its hard to understand whats goin on! LOL anyway

is that 85 dollars a month or just a one time thing? cause if thats monthly thats a little high i would think just my opinion. although 30-50 cents on the dollar is the norm

Why take a chance paying someone 15000 to settle your debts. You can do it yourself. BOA offered me a 15% settlement and I didn't have to do anything. Citi and Chase offered settlements as well. They want something and will come to you with offers. I got a summons from Chase before 180 days and they still wanted to settle after that. You will get settlement offers automatically without doing anything, take the 15K and settle them yourself.

I agree with above post. You pay them $14,250 and they "might" be able to settle for you.

Ditto. I would say to take the money you would pay this place every month, and instead put it into a savings account. As the funds grow, then you can settle one by one with your creditors. And doing it yourself will save you $14,250 + $85/month (not to mention your savings account will pay you interest).

I wouldn't go on just a "MAY beable to." That's taking a big risk with a large amount of money. And..I'm sorry..I didn't catch what the "Maint. Fee" is for? I agree with the above post...put your money away. Thsi 'thing' seems pretty fishy to me.

Now that i see your talking about a settlement company and a bigger view of the picture that does seem scammy, read up on the diy first wich is by far the best way to go about it, but if you really feel that you cant do it on your own, there are many better settlement companies out there that will not charge you such high fees and rates.

How often should you answer the phone when creditors call since they call everyday?

well that depends on you, but i would atleast once a week.

When I started I would talk to them about 1-2 times a month. I have found that if you don't talk to them at all they will ease up on the phone calls. When you are ready to settle or make an offer, then answer the phone. Why put yourself thru their mind games they will torture you with every time you speak with them. They will ask you the same thing every time, they want to wear you down mentally. Think about it.

i agree, to were they are down right abusive and are trying to break you down, BUT if you talk to them more regularly you are keeping a line of communication open that they know your not just blowing them off. just as they ask thesame questions answer them the same way. This keeps your account from going legal slower

Times are a changing. It used to be the OC would charge off after 6 months and send it to a collection agency and they would try for awhile and they would sell it to a JDB. I got served a summons from Chase inside of 180 days and these other cards are trying to keep these accounts in house. Now they all have CA's in house, they are not selling these debts like they use to. It's the same with the phone calls, they don't care about lines of communication. They want to bother you everyday until you pay. It is unsecured debt and their only possible way of collection is to spend thousands of dollars on a law suit or call you everyday and bug the shit out you until you pay. It does not do any good to talk to them on a regular basis, unless you are ready to settle. If they are planning to sue you, answering the phone is not going to change that. If they are not able to quiz you on the phone, then they are not sure of your situation so they do not know what to do. They want to ask you a series of questions, hoping you will say the wrong thing, which will trigger a possible law suit. Unless you know exactly what to say and who does, each creditor is different, it is better to leave them wondering. I think this will buy you more time.