debt settlement

Oh my gosh - you are soooo much better off with settlement over bk. First of all, settlements stay on your credit report about 7.5 years - a bk stays on your report 10 years. Also, after your settlement your score will drop, but as you build new good credit behind it your score will go up faster after settlement than with bk.

Then there are other issues with a bk. Certain professions have to tell their licensing boards they have filed and could be put on probation. If you need to purchase a home or refinance you will be able to do it sooner and at lower rates (provided your score has rebounded) with settlement than with bk. With a bk, you could have an 800 score and they can not give you a mortgage for at least 3 years and there can be no lates whatsoever during that 3 year period on any of your tradelines. very very strict.

There are tons of other reasons like no public record of your financial demise for instance. No one will every know you settled - where with bk you will have to provide those papers to people for years and years to come.

Congrats on the settlement - it's the way to go.

And I quote..."Hello everyone, As I have posted today.....we have been able to settle all of my husband's debt which was considerable.....now I am second guessing myself.....but I know we had no other choice.
I paid all of the debt in my name and worked out a hardship plan on two accounts."

Greetings "Unregisteredd",

You've run the debt settlement marathon and have crossed the finish line!!!
Congrats and applause to you!

Yes, it's tough but take a couple of deep breaths and pat yourself on the back.

Sure the credit score will take a dive, but you are debt free from cc's!
I chose being debt free versus the almighty credit score.

The credit score will recover in time and you've chosen the best path for your particular situation.

And as [URL="http://www.debtconsolidationcare.com/forums/member.php?u=221850"]Debt Free to Be[/URL] stated....."There are tons of other reasons like no public record of your financial demise for instance. "

I concur 110%.

Congrats again,
King "Kash" Jabba Labba

:D:D:D:D:D:D:D:D:D:D

Agreed with all of the above. Much better to settle than BK. I recently settled $50k. I spoke to a collection agency yesterday and he says "Well your credit score has actually improved". Go figure. Now it did drop in the last 6 months but seems to already be rebounding as there is less debt reported on it.

Great Job!!!:D

I am new to this site and just posted a thread about my experience with a debt settlement company. I just completed a program with Elite Financial and they saved me over 70% of my debts. I too have seen my credit score suffer because of the program but that is nothing compared to the amount of stress that has been eased. I saved almost $37,000 over the last 2 years. I'd definitely recommend them to anyone that needs help. here is their website - [URL="http://www.efs-debtfree.com/"]www.efs-debtfree.com[/URL]

I will be posting my experience for others soon....I cannot believe i found this board....my husband and i were going to file BK up until about 2 weeks ago......I'll go into a little more detail later. We became concerned about losing our home...during the rebates on home sales in April, our home appreciated considerably.....I googled about alternatives to BK and came up with you all....LOL
I am profoundly grateful.
I would write more, but I am exhausted.
Like I said before the debt was unbelievable and I had some family help....we settled my husband's business and personal debt and paid off mine (albeit, 120 days late).....but I feel like the weight of the world has been lifted off of me. My mother who has dementia lives with us and the thought of having to find someone to rent to us was debilitating. I am a professional so "debt to be free" that is one concern I had. I went for a job a few months ago, but had to turn it down because they were going to check my credit and we were filing BK.....so thank you, thank you.....Jabba, debt, celtics and ozzie....I will be paying if forward as soon as i collapse and recover.
Jabba, you are right....it has not been difficult to settle really......if you have some cash and keep calling!!!! getting the right person on the other end is also important!!! Blessings to you all....debtor in CA